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<P align="center"><FONT size="5"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</FONT>

<DIV align="center"><FONT size="2"><B>Washington, D.C. 20549</B>
</FONT></DIV>

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<P align="center"><FONT size="5"><B>FORM 20-F</B>
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<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="6%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="91%">&nbsp;</TD>
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<TR valign="bottom">
        <TD colspan="3" valign="top" align="left"><FONT size="2"><B>(Mark One)</B></FONT></TD>
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<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><IMG src="y58380box.gif" alt="(BOX)"></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
<B>REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g)&nbsp;OF THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></TD>
</TR>
<TR><TD>&nbsp;</TD><TR>

<TR valign="bottom">
        <TD colspan="3" valign="top" align="center"><FONT size="2"><B>OR</B></FONT></TD>
</TR>
<TR><TD>&nbsp;</TD><TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2"><IMG src="y58380xbox.gif" alt="(X BOX)"></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
<B>ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></TD>
</TR>
<TR><TD>&nbsp;</TD><TR>

<TR valign="bottom">
        <TD colspan="3" valign="top" align="center"><FONT size="2"><B>For the fiscal year ended December&nbsp;31, 2001</B></FONT></TD>
</TR>
<TR><TD>&nbsp;</TD><TR>

<TR valign="bottom">
        <TD colspan="3" valign="top" align="center"><FONT size="2"><B>OR</B></FONT></TD>
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<TR><TD>&nbsp;</TD><TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2"><IMG src="y58380box.gif" alt="(BOX)"></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
<B>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></TD>
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<P align="center"><FONT size="2"><B>For the transition period from </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>to </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>.</B>
</FONT>

<P align="center"><FONT size="2"><B>Commission file number: 1-15026</B>
</FONT>

<P align="center"><FONT size="6"><B>UBS AG</B>
</FONT>

<DIV align="center"><FONT size="2">(Exact Name of Registrant as Specified in Its Charter)
</FONT></DIV>

<P align="center"><FONT size="3"><B>Switzerland</B>
</FONT>

<DIV align="center"><FONT size="2">(Jurisdiction of Incorporation or Organization)
</FONT></DIV>

<P align="center"><FONT size="3"><B>Bahnhofstrasse 45, CH-8098 Zurich, Switzerland, and Aeschenvorstadt 1, CH-4051 Basel, Switzerland</B>
</FONT>

<DIV align="center"><FONT size="2">(Address of Principal Executive Offices)
</FONT></DIV>

<P align="center"><FONT size="3">Securities registered or to be registered pursuant to Section&nbsp;12(b) of the Act:
</FONT>

<DIV align="center"><FONT size="2"><B>Please see the following page.</B>
</FONT></DIV>

<P align="center"><FONT size="3">Securities registered or to be registered pursuant to Section&nbsp;12 (g)&nbsp;of the Act:
</FONT>

<DIV align="center"><FONT size="2"><B>None.</B>
</FONT></DIV>

<P align="center"><FONT size="3">Securities for which there is as reporting obligation pursuant to Section&nbsp;15 (d)&nbsp;of the Act:
</FONT>

<DIV align="center"><FONT size="2"><B>Please see the following page.</B>
</FONT></DIV>

<P><FONT size="2">Indicate the number of outstanding shares of each of the issuer&#146;s classes of
capital or common stock as of 31 December 2001:
</FONT>
<P><FONT size="2">Ordinary shares, par value CHF 2.80 per share: 1,281,717,499 ordinary shares
(including 41,254,951 treasury shares)
</FONT>
<P><FONT size="2">Indicate by check mark whether the Registrant (1)&nbsp;has filed all reports
required to be filed by Section&nbsp;13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12&nbsp;months (or for such shorter period that the
Registrant was required to file such reports) and (2)&nbsp;has been subject to such
filing requirements for the past 90&nbsp;days.
</FONT>
<P align="center"><FONT size="2">Yes&nbsp;&nbsp;&nbsp;&nbsp;<IMG src="y58380xbox.gif" alt="(X BOX)">&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;&nbsp;&nbsp;<IMG src="y58380box.gif" alt="(BOX)">
</FONT>

<P><FONT size="2">Indicate by check mark which financial statement item the registrant has
elected to follow.
</FONT>
<P align="center"><FONT size="2">Item&nbsp;17&nbsp;&nbsp;&nbsp;&nbsp;<IMG src="y58380box.gif" alt="(BOX)">&nbsp;&nbsp;&nbsp;&nbsp;Item&nbsp;18 <IMG src="y58380xbox.gif" alt="(X BOX)">
</FONT>

<P><FONT size="2"><IMG src="y58380y58380l1.gif" alt="(UBS LOGO)">
</FONT>
<P align="right"><FONT size="2">&nbsp;</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="center"><FONT size="3"><B>Securities registered or to be registered pursuant to Section&nbsp;12(b) of the Act:</B>
</FONT>

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<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="51%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="44%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="1"><B>Title of each class</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center"><FONT size="1"><B>Name of each exchange on which registered</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center"><HR size="1" noshade></TD>
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<TR valign="bottom">
        <TD align="center" valign="top"><FONT size="2">Ordinary Shares (par value of CHF 2.80 each)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="2">
New York Stock Exchange</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD align="center" valign="top"><FONT size="2">7.25% Noncumulative Trust Preferred Securities</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="2">
New York Stock Exchange</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD align="center" valign="top"><FONT size="2">7.25% Noncumulative Company Preferred Securities</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="2">
&nbsp;&nbsp;New York Stock Exchange*</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD align="center" valign="top"><FONT size="2">Subordinated Guarantee of UBS AG with respect to Company<BR>
Preferred Securities</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="2">
&nbsp;&nbsp;New York Stock Exchange*</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD align="center" valign="top"><FONT size="2">$75,000,000 18.5% GOALS due May&nbsp;28, 2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="2">
American Stock Exchange</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD align="center" valign="top"><FONT size="2">$50,000,000 18.25% GOALS due June&nbsp;27, 2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="2">
American Stock Exchange</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD align="center" valign="top"><FONT size="2">$60,000,000 19.5% GOALS due July&nbsp;23, 2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="2">
American Stock Exchange</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD align="center" valign="top"><FONT size="2">$45,000,000 18.25% GOALS due July&nbsp;31, 2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="2">
American Stock Exchange</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD align="center" valign="top"><FONT size="2">$30,000,000 14.125% GOALS due August&nbsp;15, 2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="2">
American Stock Exchange</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD align="center" valign="top"><FONT size="2">$51,000,000 26% GOALS due September&nbsp;12, 2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="2">
American Stock Exchange</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD align="center" valign="top"><FONT size="2">$80,000,000 BULS due April&nbsp;10, 2003</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="2">
American Stock Exchange</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD align="center" valign="top"><FONT size="2">$40,000,000 BULS due April&nbsp;28, 2003</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="2">
American Stock Exchange</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD align="center" valign="top"><FONT size="2">$32,000,000 BULS due May&nbsp;16, 2003</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="2">
American Stock Exchange</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD align="center" valign="top"><FONT size="2">$17,000,000 16.25% GOALS due November&nbsp;18, 2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="2">
American Stock Exchange</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD align="center" valign="top"><FONT size="2">$45,000,000 23.125% GOALS due May&nbsp;31, 2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="2">
American Stock Exchange</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD align="center" valign="top"><FONT size="2">$6,500,000 16.125% GOALS due July&nbsp;2, 2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="2">
American Stock Exchange</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD align="center" valign="top"><FONT size="2">$54,000,000 BULS due September&nbsp;1, 2006</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="2">
American Stock Exchange</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD align="center" valign="top"><FONT size="2">$4,500,000 BULS due October&nbsp;17, 2006</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="2">
American Stock Exchange</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD align="center" valign="top"><FONT size="2">$48,000,000 12.5% GOALS&#043; due November&nbsp;1, 2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="2">
American Stock Exchange</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD align="center" valign="top"><FONT size="2">$27,000,000 10.5% GOALS&#043; due December&nbsp;2, 2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="2">
American Stock Exchange</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD align="center" valign="top"><FONT size="2">$15,000,000 9.5% GOALS&#043; due December&nbsp;23, 2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="2">
American Stock Exchange</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD align="center" valign="top"><FONT size="2">$19,500,000 12% GOALS&#043; due January&nbsp;24, 2003</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="2">
American Stock Exchange</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD align="center" valign="top"><FONT size="2">$23,500,000 14% GOALS&#043; due February&nbsp;3, 2003</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="2">
American Stock Exchange</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="3"><B>Securities registered or to be registered pursuant to Section&nbsp;12(g) of the Act:</B>
</FONT>

<P align="center"><FONT size="2">None
</FONT>

<P align="center"><FONT size="3"><B>Securities for which there is a reporting obligation pursuant to Section&nbsp;15(d) of the Act:</B>
</FONT>

<P align="center"><FONT size="2">8.622% Noncumulative Trust Preferred Securities<BR>
8.622% Noncumulative Company Preferred Securities<BR>
7.247% Noncumulative Trust Preferred Securities<BR>
7.247% Noncumulative Company Preferred Securities<BR>
Subordinated Guarantee of UBS AG with respect to Company Preferred Securities<BR>
$100,000,000 Variable Rate Credit Linked Notes due September&nbsp;5, 2002<BR>
$14,000,000 Equity Linked Notes due February&nbsp;1, 2007<BR>
Guarantees with respect to certain securities of UBS Americas Inc.
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">*</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Not for trading, but solely in connection with the registration of the
corresponding Trust Preferred Securities.</FONT></TD>
</TR>
</TABLE>
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<P><FONT size="2"><IMG src="y58380y58380l1.gif" alt="(UBS LOGO)">
</FONT>
<P align="right"><FONT size="2">2</FONT>

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<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
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<TR><TD colspan="9"><A HREF="#000">Cautionary Statement Regarding Forward-Looking Statements</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;6. Directors, Senior Management and Employees.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;7. Major Shareholders and Related Party Transactions.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">Item&nbsp;8. Financial Information.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;9. The Offer and Listing.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;10. Additional Information.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;11. Quantitative and Qualitative Disclosures About Market Risk.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#007">PART II</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#008">Item&nbsp;13. Defaults, Dividend Arrearages and Delinquencies.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#009">Item&nbsp;14. Material Modifications to the Rights of Security Holders and Use of Proceeds.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#010">Item&nbsp;15. &#091;Reserved&#093;.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#011">Item&nbsp;16. &#091;Reserved&#093;.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#012">PART III</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#013">Item&nbsp;17. Financial Statements.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#014">Item&nbsp;18. Financial Statements.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#015">Item&nbsp;19. Exhibits.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#016">Signatures</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#017">Introduction</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#018">UBS Group Financial Highlights</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#019">UBS Group</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#020">Our Business Groups</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#021">Sources of Information about UBS</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#022">Information for Readers</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#023">Group Results</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#024">Review of Business Group Performance</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#025">Introduction</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#026">UBS Switzerland</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#027">UBS Asset Management</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#028">Financial Statements</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#029">UBS Group Income Statement</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#030">UBS Group Balance Sheet</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#031">UBS Group Statement of Changes in Equity</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#032">UBS Group Statement of Cash Flows</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#033">Notes to the Financial Statements</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#034">Note 1 Summary of Significant Accounting Policies</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#035">Note 2a Segment Reporting by Business Group</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#036">Note 2b Segment Reporting by Geographic Location</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#037">Note 3 Net Interest Income</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#038">Note 4 Net Fee and Commission Income</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#039">Note 5 Net Trading Income</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#040">Note 6 Other Income</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#041">Note 7 Personnel Expenses</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#042">Note 8 General and Administrative Expenses</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#043">Note 9 Earnings per Share (EPS)&nbsp;and Outstanding Shares</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#044">Note 10a Due from Banks and Loans to Customers</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#045">Note 10b Allowances and Provisions for Credit Losses</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#046">Note 10c Impaired Loans</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#047">Note 10d Non-Performing Loans</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#048">Note 11 Securities Borrowing, Securities Lending, Repurchase and Reverse Repurchase Agreements and Other Collateralized Transactions</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#049">Note 12 Trading Portfolio</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#050">Note 13 Financial Investments</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#051">Note 14 Investments in Associates</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#052">Note 15 Property and Equipment</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#053">Note 16 Goodwill and Other Intangible Assets</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#054">Note 17 Other Assets</A></TD></TR>
<TR><TD colspan="9"><A HREF="#055">Balance Sheet: Liabilities</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#056">Note 18 Due to Banks and Customers</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#057">Note 19 Debt Issued</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#058">Note 20 Other Liabilities</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#059">Note 21 Provisions, including Restructuring Provision</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#060">Note 22 Income Taxes</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#061">Note 23 Minority Interests</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#062">Note 24 Derivative Instruments</A></TD></TR>
<TR><TD colspan="9"><A HREF="#063">Off-Balance Sheet and other Information</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#064">Note 25 Pledged Assets</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#065">Note 26 Fiduciary Transactions</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#066">Note 27 Commitments and Contingent Liabilities</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#067">Note 27 Commitments and Contingent Liabilities (continued)</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#068">Note 28 Operating Lease Commitments</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#069">Note 29 Litigation</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#070">Note 30 Financial Instruments Risk Position</A></TD></TR>
<TR><TD></TD><TD></TD><TD colspan="7"><A HREF="#071">a) Interest Rate Risk</A></TD></TR>
<TR><TD></TD><TD></TD><TD colspan="7"><A HREF="#072">b) Credit Risk</A></TD></TR>
<TR><TD></TD><TD></TD><TD></TD><TD colspan="6"><A HREF="#073">(b)(i) On-balance sheet assets</A></TD></TR>
<TR><TD></TD><TD></TD><TD></TD><TD colspan="6"><A HREF="#074">(b)(ii) Off-balance sheet financial instruments</A></TD></TR>
<TR><TD></TD><TD></TD><TD></TD><TD colspan="6"><A HREF="#075">(b)(iii) Credit risk mitigation techniques</A></TD></TR>
<TR><TD></TD><TD></TD><TD colspan="7"><A HREF="#076">c) Currency Risk</A></TD></TR>
<TR><TD></TD><TD></TD><TD colspan="7"><A HREF="#077">d) Liquidity Risk</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#078">Note 37 Acquisition of Paine Webber Group, Inc.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#079">Note 38 Currency Translation Rates</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#080">Note 39 Swiss Banking Law Requirements</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#081">Note 40 Reconciliation of International Accounting Standards (IAS)&nbsp;to United States Generally Accepted Accounting Principles (US GAAP)</A></TD></TR>
<TR><TD colspan="9"><A HREF="#082">Parent Bank Review</A></TD></TR>
<TR><TD colspan="9"><A HREF="#083">Financial Statements</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#084">Income Statement</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#085">Balance Sheet</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#086">Statement of Appropriation of Retained Earnings</A></TD></TR>
<TR><TD colspan="9"><A HREF="#087">Notes to the Financial Statements</A></TD></TR>
<TR><TD colspan="9"><A HREF="#088">Additional Income Statement Information</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#089">Net Trading Income</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#090">Extraordinary Income and Expenses</A></TD></TR>
<TR><TD colspan="9"><A HREF="#091">Additional Balance Sheet Information</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#092">Value Adjustments and Provisions</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#093">Statement of Shareholders&#146; Equity</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#094">Share Capital</A></TD></TR>
<TR><TD colspan="9"><A HREF="#095">Off-Balance Sheet and Other Information</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#096">Assets Pledged or Assigned as Security for Own Obligations, Assets Subject to Reservation of Title</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#097">Fiduciary Transactions</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#098">Due to UBS Pension Plans, Loans to Corporate Bodies/Related Parties</A></TD></TR>
<TR><TD colspan="9"><A HREF="#099">A &#150; Introduction</A></TD></TR>
<TR><TD colspan="9"><A HREF="#100">B &#150; Selected Financial Data</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#101">Balance Sheet Data</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#102">US GAAP Income Statement Data</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#103">US GAAP Balance Sheet Data</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#104">Ratio of Earnings to Fixed Charges</A></TD></TR>
<TR><TD colspan="9"><A HREF="#105">C &#150; Information on the Company</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#106">Property, plant and equipment</A></TD></TR>
<TR><TD colspan="9"><A HREF="#107">D &#150; Information Required by Industry Guide 3</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#108">Selected statistical information</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#109">Average Balances and Interest Rates</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#110">Analysis of Changes in Interest Income and Expense</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#111">Deposits</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#112">Short-term Borrowings</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#113">Loans</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#114">Loan Maturities</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#115">Impaired, Non-performing and Restructured Loans</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#116">Cross-Border Outstandings</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#117">Summary of Movements in Allowances and Provisions for Credit Losses</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#118">Allocation of the Allowances and Provisions for Credit Losses</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#119">Loss History Statistics</A></TD></TR>
<TR><TD colspan="9"><A HREF="#120">Index to Exhibits</A></TD></TR>
<TR><TD colspan="9"><A HREF="y58380ex99-1_1.htm">EX-99.1.1: ARTICLES OF ASSOCIATION OF UBS AG</A></TD></TR>
<TR><TD colspan="9"><A HREF="y58380ex99-1_2.htm">EX-99.1.2: ORGANIZATION OF REGULATIONS OF UBS AG</A></TD></TR>
<TR><TD colspan="9"><A HREF="y58380ex99-7.htm">EX-99.7: STATEMENT RE RATIO OF EARNINGS</A></TD></TR>
<TR><TD colspan="9"><A HREF="y58380ex99-10.htm">EX-99.10: CONSENT OF ERNST & YOUNG LTD</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P align="left"><FONT size="4"><B>Contents</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="75%">
<TR valign="bottom">
        <TD width="5%">&nbsp;</TD>
        <TD width="87%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Cautionary Statement Regarding Forward-Looking Statements</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>4</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>PART I</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>6</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>

<TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Item&nbsp;1. Identity of Directors, Senior Management and Advisors.</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Item&nbsp;2. Offer Statistics and Expected Timetable.</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Item&nbsp;3. Key Information.</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Item&nbsp;4. Information on the Company.</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Information required by Industry Guide 3.</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Item&nbsp;5. Operating and Financial Review and Prospects.</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Item&nbsp;6. Directors, Senior Management and Employees.</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Item&nbsp;7. Major Shareholders and Related Party Transactions.</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Item&nbsp;8. Financial Information.</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Item&nbsp;9. The Offer and Listing.</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Item&nbsp;10. Additional Information.</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Item&nbsp;11. Quantitative and Qualitative Disclosures About Market Risk.</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Item&nbsp;12. Description of Securities Other than Equity Securities.</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>PART II</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>16</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Item&nbsp;13. Defaults, Dividend Arrearages and Delinquencies.</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Item&nbsp;14. Material Modifications to the Rights of Security Holders
and Use of Proceeds.</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Item&nbsp;15. &#091;Reserved&#093;.</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Item&nbsp;16. &#091;Reserved&#093;.</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>PART III</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>17</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Item&nbsp;17. Financial Statements.</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">17</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Item&nbsp;18. Financial Statements.</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">17</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Item&nbsp;19. Exhibits.</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">17</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Signatures</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>18</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Index to Exhibits</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>19</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P><FONT size="2">A reader-friendly PDF version of this report is
available at
www.ubs.com/investors, in
the SEC filings section.</FONT>



<P><FONT size="2"><IMG src="y58380y58380l1.gif" alt="(UBS LOGO)">
</FONT>

<P align="right"><FONT size="2">3</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<!-- link1 "Cautionary Statement Regarding Forward-Looking Statements" -->
<DIV align="left"><A NAME="000"></A></DIV>
<P align="left"><FONT size="4"><B>Cautionary Statement Regarding Forward-Looking Statements</B>
</FONT>

<P><FONT size="2">This annual report contains statements that constitute &#147;forward-looking
statements&#148; within the meaning of Section&nbsp;21E of the Securities Exchange Act of
1934. The Private Securities Litigation Reform Act of 1995 provides a &#147;safe
harbor&#148; for forward-looking information to encourage companies to provide
prospective information about themselves without fear of litigation so long as
the information is identified as forward looking and is accompanied by
meaningful cautionary statements identifying important factors that could cause
actual results to differ materially from those projected in the information.
The words &#147;anticipate&#148;, &#147;believe&#148;, &#147;expect&#148;, &#147;estimate&#148;, &#147;intend&#148;, &#147;plan&#148;,
&#147;should&#148;, &#147;could&#148;, &#147;may&#148; and other similar expressions are used in connection
with forward-looking statements. In this annual report, forward-looking
statements may, without limitation, relate to:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="right" nowrap><FONT size="2">&#149;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="92%"><FONT size="2">The implementation of strategic initiatives, such as the
implementation of the European wealth management strategy and our plans
to continue to expand our corporate finance business;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="right" nowrap><FONT size="2">&#149;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="92%"><FONT size="2">The development of revenues overall and within specific business
areas, including the possibility of further losses in UBS Capital in
2002;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="right" nowrap><FONT size="2">&#149;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="92%"><FONT size="2">The development of operating expenses;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="right" nowrap><FONT size="2">&#149;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="92%"><FONT size="2">The anticipated level of capital expenditures and associated depreciation expense;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="right" nowrap><FONT size="2">&#149;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="92%"><FONT size="2">The expected impact of the risks that affect UBS&#146;s business,
including the risk of loss resulting from the default of an obligor or
counterparty;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="right" nowrap><FONT size="2">&#149;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="92%"><FONT size="2">Expected credit losses based upon UBS&#146;s credit review; and</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="right" nowrap><FONT size="2">&#149;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="92%"><FONT size="2">Other statements relating to UBS&#146;s future business development and economic performance.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">There can be no assurance that forward-looking statements will approximate
actual experience. Several important factors exist that could cause UBS&#146;s
actual results to differ materially from expected results as described in the
forward-looking statements. Such factors include:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="right" nowrap><FONT size="2">&#149;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="92%"><FONT size="2">General economic conditions, including prevailing interest rates
and performance of financial markets, which may affect demand for
products and services and the value of our assets;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="right" nowrap><FONT size="2">&#149;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="92%"><FONT size="2">Changes in UBS&#146;s expenses associated with acquisitions and dispositions;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="right" nowrap><FONT size="2">&#149;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="92%"><FONT size="2">General competitive factors, locally, nationally, regionally and globally;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="right" nowrap><FONT size="2">&#149;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="92%"><FONT size="2">Industry consolidation and competition;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="right" nowrap><FONT size="2">&#149;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="92%"><FONT size="2">Changes affecting the banking industry generally and UBS&#146;s banking
operations specifically, including asset quality;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="right" nowrap><FONT size="2">&#149;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="92%"><FONT size="2">Developments in technology;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="right" nowrap><FONT size="2">&#149;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="92%"><FONT size="2">Credit ratings and the financial position of obligors and counterparties;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="right" nowrap><FONT size="2">&#149;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="92%"><FONT size="2">UBS&#146;s ability to control risk in its businesses;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="right" nowrap><FONT size="2">&#149;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="92%"><FONT size="2">Changes in tax laws in the countries in which UBS operates, which
could adversely affect the tax advantages of certain of UBS&#146;s products
or subject it to increased taxation;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="right" nowrap><FONT size="2">&#149;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="92%"><FONT size="2">Changes in accounting standards applicable to UBS, as more fully
described below;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="right" nowrap><FONT size="2">&#149;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="92%"><FONT size="2">Changes in investor confidence in the future performance of
financial markets, affecting the level of transactions they undertake,
and hence the levels of transaction based fees UBS earns;</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2"><IMG src="y58380y58380l1.gif" alt="(UBS LOGO)">
</FONT>
<P align="right"><FONT size="2">4</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="4"><B>Cautionary Statement Regarding Forward-Looking Statements </B></FONT><FONT size="2">(continued)</FONT>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="right" nowrap><FONT size="2">&#149;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="92%"><FONT size="2">Changes in the market value of securities held by UBS&#146;s clients,
affecting the level of asset based fees UBS can earn on the services it
provides; and</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="right" nowrap><FONT size="2">&#149;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="92%"><FONT size="2">Changes in currency exchange rates, including the exchange rate for
the Swiss franc into US dollars.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">UBS is not under any obligation to (and expressly disclaims any such
obligations to) update or alter its forward-looking statements, whether as a
result of new information, future events, or otherwise.
</FONT>
<P align="left"><FONT size="2"><B>The effect of future changes in accounting standards</B>
</FONT>

<P><FONT size="2">Included in the Notes to the Financial Statements is a description of the
expected effect of accounting standards that have been issued but have not yet
been adopted, for both IAS and US GAAP.
</FONT>
<P><FONT size="2">Although we believe that description includes all significant matters that have
been approved by the IASB and the FASB, those standard setting bodies have a
large number of projects in process that could result in significant new
accounting standards or significant changes to existing standards.
</FONT>
<P><FONT size="2">This increased level of activity includes normal ongoing development and
efforts to improve the existing body of accounting standards, and also is in
response to a number of perceived deficiencies in accounting standards
exemplified by reported abuses by various companies.
</FONT>
<P><FONT size="2">We believe it is likely that several new accounting standards will be issued in
the near future, and that those new standards could have a significant effect
on our reported results of operations and financial position, but cannot
predict the precise nature or amounts of any such changes.
</FONT>
<P><FONT size="2"><IMG src="y58380y58380l1.gif" alt="(UBS LOGO)">
</FONT>
<P align="right"><FONT size="2">5</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="4"><B>PART I</B>
</FONT>

<P align="left"><FONT size="2"><B>Item&nbsp;1. Identity of Directors, Senior Management and Advisors.</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not required because this Form&nbsp;20-F is filed as an annual report.
</FONT>
<P align="left"><FONT size="2"><B>Item&nbsp;2. Offer Statistics and Expected Timetable.</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not required because this Form&nbsp;20-F is filed as an annual report.
</FONT>
<P align="left"><FONT size="2"><B>Item&nbsp;3. Key Information.</B>
</FONT>

<P align="left"><FONT size="2"><B>A&#151;Selected Financial Data.</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please see pages 185 to 189 of the attached Financial Report 2001.
</FONT>
<P align="left"><FONT size="2"><B>Ratio of Earnings to Fixed Charges</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please see page 189 of the attached Financial Report 2001, and Exhibit&nbsp;7
to this Form 20-F.
</FONT>
<P align="left"><FONT size="2"><B>B&#151;Capitalization and Indebtedness.</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not required because this Form&nbsp;20-F is filed as an annual report.
</FONT>
<P align="left"><FONT size="2"><B>C&#151;Reasons for the Offer and Use of Proceeds.</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not required because this Form&nbsp;20-F is filed as an annual report.
</FONT>
<P align="left"><FONT size="2"><B>D&#151;Risk Factors.</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please see pages 10 to 15 of the attached Financial Report 2001.
</FONT>
<P align="left"><FONT size="2"><B>Item&nbsp;4. Information on the Company.</B>
</FONT>

<P align="left"><FONT size="2"><B>A&#151;History and Development of the Company.</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="4%">&nbsp;</TD>
        <TD width="9%">&nbsp;</TD>
        <TD width="87%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">1 &#150; 3</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Please see page 6 of the attached Handbook 2001/2002.</FONT></TD>
</TR>
<TR><TD>&nbsp;</TD><TR>

<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">4</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Please see pages 14 to 15 of the attached UBS Handbook
2001/2002.</FONT></TD>
</TR>
<TR><TD>&nbsp;</TD><TR>

<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">5, 6</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Please see the section <I>Information for Readers </I>on page 8 of
the attached Financial Report 2001, in particular, subsections
<I>PaineWebber merger </I>and <I>Restructuring provision</I>; also see section
<I>Group Results 2001 </I>of the <I>Group Financial Review </I>on
pages 17 to 29
of the attached Financial Report 2001, in particular, the subsection
regarding PaineWebber merger-related costs.</FONT></TD>
</TR>
<TR><TD>&nbsp;</TD><TR>

<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">7</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Not applicable.</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2"><B>B&#151;Business Overview.</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="4%">&nbsp;</TD>
        <TD width="9%">&nbsp;</TD>
        <TD width="87%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">1, 2, 3, 5, 7</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Please see sections <I>The UBS Group</I> and <I>The Business Groups</I> on pages 9 to 53
of the attached UBS Handbook 2001/2002. For a breakdown of revenues
by category of activity and geographic market, please refer to Notes
2a and 2b to the Financial Statements, on pages 92 to 95 of the
attached Financial Report 2001.</FONT></TD>
</TR>
<TR><TD>&nbsp;</TD><TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">4, 6</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Not applicable.</FONT></TD>
</TR>
<TR><TD>&nbsp;</TD><TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">8</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Please see the section <I>Regulation and Supervision </I>on pages
106 to 110 of the attached UBS Handbook 2001/2002.</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2"><IMG src="y58380y58380l1.gif" alt="(UBS LOGO)">
</FONT>
<P align="right"><FONT size="2">6</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="4"><B>PART I </B></FONT><FONT size="2">(continued)</FONT>


<P align="left"><FONT size="2"><B>C&#151;Organizational Structure.</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Please see Note 36 to the Financial Statements on pages 147 to 150
of the attached Financial Report 2001.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>D&#151;Property, Plant and Equipment.</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Please see page <I>Property, plant and equipment </I>on page 189 of the
attached Financial Report 2001.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>Information Required by Industry Guide 3</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Please see pages 190 to 205 of the attached Financial Report 2001.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>Item&nbsp;5. Operating and Financial Review and Prospects.</B>
</FONT>

<P align="left"><FONT size="2"><B>A&#151;Operating Results.</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Please see sections <I>Information for Readers</I>, <I>Group Financial Review</I>
and <I>Review of Business Group Performance </I>on pages 8 to 73 of the attached
Financial Report 2001.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Please also see Note 40 to the Financial Statements <I>Reconciliation
of International Accounting Standards (IAS)&nbsp;to United States Generally
Accepted Accounting Principles (US GAAP)</I> and Note 41 to the Financial
Statements <I>Additional Disclosures Required Under US GAAP and SEC
Rules </I>on pages 154 to 168 of the
attached Financial Report 2001 and the <I>Currency management </I>subsection of
the Group Treasury section, on page 83 of the attached Handbook
2001/2002.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>B&#151;Liquidity and Capital Resources.</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">We believe that our working capital is sufficient for the company&#146;s
present requirements.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Group liquidity and capital management is undertaken at UBS by Group
Treasury as an integrated asset and liability management function. For a
detailed discussion of Group Treasury&#146;s functions and results, including
our capital resources, please see pages 77 to 85 of the attached UBS
Handbook 2001/2002, and Note 19 <I>Debt Issued</I> on pages 108 to 113 of the attached Financial
Report 2001.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">For comments on UBS Group&#146;s balance sheet and cash flows, please see
pages 25 to 26 of the attached Financial Report 2001.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">For comment on UBS&#146;s long term credit ratings, please see the
<I>Capital strength </I>subsection on page 11 of the attached UBS
Handbook 2001/2002.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>C&#151;Research and Development, Patents and Licenses, etc.</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Not applicable.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>D&#151;Trend Information.</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Please see the subsection
<I>Outlook 2002</I> on page 26 of the attached
Financial Report 2001, and pages 13-14, 37, 44, and 50 of the attached
Handbook 2001/2002, which contain trend information.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2"><IMG src="y58380y58380l1.gif" alt="(UBS LOGO)">
</FONT>
<P align="right"><FONT size="2">7</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="4"><B>PART I </B></FONT><FONT size="2">(continued)
</FONT>

<!-- link2 "Item&nbsp;6. Directors, Senior Management and Employees." -->
<DIV align="left"><A NAME="001"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;6. Directors, Senior Management and Employees.</B>
</FONT>

<P align="left"><FONT size="2"><B>A&#151;Directors and Senior Management.</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="4%">&nbsp;</TD>
        <TD width="9%">&nbsp;</TD>
        <TD width="87%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">1, 2, 3</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Please see pages 94 to 98 of the attached UBS Handbook
2001/2002.</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="87%"><FONT size="2">The Board of Directors has nominated Ernesto Bertarelli to
become a member of the Board of Directors, subject to the
approval of the Annual General Meeting on 18 April 2002. His
biographical details are provided below:</FONT></TD>
</TR>
<TR valign="top">
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="87%"><FONT size="2">Ernesto Bertarelli (born 1965), a Swiss citizen, has been
the Chief Executive Officer and Chairman of the Executive
Committee of Serono International SA since 1996. He started his
career with Serono in 1985 and held several positions in sales
and marketing. Prior to his appointment as CEO, he served for
five years as Deputy CEO and Vice Chairman of the Board of
Directors. Mr.&nbsp;Bertarelli received his Bachelor of Science
degree from Babson College in Boston, Massachusetts, and his
MBA from Harvard Business School. Mr. Bertarelli&#146;s business
address is Serono International SA, Chemin des Mines 15 bis,
1202 Gen&#232;ve.</FONT></TD>
</TR>
</TABLE>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="4%">&nbsp;</TD>
        <TD width="9%">&nbsp;</TD>
        <TD width="87%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">4. and 5.</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">None.</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2"><B>B&#151;Compensation.</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Please see Notes 33 and 34 to the Financial Statements on pages 141
to 146 of the attached Financial Report 2001.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>C&#151;Board Practices.</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Please see pages 88 to 98 of the attached UBS Handbook 2001/2002 and
Note 34 to the Financial Statements on page 146 of the attached Financial
Report 2001.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>D&#151;Employees.</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Please see page 24 of the attached Financial Report 2001 and the
charts on page 13 of the attached UBS Handbook 2001/2002.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>E&#151;Share Ownership.</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Please see Notes 33 and 34 to the Financial Statements on pages 141
to 146 of the attached Financial Report 2001.</FONT></TD>
</TR>
</TABLE>
<!-- link2 "Item&nbsp;7. Major Shareholders and Related Party Transactions." -->
<DIV align="left"><A NAME="002"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;7. Major Shareholders and Related Party Transactions.</B>
</FONT>

<P align="left"><FONT size="2"><B>A&#151;Major Shareholders.</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Please see pages 127 to 128 of the attached UBS Handbook 2001/2002.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2"><IMG src="y58380y58380l1.gif" alt="(UBS LOGO)">
</FONT>
<P align="right"><FONT size="2">8</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="4"><B>PART I </B></FONT><FONT size="2">(continued)</FONT>

<P align="left"><FONT size="2"><B>B&#151;Related Party Transactions.</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">For 2001 and 2000, please see Note 34 to the Financial Statements on
page 146 of the attached Financial Report 2001.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">The number of long-term stock options outstanding to related parties
from equity plans was 823,848 at 31 December 1999.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">The total loans and advances receivable were CHF 28&nbsp;million at 31
December 1999.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">The total amounts of shares and warrants held by members of the
Board of Directors, Group Executive Board and Group Managing Board were
7,368,276 and 11,424,514 as of 31 December 1999. (These figures have
been restated to reflect the effect of the 3 for 1 share split which took
place on 16 July 2001).</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>C&#151;Interests of Experts and Counsel.</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Not applicable because this Form&nbsp;20-F is filed as an annual report.</FONT></TD>
</TR>
</TABLE>
<!-- link2 "Item&nbsp;8. Financial Information." -->
<DIV align="left"><A NAME="003"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;8. Financial Information.</B>
</FONT>

<P align="left"><FONT size="2"><B>A&#151;Consolidated Statements and Other Financial Information.</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Please see Item&nbsp;18 of this Form&nbsp;20-F.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>B&#151;Significant Changes.</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">UBS is not aware of any significant change that has occurred since
the date of the annual financial statements included in this Form&nbsp;20-F.</FONT></TD>
</TR>
</TABLE>
<!-- link2 "Item&nbsp;9. The Offer and Listing." -->
<DIV align="left"><A NAME="004"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;9. The Offer and Listing.</B>
</FONT>

<P align="left"><FONT size="2"><B>A&#151;Offer and Listing Details.</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="4%">&nbsp;</TD>
        <TD width="9%">&nbsp;</TD>
        <TD width="87%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" colspan="2"><FONT size="2">1, 2, 3, 5, 6, 7 Not required because this Form&nbsp;20-F is filed as an
annual report.</FONT></TD>
</TR>
<TR><TD>&nbsp;</TD><TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">4.</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Please see page 126 of the attached UBS Handbook 2001/2002.</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2"><B>B&#151;Plan of Distribution</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Not required because this Form&nbsp;20-F is filed as an annual report.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>C&#151;Markets.</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">UBS&#146;s shares are traded on the virt-x, the New York Stock Exchange
and the Tokyo Stock Exchange. The symbols are shown on page 123 of the
attached UBS Handbook 2001/2002.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><I>Trading on virt-x</I>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Since July 2001, Swiss blue chip stocks have no longer been traded
on the SWX Swiss Exchange. All trading in the shares of members of the
Swiss Market Index (SMI)&nbsp;now takes place on virt-x, although these stocks
remain listed on the SWX Swiss Exchange.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">virt-x, the new name for Tradepoint, is a collaboration between the
TP Group LDC and the SWX Swiss Exchange to provide the first platform on
which all European blue chips can be traded electronically and which
offers integrated clearing and settlement. virt-x is a Recognized
Investment Exchange supervised by the Financial Services Authority in the
United Kingdom. It is delivered on the modern, scalable SWX trading
platform.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2"><IMG src="y58380y58380l1.gif" alt="(UBS LOGO)">
</FONT>
<P align="right"><FONT size="2">9</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="4"><B>PART I </B></FONT><FONT size="2">(continued)
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">All the constituents of the SMI are traded on virt-x. Altogether,
approximately 600 blue chips representing around 80% of European market
capitalization are traded on virt-x, in the currency of their home
market.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">virt-x is available for trading on all TARGET days, as specified by
the European Central Bank. The opening hours are 06:00 to 22:00 CET and
the trading hours are 09:00 to 17:30 CET. During the pre-opening phase
from 17:30 to 22:00 CET on the previous business day and from 06:00 to
09:00 CET on the current business day, orders can be entered or deleted.
From 09:00 CET, once the opening price is set, trading begins. Orders are
executed automatically according to established rules that match bid and
asked prices. Regardless of their size or origin, incoming orders are
executed on a price/time priority, i.e., in the order of price (first
priority) and time received (second priority). Depending on the type of
transaction, the order and trade details are also transmitted to data
vendors (Reuters, Bloomberg, Telekurs, etc.).</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">In most cases, each trade triggers an automatic settlement
instruction which is routed through to the Swiss national central
securities depository SIS SEGAINTERSETTLE AG, the UK national central
securities depository CRESTCo or Euroclear.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">All trades executed through the order book settle on a uniform &#147;T&#043;3&#148;
basis, meaning that delivery and payment of exchange transactions occur
three days after the trade date. The buyer is able to ask virt-x to
enforce settlement if the seller has not delivered within two days of the
intended settlement date.</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Any transaction executed under the rules of virt-x must be reported
to virt-x. Order book executions are automatically reported by the
trading system. There are separate provisions for the delayed reporting
of certain qualifying trades. Individual elements of Portfolio trades
must be reported within one hour while block trades and enlarged risk
trades must be reported when the business is substantially (80%)
complete, or by the end of order book trading that day, unless the trade
is agreed one hour or less before the market close, when the Trade must
be reported by the end of order book trading on the following market day.
Block trades and enlarged risk trades are subject to minimum trade size
criteria. During normal trading hours all other transactions must be
reported within three minutes. The enlarged risk trades provisions enable
a member to protect a client&#146;s interest while the member works a large
trade on behalf of the client. The block trade provisions allow a member
a publication delay when the member has executed a large transaction for
a client; the delay gives the member time in which to offset the risk of
the large trade.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">In the event of extraordinary situations such as large price
fluctuations and other situations likely to hamper fair and orderly
trading, virt-x may take whatever measures it deems necessary to maintain
fair and orderly markets. A listed security may be suspended, the opening
of trading in that security may be delayed or continuous trading may be
interrupted.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><I>Trading on the New York Stock Exchange</I>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">UBS listed its shares on the New York Stock Exchange (&#147;NYSE&#148;) on 16
May 2000.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">As of 31 December 2001, the equity securities of more than 2,797
corporations were listed on the NYSE.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">The NYSE is open Monday through Friday, 9:30 A.M.-4:00 P.M., eastern
time.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">The NYSE is an agency auction market. Trading at the NYSE takes
place by open bids and offers by Exchange members, acting as agents for
institutions or individual investors. Buy and sell orders meet directly
on the trading floor, and prices are determined by the interplay of
supply and demand. In contrast, in the US over-the-counter market, the
price is determined by a dealer who buys and sells out of inventory.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">At the NYSE, each listed stock is assigned to a single post where
the specialist manages the auction process. NYSE members bring all orders
for NYSE-listed stocks to the Exchange floor either electronically or
through a floor broker. As a result, the flow of buy and sell orders for
each stock is funneled to a single location.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2"><IMG src="y58380y58380l1.gif" alt="(UBS LOGO)">
</FONT>
<P align="right"><FONT size="2">10</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="4"><B>PART I </B></FONT><FONT size="2">(continued)
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">This heavy stream of diverse orders is one of the great strengths of
the Exchange. It provides liquidity&#151;the ease with which securities can
be bought and sold without wide price fluctuations.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">When an investor&#146;s transaction is completed, the best price will
have been exposed to a wide range of potential buyers and sellers.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Every transaction made at the NYSE is under continuous surveillance
during the trading day. Stock Watch, a computer system that searches for
unusual trading patterns, alerts NYSE regulatory personnel to possible
insider trading abuses or other prohibited trading practices. The
Exchange&#146;s other regulatory activities include the supervision of member
firms to enforce compliance with financial and operational requirements,
periodic checks on broker&#146;s sales practices, and the continuous
monitoring of specialist operations.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><I>Trading on the Tokyo Stock Exchange</I>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Volumes of UBS shares traded on the Tokyo Stock Exchange are
negligible in comparison to the volumes on virt-x or on the NYSE.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>D&#151;Selling Shareholders.</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Not required because this Form&nbsp;20-F is filed as an annual report.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>E&#151;Dilution.</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Not required because this Form&nbsp;20-F is filed as an annual report.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>F&#151;Expenses of the Issue.</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Not required because this Form&nbsp;20-F is filed as an annual report.</FONT></TD>
</TR>
</TABLE>
<!-- link2 "Item&nbsp;10. Additional Information." -->
<DIV align="left"><A NAME="005"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;10. Additional Information.</B>
</FONT>

<P align="left"><FONT size="2"><B>A&#151;Share Capital.</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Not required because this Form&nbsp;20-F is filed as an annual report.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>B&#151;Memorandum and Articles of Association.</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Please see:</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="right" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">a) Item&nbsp;14 of our registration statement on Form&nbsp;20-F filed 9 May
2000</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="right" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">b) The &#147;Global Registered Share&#148; chapter on pages 122 to 123 of the
attached Handbook 2001/2002 which provides details of recent changes
relating to the par value of the UBS share.</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="right" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">c) Pages 7 and 122 of the attached Handbook 2001/2002 which provide
details of our new transfer agent in the US, Mellon Investor Services.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>C&#151;Material Contracts.</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None.
</FONT>
<P align="left"><FONT size="2"><B>D&#151;Exchange Controls.</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">There are no restrictions under UBS&#146;s Articles of Association or
Swiss law, presently in force, that limit the right of non-resident or
foreign owners to hold UBS&#146;s securities freely or to vote UBS&#146;s
securities freely in matters put to a vote of UBS security holders
generally. There are currently no Swiss foreign exchange controls or
other Swiss laws restricting the import or export of capital by UBS or
its subsidiaries. In addition, there are currently no restrictions under
Swiss law affecting the remittance of dividends, interest or other
payments to non-resident holders of UBS securities.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2"><IMG src="y58380y58380l1.gif" alt="(UBS LOGO)">
</FONT>
<P align="right"><FONT size="2">11</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="4"><B>PART I </B></FONT><FONT size="2">(continued)
</FONT>

<P align="left"><FONT size="2"><B>E&#151;Taxation.</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">This section outlines the material Swiss tax and United States
federal income tax consequences of the ownership of UBS ordinary shares
by a US holder (as defined below) who holds UBS ordinary shares as
capital assets. It is designed to explain the major interactions between
Swiss and US taxation for US persons who hold UBS shares.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">The discussion does not address the tax consequences to persons who
hold UBS ordinary shares in particular circumstances, such as tax-exempt
entities, banks, financial institutions, insurance companies,
broker-dealers, traders in securities that elect to mark to market,
holders liable for alternative minimum tax, holders that actually or
constructively own 10% or more of the voting stock of UBS, holders that
hold UBS ordinary shares as part of a straddle or a hedging or conversion
transaction or holders whose functional currency for US tax purposes is
not the US dollar. This discussion also does not apply to holders who
acquired their UBS ordinary shares pursuant to the exercise of employee
stock options or otherwise as compensation or through a tax-qualified
retirement plan.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">The discussion is based on the tax laws of Switzerland and the
United States, including the US Internal Revenue Code of 1986, as
amended, its legislative history, existing and proposed regulations under
the Internal Revenue Code, published rulings and court decisions, as in
effect on the date of this document, as well as the convention between
the United States of America and Switzerland, which we call the &#147;Treaty,&#148;
all of which may be subject to change or change in interpretation,
possibly with retroactive effect.</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">For purposes of this discussion, a &#147;US holder&#148; is any beneficial
owner of UBS ordinary shares that is:</FONT></TD>
</TR>
</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="right" nowrap><FONT size="2">&#149;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="92%"><FONT size="2">a citizen or resident of the United States,</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="right" nowrap><FONT size="2">&#149;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="92%"><FONT size="2">a corporation or other entity taxable as a corporation
organized under the laws of the United States or any political
subdivision of the United States,</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="right" nowrap><FONT size="2">&#149;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="92%"><FONT size="2">an estate the income of which is subject to United States
federal income tax without regard to its source, or</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="right" nowrap><FONT size="2">&#149;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="92%"><FONT size="2">a trust if a court within the United States is able to
exercise primary supervision over the administration of the trust
and one or more United States persons have the authority to control
all substantial decisions of the trust.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">The discussion does not generally address any aspects of
Swiss taxation other than income and capital taxation or of United States
taxation other than federal income taxation. Holders of UBS shares are
urged to consult their tax advisors regarding the United States federal,
state and local and the Swiss and other tax consequences of owning and
disposing of these shares.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><I>Ownership of UBS Ordinary Shares&#151;Swiss Taxation</I>
</FONT>

<P align="left"><FONT size="2"><B>Dividends and Distributions</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Dividends paid by UBS to a holder of UBS ordinary shares (including
dividends on liquidation proceeds and stock dividends) are subject to a
Swiss federal withholding tax at a rate of 35%. The withholding tax must
be withheld from the gross distribution, and be paid to the Swiss Federal
Tax Administration.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2"><IMG src="y58380y58380l1.gif" alt="(UBS LOGO)">
</FONT>
<P align="right"><FONT size="2">12</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="4"><B>PART I </B></FONT><FONT size="2">(continued)</FONT>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">A US holder that qualifies for Treaty benefits may apply for a
refund of the withholding tax withheld in excess of the 15% Treaty rate.
The claim for refund must be filed with the Swiss Federal Tax
Administration, Eigerstrasse 65, CH-3003 Berne, Switzerland. The form
used for obtaining a refund is Swiss Tax Form&nbsp;82 (82C for companies; 82E
for other entities; 82I for individuals), which may be obtained from any
Swiss Consulate General in the United States or from the Swiss Federal
Tax Administration at the address above. The form must be filled out in
triplicate with each copy duly completed and signed before a notary
public in the United States. The form must be accompanied by evidence of
the deduction of withholding tax withheld at the source.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Repayment of capital in the form of a par value reduction is not
subject to Swiss withholding tax.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>Transfers of UBS Ordinary Shares</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">The sale of UBS ordinary shares, whether by Swiss resident or
non-resident holders (including US holders), may be subject to a Swiss
securities transfer stamp duty of up to 0.15% calculated on the sale
proceeds if it occurs through or with a bank or other securities dealer
in Switzerland as defined in the Swiss Federal Stamp Tax Act. In addition
to the stamp duty, the sale of UBS ordinary shares by or through a member
of a recognized stock exchange may be subject to a stock exchange levy.
Capital gains realized by a US holder upon the sale of UBS ordinary
shares are not subject to Swiss income or gains taxes, unless such US
holder holds such shares as business assets of a Swiss business operation
qualifying as a permanent establishment for the purposes of the Treaty.
In the latter case, gains are taxed at ordinary Swiss individual or
corporate income tax rates, as the case may be, and losses are deductible
for purposes of Swiss income taxes.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><I>Ownership of UBS Ordinary Shares&#151;United States Federal Income Taxation</I>
</FONT>

<P align="left"><FONT size="2"><B>Dividends and Distribution</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Subject to the passive foreign investment company rules discussed
below, US holders will include in gross income the gross amount of any
dividend paid, before reduction for Swiss withholding taxes, by UBS out
of its current or accumulated earnings and profits, as determined for
United States federal income tax purposes, as ordinary income when the
dividend is actually or constructively received by the US holder.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">For United States federal income tax purposes, a dividend will
include a distribution characterized as a repayment of capital in the
form of a par value reduction, if the distribution is made out of current
or accumulated earnings and profits, as described above.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Dividends will be income from sources outside the United States for
foreign tax credit limitation purposes, but generally will be &#147;passive
income&#148; or &#147;financial services income,&#148; which are treated separately from
other types of income for foreign tax credit limitation purposes. The
dividend will not be eligible for the dividends-received deduction
generally allowed to United States corporations in respect of dividends
received from other United States corporations. The amount of the
dividend distribution included in income of a US holder will be the US
dollar value of the Swiss franc payments made, determined at the spot
Swiss franc/US dollar rate on the date such dividend distribution is
included in the income of the US holder, regardless of whether the
payment is in fact converted into US dollars. Generally, any gain or loss
resulting from currency exchange fluctuations during the period from the
date the dividend distribution is included in income to the date such
dividend distribution is converted into US dollars will be treated as
ordinary income or loss. Such gain or loss will generally be income or
loss from sources within the United States for foreign tax credit
limitation purposes. Distributions in excess of current and accumulated
earnings and profits, as determined for United States federal income tax
purposes, will be treated as a return of capital to the extent of the US
holder&#146;s basis in its UBS ordinary shares and thereafter as capital gain.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2"><IMG src="y58380y58380l1.gif" alt="(UBS LOGO)">
</FONT>
<P align="right"><FONT size="2">13</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="4"><B>PART I </B></FONT><FONT size="2">(continued)</FONT>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Subject to certain limitations, the Swiss tax withheld in accordance
with the Treaty and paid over to Switzerland will be creditable against
the US holder&#146;s United States federal income tax liability. To the extent
a refund of the tax withheld is available to a US holder under the laws
of Switzerland or under the Treaty, the amount of tax withheld that is
refundable will not be eligible for credit against the US holder&#146;s United
States federal income tax liability, whether or not the refund is
actually obtained.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Stock dividends to US holders that are made as part of a pro rata
distribution to all shareholders of UBS generally will not be subject to
United States federal income tax. US holders that received a stock
dividend that is subject to Swiss tax but not US tax, may not have enough
foreign income for US tax purposes to receive the benefit of the foreign
tax credit associated with that tax, unless the holder has foreign income
from other sources.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>Transfers of UBS Ordinary Shares</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Subject to the passive foreign investment company rules discussed
below, a US holder that sells or otherwise disposes of UBS ordinary
shares generally will recognize capital gain or loss for United States
federal income tax purposes equal to the difference between the US dollar
value of the amount realized and the tax basis, determined in US dollars,
in the UBS ordinary shares. Capital gain of a non-corporate US holder is
generally taxed at a maximum rate of 20% if the UBS ordinary shares were
held for more than one year. The gain or loss will generally be income or
loss from sources within the United States for foreign tax credit
limitation purposes.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>Passive Foreign Investment Company Rules</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">UBS believes that UBS ordinary shares should not be treated as stock
of a passive foreign investment company for United States federal income
tax purposes, but this conclusion is a factual determination made
annually and thus may be subject to change. In general, UBS will be a
passive foreign investment company with respect to a US holder if, for
any taxable year in which the US holder held UBS ordinary shares, either
at least 75% of the gross income of UBS for the taxable year is passive
income or at least 50% of the value, determined on the basis of a
quarterly average, of UBS&#146;s assets is attributable to assets that produce
or are held for the production of passive income. If UBS were to be
treated as a passive foreign investment company, then unless a US holder
makes a mark-to-market election, gain realized on the sale or other
disposition of UBS ordinary shares would in general not be treated as
capital gain. Instead, a US holder would be treated as if the holder had
realized such gain and certain &#147;excess distributions&#148; ratably over the
holder&#146;s holding period for the shares and would be taxed at the highest
tax rate in effect for each such year to which the gain was allocated,
together with an interest charge in respect of the tax attributable to
each such year.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>F&#151;Dividends and Paying Agents.</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Not required because this Form&nbsp;20-F is filed as an annual report.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>G&#151;Statement by Experts.</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Not required because this Form&nbsp;20-F is filed as an annual report.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>H&#151;Documents on Display.</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">UBS files periodic reports and other information with the Securities
and Exchange Commission. You may read and copy any document that UBS
files with the SEC at the SEC&#146;s public reference room at 450 Fifth
Street, N.W., Washington, D.C. 20549. Please call the SEC at
1-800-SEC-0330 for further information on the operation of its public
reference room. You may also inspect UBS&#146;s SEC reports and other
information at the New York Stock Exchange, Inc., 20 Broad Street, New
York, New York 10005 and the American Stock Exchange LLC, 86 Trinity
Place, New York, NY 10006. Some of this information may also be found on
the UBS website at www.ubs.com/investors.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2"><IMG src="y58380y58380l1.gif" alt="(UBS LOGO)">
</FONT>
<P align="right"><FONT size="2">14</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="4"><B>PART I </B></FONT><FONT size="2">(continued)</FONT>


<P align="left"><FONT size="2"><B>I&#151;Subsidiary Information.</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Not applicable.</FONT></TD>
</TR>
</TABLE>
<!-- link2 "Item&nbsp;11. Quantitative and Qualitative Disclosures About Market Risk." -->
<DIV align="left"><A NAME="006"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;11. Quantitative and Qualitative Disclosures About Market Risk.</B>
</FONT>

<P align="left"><FONT size="2"><B>A&#151;Quantitative Information About Market Risk.</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Please see the <I>Market Risk </I>section on pages 72 to 76 of the attached
UBS Handbook 2001/2002.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>B&#151;Qualitative Information About Market Risk.</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Please see the <I>Market Risk </I>section on pages 72 to 76 of the attached
UBS Handbook 2001/2002.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>C&#151;Interim Periods.</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Not applicable.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>D&#151;Safe Harbor.</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">The safe harbor provided in Section&nbsp;27A of the Securities Act of
1933 and Section&nbsp;21E of the Securities Exchange Act of 1934 (&#147;statutory
safe harbors&#148;) applies to information provided pursuant to paragraphs
(a), (b)&nbsp;and (c)&nbsp;of this Item&nbsp;11.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>E&#151;Small Business Issuers.</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Not applicable.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>Item&nbsp;12. Description of Securities Other than Equity Securities.</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Not required because this Form&nbsp;20-F is filed as an annual report.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2"><IMG src="y58380y58380l1.gif" alt="(UBS LOGO)">
</FONT>
<P align="right"><FONT size="2">15</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<!-- link1 "PART II" -->
<DIV align="left"><A NAME="007"></A></DIV>
<P align="left"><FONT size="4"><B>PART II</B>
</FONT>

<!-- link2 "Item&nbsp;13. Defaults, Dividend Arrearages and Delinquencies." -->
<DIV align="left"><A NAME="008"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;13. Defaults, Dividend Arrearages and Delinquencies.</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">There has been no material default in respect of any indebtedness of
UBS AG or any of its significant subsidiaries or any arrearages of
dividends or any other material delinquency not cured within 30&nbsp;days
relating to any preferred stock of UBS AG or any of its significant
subsidiaries.</FONT></TD>
</TR>
</TABLE>
<!-- link2 "Item&nbsp;14. Material Modifications to the Rights of Security Holders and Use of Proceeds." -->
<DIV align="left"><A NAME="009"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;14. Material Modifications to the Rights of Security Holders and Use of Proceeds.</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Not applicable.</FONT></TD>
</TR>
</TABLE>
<!-- link2 "Item&nbsp;15. &#091;Reserved&#093;." -->
<DIV align="left"><A NAME="010"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;15. &#091;Reserved&#093;.</B>
</FONT>

<!-- link2 "Item&nbsp;16. &#091;Reserved&#093;." -->
<DIV align="left"><A NAME="011"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;16. &#091;Reserved&#093;.</B>
</FONT>

<P><FONT size="2"><IMG src="y58380y58380l1.gif" alt="(UBS LOGO)">
</FONT>
<P align="right"><FONT size="2">16</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<!-- link1 "PART III" -->
<DIV align="left"><A NAME="012"></A></DIV>
<P align="left"><FONT size="4"><B>PART III</B>
</FONT>

<!-- link2 "Item&nbsp;17. Financial Statements." -->
<DIV align="left"><A NAME="013"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;17. Financial Statements.</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Not applicable.</FONT></TD>
</TR>
</TABLE>
<!-- link2 "Item&nbsp;18. Financial Statements." -->
<DIV align="left"><A NAME="014"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;18. Financial Statements.</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">The Financial Statements included on pages 75 to 169 in the attached
Financial Report 2001 are incorporated by reference herein.</FONT></TD>
</TR>
</TABLE>
<!-- link2 "Item&nbsp;19. Exhibits." -->
<DIV align="left"><A NAME="015"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;19. Exhibits.</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="4%">&nbsp;</TD>
        <TD width="8%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="83%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center"><FONT size="1"><B>Exhibit</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center"><FONT size="1"><B>Number</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center"><FONT size="1"><B>Description</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">1.1.</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Articles of Association of UBS AG.</FONT></TD>
</TR>
<TR><TD>&nbsp;</TD><TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">1.2.</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Organization Regulations of UBS AG.</FONT></TD>
</TR>
<TR><TD>&nbsp;</TD><TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">2(b)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Instruments defining the rights of the holders of
long-term debt issued by UBS AG and its subsidiaries.</FONT></TD>
</TR>
<TR><TD>&nbsp;</TD><TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
We agree to furnish to the SEC upon request, copies of the
instruments, including indentures, defining the rights of the
holders of our long-term debt and of our subsidiaries&#146;
long-term debt.</FONT></TD>
</TR>
<TR><TD>&nbsp;</TD><TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">7.</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Statement regarding ratio of earnings to fixed charges.</FONT></TD>
</TR>
<TR><TD>&nbsp;</TD><TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">8.</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Significant Subsidiaries of UBS AG.</FONT></TD>
</TR>
<TR><TD>&nbsp;</TD><TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Please see Note 36 on pages 147 to 150 of the attached
Financial Report 2001.</FONT></TD>
</TR>
<TR><TD>&nbsp;</TD><TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">10.</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Consent of Ernst &#038; Young Ltd.</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2"><IMG src="y58380y58380l1.gif" alt="(UBS LOGO)">
</FONT>
<P align="right"><FONT size="2">17</FONT>

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<!-- link1 "Signatures" -->
<DIV align="left"><A NAME="016"></A></DIV>
<P align="left"><FONT size="4"><B>Signatures</B>
</FONT>

<P><FONT size="2">The registrant hereby certifies that it meets all of the requirements for
filing on Form&nbsp;20-F and that it has duly caused and authorized the undersigned
to sign this annual report on its behalf.
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="20%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="40%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="30%"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">UBS AG</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD>&nbsp;</TD><TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="2"><FONT size="2">/s/ Peter Wuffli</TD>
</TR>

<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
<TD colspan="2"><HR size="1" noshade></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
<TD><FONT size="2">Name:</FONT></TD>
<TD><FONT size="2">Peter Wuffli</FONT></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
<TD><FONT size="2">Title:</FONT></TD>
<TD><FONT size="2">President of the Group Executive Board</FONT></TD>
</TR>
<TR><TD>&nbsp;</TD><TR>
<TR><TD>&nbsp;</TD><TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="2"><FONT size="2">/s/ Hugo Schaub<BR>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
<TD colspan="2"><HR size="1" noshade></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
<TD><FONT size="2">Name:</FONT></TD>
<TD><FONT size="2">Hugo Schaub</FONT></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
<TD><FONT size="2">Title:</FONT></TD>
<TD><FONT size="2">Group Controller and<BR>
Member of the Group Managing Board</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">Date: March&nbsp;14, 2002
</FONT>

<P><FONT size="2"><IMG src="y58380y58380l1.gif" alt="(UBS LOGO)">
</FONT>
<P align="right"><FONT size="2">18</FONT>

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<P align="left">

<IMG src="y58380y5838071.gif" alt="LOGO">



<P align="left">
<B><FONT size="5">HANDBOOK 2001/2002</FONT></B>

<P align="right">

<IMG src="y58380y5838069.gif" alt="GRAPHIC">

<DIV>&nbsp;</DIV>
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<P align="right">
<IMG src="y58380y5838070.gif" alt="(GRAPHIC)">
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<CENTER>
  <TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
    <TR valign="bottom">
      <TD width="91%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <FONT size="2"><B><font color="#c66005">Contents</font></B></FONT>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <FONT size="2"><B>Profile</B></FONT>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <FONT size="2">Introduction</FONT>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2"><B>1</B></FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <FONT size="2">UBS Group
          Financial Highlights</FONT>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2"><B>2</B></FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <FONT size="2">UBS Group</FONT>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2"><B>3</B></FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <FONT size="2">Our Business
          Groups</FONT>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2"><B>4</B></FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <FONT size="2">Sources
          of Information about UBS</FONT>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2"><B>5</B></FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <FONT size="2"><B>The
          UBS Group</B></FONT>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2"><B>9</B></FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <FONT size="2">Strategy,
          Structure and History</FONT>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2"><B>10</B></FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <FONT size="2"><B>The
          Business Groups</B></FONT>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2"><B>17</B></FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <FONT size="2">UBS Switzerland</FONT>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2"><B>18</B></FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <FONT size="2">UBS Asset
          Management</FONT>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2"><B>34</B></FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <FONT size="2">UBS Warburg</FONT>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2"><B>38</B></FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <FONT size="2">Corporate
          Center</FONT>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2"><B>52</B></FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <FONT size="2"><B>Capital
          and Risk Management</B></FONT>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2"><B>55</B></FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <FONT size="2">Risk Management
          and Control</FONT>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2"><B>56</B></FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <FONT size="2">Risk Analysis</FONT>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2"><B>61</B></FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <FONT size="2">Group
          Treasury</FONT>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2"><B>77</B></FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <FONT size="2"><B>Corporate
          Governance</B></FONT>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2"><B>87</B></FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <FONT size="2">Corporate
          Organization</FONT>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2"><B>88</B></FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <FONT size="2">Directors
          and Officers of UBS</FONT>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2"><B>94</B></FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <FONT size="2">Financial
          Disclosure Principles</FONT>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2"><B>99</B></FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <FONT size="2">Value-based
          Management</FONT>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2"><B>102</B></FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <FONT size="2">Regulation
          and Supervision</FONT>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2"><B>106</B></FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <FONT size="2">Corporate
          Responsibility</FONT>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2"><B>111</B></FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <FONT size="2"><B>UBS
          Share Information</B></FONT>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2"><B>121</B></FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <FONT size="2">The Global
          Registered Share</FONT>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2"><B>122</B></FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <FONT size="2">UBS Shares
          2001</FONT>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2"><B>124</B></FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
  </TABLE>
</CENTER>
<P align="left"><FONT size="5"><B>Introduction</B>
</FONT>

<P><FONT size="2">This is the second annual edition of the UBS Group Handbook.
</FONT>
<P><FONT size="2">The Handbook describes the UBS Group: its strategy and organization, and the
businesses it operates. It outlines the principles by which the Group manages
risk, and reports on developments during 2001 in the areas of credit risk,
market risk, and treasury management. It also contains a description of the
Group&#146;s environmental policies.
</FONT>
<P><FONT size="2">The Handbook describes the value-based management processes that are being
implemented at UBS. It contains an extensive discussion of the Group&#146;s
corporate governance arrangements and its relationships with regulators and
shareholders, along with detailed facts about the UBS ordinary share.
</FONT>
<P><FONT size="2">The Handbook should be read in conjunction with the other information published
by UBS, described on page 5.
</FONT>
<P><FONT size="2">We hope that you will find the information in our reporting documents useful
and informative. We believe that UBS is among the leaders in corporate
disclosure, but we would be very interested to hear your views on how we might
improve the content and presentation of our information portfolio.
</FONT>
<P><FONT size="2">Mark Branson<BR>
Head of Group Communications<BR>
UBS AG
</FONT>
<P align="right"><FONT size="2">1</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><FONT size="2"><B>Profile</B>
</FONT>
<P><FONT size="5"><B>UBS Group Financial Highlights</B>
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="94%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><SUP>1</SUP></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Operating expenses / operating income before credit loss expense.</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2"><SUP>2</SUP></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Excludes the amortization of goodwill and other intangible assets.</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2"><SUP>3</SUP></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
For EPS calculation, see Note 9 to the Financial Statements.</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2"><SUP>4</SUP></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Net profit / average shareholders&#146; equity excluding dividends.</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2"><SUP>5</SUP></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Includes hybrid tier 1 capital, please refer to Note 30e in the Notes to the Financial Statements.</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2"><SUP>6</SUP></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Calculated using the former definition of assets under management.</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2"><SUP>7</SUP></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
The Group headcount does not include the Klinik Hirslanden AG headcount
of 2,450, 1,839 and 1,853 for 31 December 2001, 31 December 2000 and 31
December 1999, respectively.</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2"><SUP>8</SUP></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
See the Capital strength section on pages 10-11.</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><SUP>9</SUP></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Details of significant financial events can be found in the Financial
Report 2001.</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">All earnings per share figures have been restated for the 3 for 1 share split
which took place on 16 July 2001. Except where otherwise stated, all 31
December 2001 and 31 December 2000 figures throughout this report include the
impact of the acquisition of PaineWebber, which occurred on 3 November 2000.
</FONT>
<P><FONT size="2">All invested assets figures for 31 December 2000 have been restated to reflect
the new definition.
</FONT>





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      <TD width="1%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><font size="2"><i>CHF million, except where indicated</i></font></TD>
      <TD>&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colspan="2" nowrap>
        <div align="right"><font size="2">% change from</font> </div>
      </TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><font size="2">For the year ended</font></TD>
      <TD>&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD align="right"><font size="2"><b><font color="#c66005">31.12.01</font></b></font></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right"><font size="2">31.12.00</font></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right"><font size="2">31.12.99</font></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right"><font size="2">31.12.00</font></TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="17">
        <hr noshade size="1">
      </TD>
    </TR>
    <TR valign="bottom">
      <TD><font size="2"><b>Income statement key figures</b></font></TD>
      <TD>&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD> <FONT size="2"> Operating income</FONT> </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><font size="2" color="#c66005"><B>37,114</B></font></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">36,402</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">28,425</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">2</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD> <FONT size="2">Operating expenses</FONT> </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><font size="2" color="#c66005"><B>30,396</B></font></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">26,203</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">20,532</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">16</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD> <FONT size="2">Operating profit before tax</FONT> </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><font size="2" color="#c66005"><B>6,718</B></font></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">10,199</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">7,893</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">(34</FONT></TD>
      <TD nowrap><FONT size="2">)</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD> <FONT size="2">Net profit</FONT> </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><font size="2" color="#c66005"><B>4,973</B></font></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">7,792</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">6,153</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">(36</FONT></TD>
      <TD nowrap><FONT size="2">)</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD> <FONT size="2">Cost / income ratio (%) <SUP>1</SUP></FONT> </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><font size="2" color="#c66005"><B>80.8</B></font></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">72.2</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">69.9</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD> <FONT size="2">Cost / income ratio before goodwill (%) <SUP>1, 2</SUP></FONT>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><font size="2" color="#c66005"><B>77.3</B></font></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">70.4</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">68.7</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <tr valign="bottom">
      <td colspan="17">
        <hr noshade size="1">
      </td>
    </tr>
    <TR valign="bottom">
      <TD><font size="2"><b>Per share data (CHF)</b></font></TD>
      <TD>&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="right">&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD nowrap>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD> <FONT size="2"> Basic earnings per share <SUP>3</SUP></FONT> </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><font size="2" color="#c66005"><B>3.93</B></font></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">6.44</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">5.07</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">(39</FONT></TD>
      <TD nowrap><FONT size="2">)</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD> <FONT size="2">Basic earnings per share before goodwill <SUP>2, 3</SUP></FONT>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><font size="2" color="#c66005"><B>4.97</B></font></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">7.00</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">5.35</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">(29</FONT></TD>
      <TD nowrap><FONT size="2">)</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD> <FONT size="2">Diluted earnings per share <SUP>3</SUP></FONT> </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><font size="2" color="#c66005"><B>3.78</B></font></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">6.35</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">5.02</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">(40</FONT></TD>
      <TD nowrap><FONT size="2">)</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD> <FONT size="2">Diluted earnings per share before goodwill <SUP>2, 3</SUP></FONT>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><font size="2" color="#c66005"><B>4.81</B></font></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">6.89</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">5.30</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">(30</FONT></TD>
      <TD nowrap><FONT size="2">)</FONT></TD>
    </TR>
    <tr valign="bottom">
      <td colspan="17">
        <hr noshade size="1">
      </td>
    </tr>
    <TR valign="bottom">
      <TD><font size="2"><b>Return on shareholders&#146; equity (%)</b></font></TD>
      <TD>&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD> <FONT size="2"> Return on shareholders&#146; equity <SUP>4</SUP></FONT>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><font size="2" color="#c66005"><B>11.7</B></font></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">21.5</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">22.4</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD> <FONT size="2">Return on shareholders&#146; equity before goodwill
        <SUP>2, 4</SUP></FONT> </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><font size="2" color="#c66005"><B>14.8</B></font></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">23.4</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">23.6</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <tr valign="bottom">
      <td colspan="17">
        <hr noshade size="4">
      </td>
    </tr>
    <TR valign="bottom">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colspan="3" align="center">&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><font size="2"><i>CHF million, except where indicated</i></font></TD>
      <TD>&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colspan="2">
        <div align="right"><font size="2">% change from</font> </div>
      </TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD> <FONT size="2">As at</FONT> </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><font size="2" color="#c66005"><B>31.12.01</B></font></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">31.12.00</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">31.12.99</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">31.12.00</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <tr valign="bottom">
      <td colspan="17">
        <hr noshade size="1">
      </td>
    </tr>
    <TR valign="bottom">
      <TD><font size="2"><b>Balance sheet key figures</b></font></TD>
      <TD>&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD> <FONT size="2"> Total assets</FONT> </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><font size="2" color="#c66005">&nbsp;</font></TD>
      <TD align="right"><font size="2" color="#c66005"><B>1,253,297</B></font></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">1,087,552</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">896,556</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">15</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD> <FONT size="2">Shareholders&#146; equity</FONT> </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><font size="2" color="#c66005">&nbsp;</font></TD>
      <TD align="right"><font size="2" color="#c66005"><B>43,530</B></font></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">44,833</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">30,608</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">(3</FONT></TD>
      <TD nowrap><FONT size="2">)</FONT></TD>
    </TR>
    <tr valign="bottom">
      <td colspan="17">
        <hr noshade size="1">
      </td>
    </tr>
    <TR valign="bottom">
      <TD> <FONT size="2"><B>Market capitalization</B></FONT> </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><font size="2" color="#c66005">&nbsp;</font></TD>
      <TD align="right"><font size="2" color="#c66005"><B>105,475</B></font></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">112,666</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">92,642</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">(6</FONT></TD>
      <TD nowrap><FONT size="2">)</FONT></TD>
    </TR>
    <tr valign="bottom">
      <td colspan="17">
        <hr noshade size="1">
      </td>
    </tr>
    <TR valign="bottom">
      <TD><font size="2"><b>BIS capital ratios</b> </font></TD>
      <TD>&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="right">&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD nowrap>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD> <FONT size="2">Tier 1 (%) <SUP>5</SUP></FONT> </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><font size="2" color="#c66005">&nbsp;</font></TD>
      <TD align="right"><font size="2" color="#c66005"><B>11.6</B></font></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">11.7</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">10.6</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">(1</FONT></TD>
      <TD nowrap><FONT size="2">)</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD> <FONT size="2">Total BIS (%)</FONT> </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><font size="2" color="#c66005">&nbsp;</font></TD>
      <TD align="right"><font size="2" color="#c66005"><B>14.8</B></font></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">15.7</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">14.5</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">(6</FONT></TD>
      <TD nowrap><FONT size="2">)</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD> <FONT size="2">Risk-weighted assets</FONT> </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><font size="2" color="#c66005">&nbsp;</font></TD>
      <TD align="right"><font size="2" color="#c66005"><B>253,735</B></font></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">273,290</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">273,107</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">(7</FONT></TD>
      <TD nowrap><FONT size="2">)</FONT></TD>
    </TR>
    <tr valign="bottom">
      <td colspan="17">
        <hr noshade size="1">
      </td>
    </tr>
    <TR valign="bottom">
      <TD> <FONT size="2"><B>Invested assets (CHF billion)</B></FONT> </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><font size="2" color="#c66005">&nbsp;</font></TD>
      <TD align="right"><font size="2" color="#c66005"><B>2,457</B></font></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">2,452</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">1,744</FONT></TD>
      <TD><FONT size="2"><SUP>6</SUP></FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">0</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <tr valign="bottom">
      <td colspan="17">
        <hr noshade size="1">
      </td>
    </tr>
    <tr valign="bottom">
      <td> <font size="2"><b>Headcount (full time equivalents) <SUP>7</SUP></b></font> </td>
      <td><font size="2">&nbsp;</font></td>
      <td align="right"><font size="2" color="#c66005">&nbsp;</font></td>
      <td align="right"><font size="2" color="#c66005"><b>69,985</b></font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td align="right"><font size="2">71,076</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td align="right"><font size="2">49,058</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td nowrap align="right"><font size="2">&nbsp;</font></td>
      <td align="right"><font size="2">(2</font></td>
      <td nowrap><font size="2">)</font></td>
    </tr>
    <TR valign="bottom">
      <TD colspan="17">
        <hr noshade size="1">
      </TD>
    </TR>
    <TR valign="bottom">
      <TD><font size="2"><b>Long-term ratings <SUP>8</SUP></b></font></TD>
      <TD>&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD align="right"><font size="2" color="#c66005"><b>AAA</b></font></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right"><font size="2">AAA</font></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right"><font size="2">AAA</font></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="right">&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD nowrap>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><font size="2">Fitch, London</font></TD>
      <TD>&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD align="right"><font size="2" color="#c66005"><b>Aa2</b></font></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right"><font size="2">Aa1</font></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right"><font size="2">Aa1</font></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="right">&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD nowrap>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><font size="2">Moody&#146;s, New York</font> </TD>
      <TD>&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD align="right"><font size="2" color="#c66005"><b>AA&#043;</b></font></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right"><font size="2">AA&#043;</font></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right"><font size="2">AA&#043;</font></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="right">&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD nowrap>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><font size="2">Standard &#038; Poor&#146;s, New York</font> </TD>
      <TD>&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="right">&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD nowrap>&nbsp;</TD>
    </TR>
    <tr valign="bottom">
      <td colspan="17">
        <hr noshade size="4">
      </td>
    </tr>
  </TABLE>
</CENTER>

<P><FONT size="2"><B>Earnings adjusted for significant financial events and pre-goodwill <SUP>2, 9</SUP></B>
</FONT>

<CENTER>
  <TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
    <TR valign="bottom">
      <TD width="59%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><i><font size="2">CHF million, except where indicated</font></i></TD>
      <TD>&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right" nowrap><font size="2">% change from</font></TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><font size="2">For the year ended</font></TD>
      <TD>&nbsp;</TD>
      <TD align="right">&nbsp;</TD>
      <TD align="right"><font size="2" color="#c66005"><b>31.12.01</b></font></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right"><font size="2">31.12.00</font></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right"><font size="2">31.12.99</font></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="right"><font size="2">31.12.00</font></TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="17">
        <hr noshade size="1">
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <FONT size="2">Operating
          income</FONT>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><font size="2" color="#c66005"><B>37,114</B></font></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">36,402</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">26,587</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">2</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <FONT size="2">Operating
          expenses</FONT>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><font size="2" color="#c66005"><B>29,073</B></font></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">25,096</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">20,194</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">16</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <FONT size="2">Operating
          profit before tax</FONT>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><font size="2" color="#c66005"><B>8,041</B></font></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">11,306</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">6,393</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">(29</FONT></TD>
      <TD nowrap><FONT size="2">)</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <FONT size="2">Net profit</FONT>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><font size="2" color="#c66005"><B>6,296</B></font></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">8,799</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">5,005</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">(28</FONT></TD>
      <TD nowrap><FONT size="2">)</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="17">
        <hr noshade size="1">
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <FONT size="2">Cost /
          income ratio (%)<SUP>1</SUP></FONT>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><font size="2" color="#c66005"><B>77.3</B></font></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">69.2</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">73.3</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <FONT size="2">Basic
          earnings per share (CHF)<SUP>3</SUP></FONT>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><font size="2" color="#c66005"><B>4.97</B></font></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">7.28</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">4.12</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">(32</FONT></TD>
      <TD nowrap><FONT size="2">)</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <FONT size="2">Diluted
          earnings per share (CHF)<SUP>3</SUP></FONT>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><font size="2" color="#c66005"><B>4.81</B></font></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">7.17</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">4.09</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">(33</FONT></TD>
      <TD nowrap><FONT size="2">)</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="17">
        <hr noshade size="1">
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <FONT size="2">Return
          on shareholders&#146; equity (%)<SUP>4</SUP></FONT>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><font size="2" color="#c66005"><B>14.8</B></font></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">24.3</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">18.2</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="17">
        <hr noshade size="4">
      </TD>
    </TR>
  </TABLE>
  </CENTER>

<P align="left"><FONT size="2">2</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="5"><B>UBS Group</B>
</FONT>

<P><FONT size="2">UBS is one of the world&#146;s leading financial firms, serving a discerning global
client base. As an organization, we combine financial strength with a
reputation for innovation and a global culture which embraces change. Our
vision is to be the pre-eminent global integrated investment services firm and
the leading bank in Switzerland. We are the world&#146;s leading provider of private
banking services and one of the largest asset managers globally. In the
investment banking and securities businesses we are among the select bracket of
major global houses. In Switzerland, we are the clear market leader in
corporate and retail banking. As an integrated group, not merely a holding
company, we create added value for our clients by drawing on the combined
resources and expertise of all our businesses.
</FONT>
<P><FONT size="2">Our client philosophy puts advice at the heart of relationships. Our priority
is to provide premium-quality services to our clients, giving them the best
possible choice by supplementing best-in-class products we develop ourselves
with a quality-screened selection of products from others.
</FONT>
<P><FONT size="2">With head offices in Zurich and Basel, we operate in over 50 countries and from
all major international financial centers. Our global physical presence is
complemented by leading edge on-line services. All our clients can benefit from
our technology &#151; it complements our advisory services and allows us to deliver
our services faster, more widely and more cost-effectively than ever before.
</FONT>
<P align="right"><FONT size="2">3</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="3"><B>Profile</B>
</FONT>

<P align="left"><FONT size="5">Our Business Groups
</FONT>

<P><FONT size="2">All our Business Groups are in the top echelons of their sectors globally and
are committed to vigorously growing their franchises.
</FONT>
<P align="left"><FONT size="2"><B>UBS Switzerland</B>
</FONT>

<DIV align="left"><FONT size="2">UBS Switzerland includes the world&#146;s leading private banking business, with CHF
682&nbsp;billion of invested assets at 31 December 2001. UBS Private Banking
provides a comprehensive range of products and services individually tailored
for wealthy clients, through offices around the world. UBS Switzerland also
provides a complete set of banking and securities services for some four
million individual and corporate clients in Switzerland. Its CHF 182&nbsp;billion of
outstanding loans at 31 December 2001 give it around a quarter of the Swiss lending market.
</FONT></DIV>

<P align="left"><FONT size="2"><B>UBS Asset Management</B>
</FONT>

<DIV align="left"><FONT size="2">UBS Asset Management is a leading institutional asset manager and mutual fund
provider, with invested assets of CHF 672&nbsp;billion at 31 December 2001, offering
a broad range of asset management services and products for institutional and
individual clients across the world.
</FONT></DIV>

<P align="left"><FONT size="2"><B>UBS Warburg</B>
</FONT>

<DIV align="left"><FONT size="2">UBS Warburg operates globally as a client-driven securities, investment banking
and wealth management firm. UBS Warburg provides innovative products,
top-quality research and advice, and comprehensive access to the world&#146;s
capital markets, for both its own corporate and institutional clients and for
the other parts of the UBS Group. UBS PaineWebber, one of the top US wealth
managers, became part of UBS Warburg in November 2000. Its distribution network
of 8,870 financial advisors manages over CHF 782&nbsp;billion of invested assets at
31 December 2001. On 1 January 2002, UBS PaineWebber was separated from UBS
Warburg to form a new Business Group within UBS.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Corporate Center</B>
</FONT>

<DIV align="left"><FONT size="2">Our portfolio of businesses is planned and managed for the long-term
maximization of shareholder value. The role of the Corporate Center is to
ensure that the Business Groups operate as a coherent and effective whole, in
alignment with UBS&#146;s overall corporate goals.
</FONT></DIV>

<P align="left"><FONT size="2">4</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P align="left"><FONT size="5"><B>Sources of information about UBS</B>
</FONT>

<P align="left"><FONT size="2" color="#7F7F7F"><B>This Handbook contains a detailed description of UBS, its strategy, its
organization and the businesses that make it up. You can find out more about
UBS from the sources shown below.</B>
</FONT>

<P align="left"><FONT size="2" color="#c66005"><B>Publications</B>
</FONT>

<P><FONT size="2">This Handbook is available in English and German. (SAP-R/3 80532-0201)
</FONT>
<P align="left"><FONT size="2"><B>Annual Review 2001</B>
</FONT>

<DIV align="left"><FONT size="2">Our Annual Review contains a short description of UBS, and a summary review of
our performance in the year 2001. It is available in English, German, French,
Italian and Spanish. (SAP-R/3 80530-0201).
</FONT></DIV>

<P><FONT size="2"><B>Financial Report 2001</B>
</FONT>
<DIV align="left"><FONT size="2">Our Financial Report contains our audited Financial Statements for the year
2001 and accompanying detailed analysis. It is available in English and German.
(SAP-R/3 80531-0201).
</FONT></DIV>

<P align="left"><FONT size="2"><B>Quarterly reports</B>
</FONT>

<DIV align="left"><FONT size="2">We provide detailed quarterly financial reporting and analysis, including
comment on the progress of our businesses and key strategic initiatives. These
are available in English.
</FONT></DIV>

<P align="left"><FONT size="2"><B>How to order reports</B>
</FONT>

<DIV align="left"><FONT size="2">Each of these reports is available on the internet at: www.ubs.com/investors,
in the &#147;Financials&#148; section. Alternatively, printed copies can be ordered,
quoting the SAP number and the language preference where applicable, from UBS
AG, Information Center, CA50-XMB, P.O. Box, CH-8098 Zurich, Switzerland.
</FONT></DIV>

<P align="left"><FONT size="2" color="#c66005"><B>E-information tools for investors</B>
</FONT>

<P align="left"><FONT size="2"><B>Website</B>
</FONT>

<DIV align="left"><FONT size="2">Our Investors and Analysts website at www.ubs.com/investors offers a wide range
of information about UBS, including our financial reporting, media releases,
UBS share price graphs and data, corporate calendar and dividend information
and copies of recent presentations given by members of senior management to
investors at external conferences.
</FONT></DIV>


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our internet-based information is available
in English and German, with some sections also in French and Italian.</FONT>

<P align="left"><FONT size="2"><B>Messenger service</B>
</FONT>

<DIV align="left"><FONT size="2">On the Investors and Analysts website, you can register to receive news alerts
about UBS via SMS or e-mail. Messages are sent in either English or German and
users are able to state their preferences for the theme of the alerts received,
e.g. SEC filings or webcast broadcasts.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Results presentations</B>
</FONT>

<DIV align="left"><FONT size="2">Senior management presents UBS&#146;s quarterly results every quarter on publication
date. These presentations are broadcast live over the internet, and can be
downloaded on demand. The most recent results webcasts can also be found in the
&#147;Financials&#148; section of our Investors and Analysts website.
</FONT></DIV>

<P align="left"><FONT size="2"><B>UBS and the Environment</B>
</FONT>

<DIV align="left"><FONT size="2">This Handbook contains a summary of UBS environmental policies as part of the
Corporate Responsibility section. More detailed information is available at
www.ubs.com/environment.
</FONT></DIV>

<P align="left"><FONT size="2" color="#c66005"><B>Form&nbsp;20-F and other submissions to the US Securities and Exchange Commission</B>
</FONT>

<P><FONT size="2">We file periodic reports and other information about UBS with the US Securities
and Exchange Commission (SEC). Principal among these filings is the Form&nbsp;20-F,
our Annual Report filed pursuant to the US Securities Exchange Act of 1934.
</FONT>
<P align="right"><FONT size="2">5</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="3"><B>Profile</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Our Form&nbsp;20-F filing is structured as a &#147;wrap-around&#148; document. Most
sections of the filing are satisfied by referring to part of this Handbook or
to part of the Financial Report 2001. However, there is a small amount of
additional information in the Form&nbsp;20-F which is not presented elsewhere, and
is particularly targeted at readers from the US. You are encouraged to refer to
this additional disclosure.
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;You may read and copy any document that we file
with the SEC on the SEC&#146;s website, www.sec.gov, or at the SEC&#146;s public
reference room at 450 Fifth Street NW, Washington, D.C.
20549. Please call the SEC at 1-800-SEC-0330 (in the US) for further
information on the operation of its public reference room. You may also inspect
our SEC reports and other information at the New York Stock Exchange, Inc., 20
Broad Street, New York, NY 10005 and the American Stock Exchange LLC, 86
Trinity Place, New York, NY 10006. Much of this additional information may also
be found on the UBS website at www.ubs.com/investors, and copies of documents
filed with the SEC may be obtained from UBS&#146;s Investor Relations team, at the
addresses shown on the next page.
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<HR size="1" width="100%" noshade>
</FONT>

<P align="left"><FONT size="4" color="#7F7F7F"><B>Corporate information</B>
</FONT>

<P><FONT size="2">The legal and commercial name of the company is UBS AG. The company was formed
on 29 June 1998, when Union Bank of Switzerland (founded 1862) and Swiss Bank
Corporation (founded 1872) merged to form UBS.
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS AG is incorporated and domiciled in Switzerland and operates under
Swiss Company Law and Swiss Federal Banking Law as an Aktiengesellschaft, a
corporation that has issued shares of common stock to investors.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The address
and telephone number of our two registered offices and principal places of
business are:
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Bahnhofstrasse 45, CH-8098 Zurich, Switzerland, telephone
&#043;41-1-234 11 11;
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;and Aeschenvorstadt 1, CH-4051 Basel, Switzerland, telephone
&#043;41-61-288 20 20.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS AG shares are listed on the SWX Swiss Exchange and traded through
virt-x (a joint venture between Tradepoint and the SWX Swiss Exchange). They
are also listed on the New York Stock Exchange and on the Tokyo Stock Exchange.
</FONT>
<P align="left"><FONT size="2">6</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
    <TR>
      <TD width="29%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="19%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="1%">&nbsp;&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="1%"></TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="5%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    </TR>
    <TR>
      <TD colspan="12">
        <hr size="1">
      </TD>
    </TR>
    <TR valign="top">
      <TD rowspan="21"><B><FONT size="1" color="#c66005">UBS
        Investor Relations</font></B><br>
        <FONT size="1">Our Investor Relations team supports institutional, professional and retail
        investors from offices in Zurich and New York.</FONT></TD>
      <TD>
        <FONT size="1">&nbsp;&nbsp;&nbsp;</FONT></TD>
      <TD colspan="3" nowrap>
        <FONT size="1">E-mail: sh-investorrelations@ubs.com</font>
      </TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colspan="3" nowrap>
        <FONT size="1">Web: www.ubs.com/investors</FONT>
      </TD>
    </TR>
    <TR>
      <TD></TD>
      <TD colspan="10">
        <hr size="1">
      </TD>
    </TR>
    <TR>
      <TD></TD>
      <TD>
        <FONT size="1"><B>Zurich</B></FONT>
      </TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colspan="3">
        <FONT size="1"><B>New York</B></FONT>
      </TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD colspan="10">
        <hr size="1">
      </TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD nowrap>
        <FONT size="1"><B>Hotline Zurich:</B></FONT>
      </TD>
      <TD>&nbsp;</TD>
      <TD nowrap>
        <FONT size="1"><B>&#043;41 1 234 4100</B></FONT>
      </TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colspan="3">
        <FONT size="1"><B>Hotline New York:</B></FONT>
      </TD>
      <TD>&nbsp;</TD>
      <TD nowrap>
        <FONT size="1"><B>&#043;1 212 713 3641</B></FONT>
      </TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD colspan="10">
        <hr size="1">
      </TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD nowrap>
        <FONT size="1">Christian Gruetter</FONT>
      </TD>
      <TD>&nbsp;</TD>
      <TD nowrap>
        <FONT size="1">&#043;41 1 234 4360</FONT>
      </TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colspan="3">
        <FONT size="1">Richard Feder</FONT>
      </TD>
      <TD>&nbsp;</TD>
      <TD nowrap>
        <FONT size="1">&#043;1 212 713 6142</FONT>
      </TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD colspan="10">
        <hr size="1">
      </TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD nowrap>
        <FONT size="1">Mark Hengel</FONT>
      </TD>
      <TD>&nbsp;</TD>
      <TD nowrap>
        <FONT size="1">&#043;41 1 234 8439</FONT>
      </TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colspan="3">
        <FONT size="1">Christopher McNamee</FONT>
      </TD>
      <TD>&nbsp;</TD>
      <TD nowrap>
        <FONT size="1">&#043;1 212 713 3091</FONT>
      </TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD colspan="10">
        <hr size="1">
      </TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD>
        <FONT size="1">Charles Gorman</FONT>
      </TD>
      <TD>&nbsp;</TD>
      <TD nowrap>
        <FONT size="1">&#043;41 1 234 2733</FONT>
      </TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD colspan="10">
        <hr size="1">
      </TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD nowrap>
        <FONT size="1">Catherine Lybrook</FONT>
      </TD>
      <TD>&nbsp;</TD>
      <TD nowrap>
        <FONT size="1">&#043;41 1 234 2281</FONT>
      </TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD colspan="10">
        <hr size="1">
      </TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD>
        <FONT size="1">Fax</FONT>
      </TD>
      <TD>&nbsp;</TD>
      <TD nowrap>
        <FONT size="1">&#043;41 1 234 3415</FONT>
      </TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colspan="3">
        <FONT size="1">Fax</FONT>
      </TD>
      <TD>&nbsp;</TD>
      <TD>
        <FONT size="1">&#043;1 212 713 1381</FONT>
      </TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD colspan="10">
        <hr size="1">
      </TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD colspan="3">
        <FONT size="1">UBS AG</FONT>&nbsp;
      </TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colspan="5">
        <FONT size="1">UBS Americas Inc.</FONT>&nbsp;
      </TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="3">
        <FONT size="1">Investor Relations G41B</FONT>&nbsp;
      </TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colspan="5">
        <FONT size="1">Investor Relations</FONT>&nbsp;
      </TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD colspan="3">
        <FONT size="1">P.O. Box</FONT>&nbsp;&nbsp;
      </TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colspan="5" nowrap>
        <FONT size="1">1285 Avenue of the Americas, 14th Floor</FONT>&nbsp;
      </TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD nowrap colspan="3">
        <FONT size="1">CH-8098 Zurich, Switzerland</FONT>&nbsp;
      </TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colspan="5">
        <FONT size="1">New York, NY 10019, USA</FONT>&nbsp;
      </TD>
    </TR>
    <TR>
      <TD colspan="12">
        <hr size="1">
      </TD>
    </TR>
    <TR>
      <TD nowrap><FONT size="1"><B><font color="#c66005">UBS Group Media Relations</font></B></FONT></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>
        <FONT size="1">&nbsp;Telephone</FONT>
      </TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colspan="3">
        &nbsp;&nbsp;<FONT size="1">&nbsp;Fax</FONT>
      </TD>
      <TD>&nbsp;</TD>
      <TD>
        <FONT size="1">&nbsp;E-mail</FONT>
      </TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colspan="10">
        <hr size="1">
      </TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>
        <FONT size="1"><B>Zurich</B></FONT>
      </TD>
      <TD>&nbsp;</TD>
      <TD>
        <FONT size="1">&#043;41 1 234 8500</FONT>
      </TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colspan="2">
        <FONT size="1">&#043;41 1234 8561</FONT>
      </TD>
      <TD>&nbsp;</TD>
      <TD></TD>
      <TD nowrap>
        <FONT size="1">sh-gpr@ubs.com</font>
      </TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colspan="10">
        <hr size="1">
      </TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>
        <FONT size="1"><B>London</B></FONT>
      </TD>
      <TD>&nbsp;</TD>
      <TD nowrap>
        <FONT size="1">&#043;44 20 7567 4714</FONT>
      </TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colspan="2" nowrap>
        <FONT size="1">&#043;44 20 7568 0955</FONT>
      </TD>
      <TD>&nbsp;</TD>
      <TD>

      </TD>
      <TD nowrap>
        <FONT size="1">sh-mr-london@ubsw.com</font>
      </TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colspan="10">
        <hr size="1">
      </TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>
        <FONT size="1"><B>New York</B></FONT>
      </TD>
      <TD>&nbsp;</TD>
      <TD>
        <FONT size="1">&#043;1 212 713 83 91</FONT>
      </TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colspan="2" nowrap>
        <FONT size="1">&#043;1 212 713 98 18</FONT>
      </TD>
      <TD>&nbsp;</TD>
      <TD>

      </TD>
      <TD nowrap>
        <FONT size="1">mediarelations-ny@ubsw.com</font>
      </TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colspan="10">
        <hr size="1">
      </TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>
        <FONT size="1"><B>Tokyo</B></FONT>
      </TD>
      <TD>&nbsp;</TD>
      <TD>
        <FONT size="1">&#043;81 3 52 08 62 75</FONT>
      </TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colspan="2" nowrap>
        <FONT size="1">&#043;81 3 52 08 69 51</FONT>
      </TD>
      <TD>&nbsp;</TD>
      <TD>

      </TD>
      <TD nowrap>
        <FONT size="1">sh-comms-mktg-tokyo@ubs.com</font>
      </TD>
    </TR>
    <TR>
      <TD colspan="12">
        <hr size="1">
      </TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
    </TR>

    <TR>
      <TD><FONT size="1"><B><font color="#c66005">Other useful contacts</font></B></FONT></TD>
    </TR>
    <TR>
      <TD colspan="12">&nbsp;</TD>
    </TR>
    <TR>
      <TD colspan="12">
        <hr size="1">
      </TD>
    </TR>
    <TR>
      <TD><FONT size="1"><B>Switchboards</B></FONT></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>
        <FONT size="1">&nbsp;Telephone</FONT>
      </TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colspan="10">
        <hr size="1">
      </TD>
    </TR>
    <TR>
      <TD><FONT size="1">&nbsp;For all general queries.</FONT></TD>
      <TD>&nbsp;</TD>
      <TD>
        <FONT size="1"><B>Zurich</B></FONT>
      </TD>
      <TD>&nbsp;</TD>
      <TD>
        <FONT size="1">&#043;41 1 234 1111</FONT>
      </TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colspan="10">
        <hr size="1">
      </TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>
        <FONT size="1"><B>London</B></FONT>
      </TD>
      <TD>&nbsp;</TD>
      <TD>
        <FONT size="1">&#043;44 20 7568 0000</FONT>
      </TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colspan="10">
        <hr size="1">
      </TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>
        <FONT size="1"><B>New York</B></FONT>
      </TD>
      <TD>&nbsp;</TD>
      <TD>
        <FONT size="1">&#043;1 212 821 3000</FONT>
      </TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colspan="10">
        <hr size="1">
      </TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>
        <FONT size="1"><B>Tokyo</B></FONT>
      </TD>
      <TD>&nbsp;</TD>
      <TD>
        <FONT size="1">&#043;81 3 5293 3000</FONT>
      </TD>
    </TR>
    <TR>
      <TD colspan="12">
        <hr size="1">
      </TD>
    </TR>
    <TR>
      <TD rowspan="10" valign="top"><FONT size="1"><b>UBS Shareholder Services<br>
        </b></font><FONT size="1">UBS Shareholder Services, a unit of the Company
        Secretary, is responsible for the registration of the Global Registered
        Shares. It is split into two parts &#151; a Swiss register, which is maintained
        by UBS acting as Swiss transfer agent, and a US register, which is maintained
        by Mellon Investor Service as<BR>
US transfer agent (see below).</font></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD><FONT size="1">Telephone</font></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colspan="2"><FONT size="1">Fax</font></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD><FONT size="1">E-mail</font></TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD colspan="10">
        <hr size="1">
      </TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD><FONT size="1"><b>Zurich</b></font></TD>
      <TD>&nbsp;</TD>
      <TD>
        <FONT size="1">&#043;41 1 235 6202</font>
      </TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colspan="2"><FONT size="1">&#043;41 1 235 3154</font></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap><FONT size="1">sh-shareholder-service@ubs.com</font></TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD colspan="10">
        <hr size="1">
      </TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD><FONT size="1">UBS AG</font></TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD><FONT size="1">Shareholder Services</font></TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD><FONT size="1">P.O. Box</font></TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD><FONT size="1">CH-8098 Zurich, Switzerland</font></TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD colspan="12">
        <hr size="1">
      </TD>
    </TR>
    <TR>
      <TD rowspan="4" valign="top"><FONT size="1"><b>US Transfer Agent<br>
        </b>For all Global Registered Share related queries in the
USA.</FONT></TD>
      <TD>&nbsp;</TD>
      <TD nowrap>
        <FONT size="1">Mellon Investor Services</FONT>
      </TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colspan="6" nowrap><FONT size="1">Telephone: &#043;1 866 541 9689</FONT></TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD>
        <FONT size="1">Overpeck Center</FONT>
      </TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colspan="6" nowrap><FONT size="1">Fax: &#043;1 201 296 4801</FONT></TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD>
        <FONT size="1">85 Challenger Road</FONT>
      </TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colspan="6" nowrap><FONT size="1">Web: http:// www.melloninvestor.com</FONT></TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD>
        <FONT size="1">Ridgefield Park, NJ 07660, USA</FONT>
      </TD>
    </TR>
    <TR>
      <TD colspan="12">
        <hr size="1">
      </TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colspan="10">&nbsp;<FONT size="1">UBS listed its
        Global Registered Shares on the New York Stock Exchange on 16 May 2000.
        Prior to<BR>
that date UBS operated an ADR program. See the Frequently Asked
        Questions (FAQs) section at www.ubs.com/investors for further details
        about the UBS share.</FONT></TD>
    </TR>
    <TR>
      <TD colspan="12">
        <hr size="1">
      </TD>
    </TR>
</TABLE>
</CENTER>


<P><FONT size="1">7</FONT>

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<DIV align="center"><IMG src="y58380p5838001.gif" alt="Image"></DIV>

<P align="left"><FONT size="2">8</FONT>

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<P align="right"><FONT size="2">9</FONT>

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<P align="left"><FONT size="2"><B>The UBS Group<BR>
Strategy, Structure and History</B>
</FONT>

<P align="left"><FONT size="5">Strategy, Structure and History
</FONT>

<P align="left"><FONT size="2" color="#7F7F7F"><B>Our vision is to be the pre-eminent global integrated investment services firm
and the leading bank in Switzerland. We are the world&#146;s leading provider of
private banking services and one of the largest asset managers globally. In the
investment banking and securities businesses, we are among the select bracket
of major global houses. In Switzerland, we are the clear market leader in
corporate and retail banking. As an integrated group, not merely a holding
company, we create added value for our clients by drawing on the combined
resources and expertise of all our businesses.</B>
</FONT>

<P><FONT size="2">Being dedicated to total value management means creating value for all
stakeholders.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;We will only succeed by providing our <I>clients </I>with innovative and
high-quality service coupled with long-term personal relationships. Client
focus is the main driver of all our activities.
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;We seek to create value for our <I>shareholders </I>through sustainable growth of
our business within appropriate risk parameters.
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;We are committed to succeed in
the fierce competition for talent. The expertise and integrity of
our <I>staff</I>
create value for our clients and for the Group as a whole. We seek to be a
highly attractive firm for our employees.
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS&#146;s reputation is one of our most valuable assets. We aim to adhere to
the highest ethical standards, and to manage our risks with the greatest care.
We are committed to the <I>communities </I>we are part of and to complying fully with
the letter and spirit of the laws, rules and practices that govern UBS and its
staff.
</FONT>
<P align="left"><FONT size="2" color="#c66005"><B>Strategy</B>
</FONT>

<DIV align="left"><FONT size="2">UBS&#146;s strategy is to deliver top-quality investment products and advice to a
premier client base across all client segments: individual, institutional and
corporate. UBS aims to bring its content excellence to an ever wider client
base, adding distribution organically, through acquisition and through
strategic partnership.
</FONT></DIV>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Choice is central to enhancing UBS&#146;s client offerings. We aim to increase
product choice by augmenting our in-house range with a quality-screened
selection of third-party products.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;We believe that in the future, our clients will be global in outlook:
either with global presence or global investments. All our businesses must
compete on a global scale.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;We are committed to attaining scale and scope in all our key businesses:
this is both desirable and necessary to enable us to deliver the full spectrum
of services at maximum efficiency, though we will rarely use price as a
first-line competitive weapon.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Our client philosophy is advice-led, with
intimacy stemming from the quality of our relationship managers. UBS&#146;s
businesses offer convenient access through multiple conventional and online
channels, but put advice at the heart of relationships.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;We are committed to
being part of the technological elite, but we see e-commerce not as a business
per se, nor as a discipline in its own right, but as integral to all our
businesses. We aim to use technology to extend our reach to clients and markets
we could not previously have accessed, to perfect clients&#146; experience of UBS,
to increase the number of products and services they buy, and to minimize the
production cost of our services.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS has a strong and well-managed capital structure. We are committed to
rigorous balance sheet management and the optimization of UBS&#146;s capital
structure. We use the full range of capital management tools to apply any
excess capital generated in the best interests of UBS&#146;s shareholders, or to
return it to them.
</FONT>
<P align="left"><FONT size="2" color="#c66005"><B>Financial targets</B>
</FONT>

<DIV align="left"><FONT size="2">We focus on four key performance targets, designed to ensure that UBS delivers
continually improving returns to its shareholders. The Group&#146;s performance
against these targets is reported each quarter.
</FONT></DIV>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">We seek to increase the value of UBS by achieving a sustainable,
after-tax return on equity of 15-20%, across periods of varying market
conditions.</FONT></TD>
</TR>
<TR>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">We aim to increase shareholder value through double-digit average annual
percentage growth of basic earnings per share (EPS), across periods of
varying market conditions.</FONT></TD>
</TR>
<TR>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Through cost reduction and earnings enhancement initiatives we aim to
reduce UBS&#146;s cost / income ratio to a level that compares positively with
best-in-class competitors.</FONT></TD>
</TR>
<TR>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">We aim to achieve a clear growth trend in net new money in the private
client businesses.</FONT></TD>
</TR>
</TABLE>
<p><FONT size="2">
&nbsp;&nbsp;&nbsp;&nbsp;The first three targets are all reported pre-goodwill amortization, and
adjusted for significant financial events (for an explanation of significant
financial events see Financial Disclosure Principles on pages 99 to
101).<br>
</FONT>
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;We seek to achieve an appropriate market price for UBS&#146;s shares by
communicating transparently, openly and consistently with investors and the
financial markets.<Br>
</FONT>
<FONT size="2">10</FONT>

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<P align="left"><FONT size="4" color="#c66005"><B>Capital strength</B>
</FONT>

<P><FONT size="2">UBS&#146;s financial stability stems from the fact that it is one of the most well
capitalized banks in the world. We believe that this financial strength is a
key part of the value proposition offered to both clients and investors.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In May
2001, Moody&#146;s downgraded UBS&#146;s long-term credit rating from Aa1 to Aa2,
attributing the change to concerns about &#147;the ongoing challenges UBS faces in
gradually shifting the center of its global private banking activities to
onshore client segments&#148;.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;At the same time, Moody&#146;s commented that the new
long-term ratings continue to reflect UBS&#146;s position as one of the world&#146;s
stronger and financially sounder banking groups and pointed to UBS&#146;s &#147;good
profitability, low and balanced risk profile, and its ample economic
capitalization&#148;, adding that it expects UBS to preserve these healthy
fundamentals.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In early August 2001, Standard &#038; Poor&#146;s reaffirmed its AA&#043; rating
for UBS&#146;s long-term debt, citing UBS&#146;s strong market positions and franchises
across a wide range of private banking and international securities activities,
which provide a high degree of business and geographic diversification.
Standard &#038; Poor&#146;s commented
</FONT>
<P>
<DIV align="center"><IMG src="y58380p5838003.gif"></DIV>

<DIV align="left"><FONT size="2">that &#147;the ratings also reflect solid profitability and strong capitalization,
the combination of which still sets a standard for international banks
generally&#148;.
</FONT></DIV>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In December 2001, Fitch reaffirmed its AAA long-term rating of UBS, but
changed the outlook for the rating to negative, reflecting &#147;the weaker
operating environment for investment banking&#148;.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS&#146;s ratings remain among the
best of any major globally active financial institution. Well-capitalized, with
strong and balanced cash-flow generation, and a cautious risk profile, UBS is
one of the soundest financial institutions worldwide.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS&#146;s long-term credit ratings are shown in the table below. Each of these
ratings reflects only the view of the applicable rating agency at the time the
rating was issued, and any explanation of the significance of a rating may be
obtained only from the rating agency. There is no assurance that any credit
rating will remain in effect for any given period of time or that a rating will
not be lowered, suspended or withdrawn entirely by the rating agency, if in the
rating agency&#146;s judgment, circumstances so warrant.
</FONT>

<P align="left"><FONT size="2"><B>Long-term credit ratings</B>
</FONT>




<CENTER>
  <TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
    <TR valign="bottom">
      <TD width="70%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="2">As at</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD colspan="11">
        <HR size="1" noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3">
        <div align="right"><FONT size="2"><B><font color="#c66005">31.12.01</font></B></FONT></div>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3">
        <div align="right"><FONT size="2">31.12.00</FONT></div>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3">
        <div align="right"><FONT size="2">31.12.99</FONT></div>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="13">
        <hr noshade size="1">
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <FONT size="2">Fitch,
          London</FONT>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD colspan="3" align="center">
        <div align="right"><FONT size="2"><B><font color="#c66005">AAA</font></B></FONT></div>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD colspan="3" align="center">
        <div align="right"><FONT size="2">AAA</FONT></div>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD colspan="3" align="center">
        <div align="right"><FONT size="2">AAA</FONT></div>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <FONT size="2">Moody&#146;s,
          New York</FONT>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD colspan="3" align="center">
        <div align="right"><FONT size="2"><B><font color="#c66005">Aa2</font></B></FONT></div>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD colspan="3" align="center">
        <div align="right"><FONT size="2">Aa1</FONT></div>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD colspan="3" align="center">
        <div align="right"><FONT size="2">Aa1</FONT></div>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <FONT size="2">Standard
          &#038; Poor&#146;s, New York</FONT>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD colspan="3" align="center">
        <div align="right"><FONT size="2"><B><font color="#c66005">AA&#043;</font></B></FONT></div>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD colspan="3" align="center">
        <div align="right"><FONT size="2">AA&#043;</FONT></div>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD colspan="3" align="center">
        <div align="right"><FONT size="2">AA&#043;</FONT></div>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="13">
        <hr noshade size="4">
      </TD>
    </TR>
  </TABLE>
</CENTER>



<P align="right"><FONT size="2">11</FONT>

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<P align="left"><FONT size="2"><B>The UBS Group<BR>
Strategy, Structure and History</B>
</FONT>
<P>

<DIV align="center"><IMG src="y58380p5838004.gif"></DIV>

<P align="left"><FONT size="2" color="#c66005"><B>Business and management structure</B>
</FONT>

<DIV align="left"><FONT size="2">UBS pursues its strategies through four Business Groups, all of which are in
the top echelon of their businesses globally, and aims to further enhance the
competitive position of each one. However, UBS is not merely a
holding company&nbsp;&#151; it operates an integrated client service model.
</FONT></DIV>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS&#146;s Business Groups
are managed together to optimize shareholder value&nbsp;&#151; to make the whole worth more than the sum of the parts.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In practice this means that products from the wholesale-focused Business
Groups, UBS Warburg and UBS Asset Management, are distributed to their own
corporate and institutional clients and through the Business Groups focused on
individual clients, UBS Switzerland and UBS PaineWebber. This exchange benefits
both sides&nbsp;&#151; UBS&#146;s individual clients get access to sophisticated products and
services; UBS&#146;s wholesale Business Groups have access to premier distribution;
and the Group captures the whole of the value chain.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Each Business Group is led by a member of the Group Executive Board or
Group Managing
</FONT>
<P>
<DIV align="center"><IMG src="y58380p5838005.gif"></DIV>
<P><FONT size="2">Board who is individually responsible for the performance of the Business
Group.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS&#146;s Corporate Center complements the Business Groups, aiming to ensure
that the Business Groups operate as a coherent and effective whole, in
alignment with UBS&#146;s overall corporate goals.
</FONT>
<P align="left"><FONT size="2"><B>UBS Switzerland &#151; Stephan Haeringer</B>
</FONT>

<DIV align="left"><FONT size="2">UBS Switzerland is made up of two business units. Its Private Banking business
unit offers comprehensive wealth management services for private clients from
across the world, who bank in Switzerland and other financial centers
worldwide.
</FONT></DIV>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Private Banking is the world&#146;s biggest private bank. Its strategy is
centered on the client advisor, combining strong personal relationships with a
full range of products and services specifically designed for the wealthy
client, complemented by leading-edge technology.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Within Switzerland, the
Private and Corporate Clients business unit provides a complete set of banking
and securities services for individual and corporate clients, focused foremost
on customer service excellence, profitability and growth via multi-channel
distribution.
</FONT>
<P align="left"><FONT size="2"><B>UBS Asset Management &#151; John Fraser</B>
</FONT>

<DIV align="left"><FONT size="2">UBS Asset Management provides asset management services and products to a broad
range of institutional, individual and mutual fund clients across the world. It
offers a diverse range of investment management capabilities from the
traditional to the alternative, with a core focus on identifying and exploiting
the discrepancies
</FONT></DIV>

<P align="left"><FONT size="2">12</FONT>

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<P>
<DIV align="center"><IMG src="y58380p5838006.gif"></DIV>

<P><FONT size="2">between asset prices and their fundamental worth. UBS Asset Management also
provides investment fund products for the UBS Group and intends to increasingly
widen its reach through third parties to individual clients outside the UBS
Group.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS Asset Management is the twelfth largest institutional asset managers
in the world, the second largest investment fund manager in Europe and the
leading fund manager in Switzerland.
</FONT>
<P align="left"><FONT size="2"><B>UBS Warburg &#151; John Costas and Markus Granziol</B>
</FONT>

<DIV align="left"><FONT size="2">UBS Warburg operates globally as a client-driven securities and investment
banking firm. For both its own corporate and institutional clients and for
other parts of the UBS Group, UBS Warburg provides product innovation,
top-quality research and advice, and complete access to the world&#146;s capital
markets.
</FONT></DIV>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In 2001, UBS PaineWebber was part of UBS Warburg, and was reported as
a business unit called Private Clients. This is the structure reflected in the
UBS Financial Report 2001 and in this Handbook. On 1 January 2002, UBS
PaineWebber was separated from UBS Warburg to form a new Business Group within
UBS, and will be reported separately with effect from our First Quarter 2002
Report.
</FONT>
<P align="left"><FONT size="2"><B>UBS PaineWebber &#151; Joseph J. Grano, Jr.</B>
</FONT>

<DIV align="left"><FONT size="2">UBS PaineWebber, the fourth largest private client firm in the US, provides
advisory services and best-in-class products to a uniquely affluent US client
base.
</FONT></DIV>
<P>
<DIV align="center"><IMG src="y58380p5838007.gif"></DIV>

<P align="left"><FONT size="2"><B>Corporate Center &#151; Peter Wuffli</B>
</FONT>

<DIV align="left"><FONT size="2">The UBS Group&#146;s portfolio of businesses is planned and managed for the
long-term maximization of shareholder value. Risk and reward profiles are
carefully monitored and controlled. Strong capitalization and ratings will
remain key distinguishing characteristics of UBS. The Corporate Center aims to
ensure that the Business Groups operate as a coherent and effective whole with
a common set of values and principles.
</FONT></DIV>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Corporate Center is led by Peter Wuffli, President of the Group Executive
Board.
</FONT>
<P align="left"><FONT size="2"><B>Board structure</B>
</FONT>

<DIV align="left"><FONT size="2">In order to further the highest standards of corporate governance, UBS has a
dual board structure. UBS&#146;s Board of Directors, a majority of whom are
independent non-executive directors, has responsibility for the ultimate
direction of the Group and the supervision and control of executive management.
The Group Executive Board, which is UBS&#146;s most senior executive body, assumes
overall responsibility for the day-to-day management of the Group, for the
implementation of strategy and for the results of the business. Together with
the Chairman&#146;s Office it develops the Group&#146;s strategies for submission to the
Board.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Industry trends</B>
</FONT>

<DIV align="left"><FONT size="2">UBS believes that it is particularly well positioned to gain from the
developing trends in global financial markets.
</FONT></DIV>

<P align="right"><FONT size="2">13</FONT>

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<P align="left"><FONT size="2"><B>The UBS Group<BR>
Strategy, Structure and History</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The increasing reliance of individuals on equity investment, for their
personal savings and for their pension provision, will benefit firms that
manage assets or trade in capital market products.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Commoditization of wholesale products, with increased competition and
shrinking margins, is a fact of life, but one that is least harmful to
institutions like UBS with the scale, global reach and technology
infrastructure to support the volumes required to maintain profitability.
</FONT>
<P>

<DIV align="center"><IMG src="y58380p5838008.gif"></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS believes markets will further deregulate and globalize, driving sharp
increases in cross-border investment, both corporate and institutional. These
changes present enormous opportunities for a firm like UBS with a global
presence and the expertise to capitalize on cross-border flows.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The biggest trend that will drive UBS&#146;s business in the coming years is
the anticipated expansion and concentration of private wealth. In the US,
wealthy households (those with USD 500,000 or more in net investable assets),
represented 65% of assets in 2001, according to UBS proprietary research data.
By 2005 they are expected to represent 68% of total household assets. The
compound annual growth rate of this segment from 2001 to 2005 amounts to 6.6%,
compared to 5.9% for total US household assets. While wealth is less
concentrated in Europe, wealthy households (in this case with more than EUR
500,000 of investable assets), are still expected to own 42% of total household
assets by 2005, up from 38% in 2001, with annual growth of 9.6% compared to
8.0% for total household assets.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The combination of this growth in wealth with the increasing shift towards
equity investments, will provide huge opportunities for the best, most global,
asset managers. Those securities firms with large institutional franchises will
experience significant growth servicing the expanding asset management
industry. And of course, the concentration and growth of wealth will bring with
it a huge demand for private
banking services,
providing a further opportunity for the current market leaders to grow their
market share.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;All of UBS&#146;s businesses are positioned to benefit from this increase in
private wealth. UBS Asset Management is among the top five global asset
managers, with an increasingly diversified range of investment styles. UBS
Warburg has an extremely strong institutional client franchise. And the
combination of Private Banking and UBS PaineWebber gives UBS the largest and
most balanced share of the global wealth market.
</FONT>
<P align="left"><FONT size="2" color="#c66005"><B>Strategic developments in 2001</B>
</FONT>

<DIV align="left"><FONT size="2">UBS Warburg continues to develop its corporate finance business, aiming to
bring its origination strength in line with its strength in research and
distribution. The addition of UBS PaineWebber has brought a step change to our
profile in the US, demonstrating our commitment to the US market and
strengthening our hiring platform. We have capitalized on this to make
significant new hires during the year, appointing a new head of US corporate
finance for UBS Warburg, and other senior bankers across different sectors in
the US and worldwide. Despite a very difficult year for corporate finance
globally, with significantly lower volumes, UBS has begun to see the results of
this initiative, with increased market share in both Europe and the US,
according to a leading industry survey.
</FONT></DIV>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The merger with PaineWebber has been a transforming partnership for UBS,
not just in the US, but across our private client businesses, through the
strengths that UBS PaineWebber can bring to our developing European wealth
management business. Applying the combined skills and expertise of Private
Banking and UBS PaineWebber, we have started to build a successful business in
the growing domestic wealth management markets of Europe. Since the start of
2001, we have added almost 250 new client advisors in our key European markets
of Germany, France, Italy, Spain and the UK, and projects to upgrade products,
training, marketing and technology are all on target.
</FONT>
<P align="left"><FONT size="2">14</FONT>

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<HR size="1" noshade>
<DIV align="left"><FONT size="5" color="#7F7F7F"><B>History and development of UBS</B>
</FONT></DIV>

<P><FONT size="2">UBS was formed on 29 June 1998, by the merger of two of Switzerland&#146;s leading
banking groups, Union Bank of Switzerland and Swiss Bank Corporation.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Union Bank of Switzerland&#146;s history as a powerful force in banking began
in the 1860s with the founding of the Bank in Winterthur and the Toggenburger
Bank. In 1912, the merger of these two financial institutions resulted in the
creation of the Union Bank of Switzerland. Subsequently, Union Bank of
Switzerland developed primarily through internal growth, although it also made
certain significant acquisitions, such as the asset management firm Phillips &#038;
Drew in 1985.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Swiss Bank Corporation celebrated its 125th anniversary in 1997. It was
incorporated in Basel in 1872 and its history can be traced back to the
creation of &#147;Bankverein&#148; from six private banking houses in 1854. Swiss Bank
Corporation&#146;s expansion involved significant acquisitions, including:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">O&#146;Connor &#038; Associates, a group of affiliated firms specializing in the
trading of options and other derivative instruments, in 1992.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Brinson Partners, a leading institutional investment management firm, in
1995.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">the investment banking and securities operations of S.G. Warburg Group, in
1995.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Dillon Read &#038; Co. Inc., a United States-based investment bank, in 1997.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;All
the entities that have joined UBS have, regardless of their size, had a
significant impact on our culture and ethos. O&#146;Connor &#038; Associates was a much
smaller firm, but brought an affinity for technology, which has remained with
UBS ever since, and a trading approach and risk management sophistication which
still remains core to our operations today. The most significant benefit was
the reverse cultural revolution O&#146;Connor brought. This was quite deliberate; it
transformed the company and helped it move into the modern age in a dramatic
way. Later mergers reinforced this pattern of cultural change, with S.G.
Warburg bringing a deep and passionate client focus, and Brinson Partners
redefining the asset management process.
</FONT>
<P align="left"><FONT size="2"><B>Merger with PaineWebber</B>
</FONT>

<DIV align="left"><FONT size="2">On 3 November 2000, UBS transformed the scope and scale of its private client
business in the US, through the merger with PaineWebber, one of the leading US
wealth management firms.
</FONT></DIV>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The operational integration of PaineWebber&#146;s
businesses was completed swiftly and smoothly in early 2001, and capped by the
introduction of the new brand, UBS PaineWebber. We had not
planned to change the PaineWebber brand so soon after the merger, but it was
made possible by the extremely positive reception for the merger from
PaineWebber staff and the smooth progress of integration. The decision to
implement the new brand was supported by requests from UBS
PaineWebber financial advisors, who wanted a way to emphasize to their clients
the advantages in scope, scale and access to global resources brought by this
business&#146;s new place in the UBS Group.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;At the same time, like previous merger
partners, UBS PaineWebber is already transforming UBS; not just through
increased US presence and distribution capacity, but through the proven
strengths in marketing, technology, product development and training that it is
bringing to all our private client businesses, leveraging its skills to help
drive UBS&#146;s European wealth management initiative.
</FONT>
<P>
<DIV align="center"><IMG src="y58380p5838009.gif"></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;This history of acquisition and openness to cultural diversity continues
to be a key strength of the UBS Group. We are conscious of the importance of
cultural change as a response to the growing challenges of the competitive
global environment. The diversity of knowledge and experience offered by new
acquisitions means that we can import into UBS better corporate cultures,
better ways of doing business and better insights.
</FONT>

<P align="right"><FONT size="2">15</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center"><FONT size="2"><IMG src="y58380p5838010.gif" alt="UBS Boat Picture">
</FONT>

<P align="left"><FONT size="2"><B>16</B></FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center"><FONT size="2"><IMG src="y58380p5838011.gif" alt="The Business Groups">
</FONT>


<P align="right"><FONT size="2"><B>17</B></FONT>


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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P align="left"><FONT size="2"><B>The Business Groups<BR>
UBS Switzerland</B>
</FONT>

<P align="left"><FONT size="5">UBS Switzerland
</FONT>

<P align="left"><FONT size="2" color="#7F7F7F"><B>UBS Switzerland is the world&#146;s largest private banking business and the leading bank in Switzerland.</B>
</FONT>

<P align="left"><FONT size="2"><B><IMG src="y58380p5838012.gif" alt="Stephan Haeringer CEO UBS Switzerland and CEO Private and Corporate Clients"></B>
</FONT>

<P align="left"><FONT size="2"><B>Business Group Reporting adjusted for significant financial events</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="40%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2">Private and</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2">Corporate Clients</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2">Private Banking</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2">UBS Switzerland</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">For the year ended</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD colspan="25"><HR size="1" noshade></TD>
</TR>

<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>7,161</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,443</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>6,314</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,928</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>13,475</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14,371</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Credit loss expense</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>(576</B></FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(759</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>(28</B></FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(26</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>(604</B></FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(785</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
        <TD colspan="25"><HR size="1" noshade></TD>
</TR>

<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total operating income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>6,585</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,684</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>6,286</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,902</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>12,871</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13,586</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD colspan="25"><HR size="1" noshade></TD>
</TR>

<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Personnel expenses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>2,988</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,187</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>1,776</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,956</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>4,764</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,143</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">General and administrative expenses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>991</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,058</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>1,609</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,561</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>2,600</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,619</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Depreciation</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>459</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">419</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>157</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">142</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>616</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">561</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Amortization of goodwill and
other intangible assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">27</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>41</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">43</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>41</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">70</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD colspan="25"><HR size="1" noshade></TD>
</TR>

<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total operating expenses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>4,438</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,691</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>3,583</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,702</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>8,021</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,393</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD colspan="25"><HR size="1" noshade></TD>
</TR>

<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Business Group performance before tax</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>2,147</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,993</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>2,703</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,200</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>4,850</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,193</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD colspan="25"><HR size="4" noshade></TD>
</TR>

<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cost / income ratio before goodwill (%)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>62</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">63</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>56</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">53</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>59</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">58</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net new money (CHF billion)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>8.5</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>22.5</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2" color="#c66005"><B>&nbsp;</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Invested assets (CHF billion)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>320</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">345</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>682</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">691</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2" color="#c66005"><B>&nbsp;</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Heacount (Full time equivalents)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>19,938</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">21,100</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>9,266</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,925</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>29,204</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">30,025</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD colspan="25"><HR size="1" noshade></TD>
</TR>
</TABLE>
</CENTER>

<P align="left"><FONT size="2" color="#c66005"><B>Organization structure</B>
</FONT>

<DIV align="left"><FONT size="2">UBS Switzerland Business Group is made up of
two business units:
</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="98%"><FONT size="2">Private Banking, the world&#146;s leading provider
of wealth management services;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="98%"><FONT size="2">Private and Corporate Clients, Switzerland&#146;s
premier retail and commercial bank.</FONT></TD>
</TR>
</TABLE>

<P align="left"><FONT size="2" color="#c66005"><B>Shared expertise</B>
</FONT>

<DIV align="left"><FONT size="2">Since the bringing together of Private Banking
and Private and Corporate Clients into UBS
Switzerland in February 2000, we have continued
to examine opportunities for synergies between
the two business units. We aim to concentrate
resources in centers of excellence, sharing common products, infrastructure and services.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Some of these areas, such as Risk and Financial
Control, are managed centrally by UBS Switzerland, while for others, such as the products and
services unit in Private Banking or the wide range
of operations, IT and middle office services provided in Private and Corporate Clients, a business
unit takes the lead. The aim is always to ensure
that functions are provided by those areas with the
best expertise, so that UBS Switzerland&#146;s domestic
and international clients benefit from state-of-the-art products and services, while we gain the benefits of scale effects and avoid duplication.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Product development</B>
</FONT>

<DIV align="left"><FONT size="2">In late 2001, we established a centralized
Products and Services unit, based within Private
Banking. The new unit will take responsibility
for design and delivery of the whole investment
product portfolio for UBS Switzerland. The aim
of the new group is to promote a client driven
sales process which puts clients&#146; requirements
clearly at the center of all new product development, and to deliver excellent support and training to our client advisors.
</FONT></DIV>

<P align="left"><FONT size="2"><B>18</B></FONT>

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<P align="left"><FONT size="2"><B>Services UBS Switzerland</B>
</FONT>

<DIV align="left"><FONT size="2">At the end of 2001, we merged Private Banking
and Private and Corporate Clients&#146; middle office
services. The combined group employs over
1,200 people and is responsible for all documentation management, retained mail, loan processing and client information management. It will
process over 230,000 loan events, 4.8&nbsp;million
documents and 7.5&nbsp;million changes in customer
information per year. The merger of these two
units is intended to enhance our ability to ensure
swift and comprehensive compliance with developments in &#147;know your customer&#148; rules and to
improve efficiency.
</FONT></DIV>

<P align="left"><FONT size="2" color="#c66005"><B>e-commerce</B>
</FONT>

<DIV align="left"><FONT size="2">Over recent years the needs of our private clients
have changed: while the physical branch network used to be the central distribution platform, nowadays banking clients require the flexibility to access their accounts using the full
range of modern communication technology;
they want to contact their bank when it is convenient for them, without restrictions imposed
by opening hours.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In response, we thoroughly revised our distribution strategy after the 1998 merger of Union
Bank of Switzerland and Swiss Bank Corporation,
leading to the establishment of a centralized &#147;e-Channel and Products&#148; business area.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;While simultaneously enhancing our ATM
network and introducing a new branch concept
which focuses resources on financial advice
rather than transactions, we concentrated on
realizing our e-commerce vision and strategy.
Our success in designing and implementing a
wide range of client centered e-banking solutions
has been recognized by top ranks in both
European and Swiss surveys.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The result is that all clients can benefit from a
wide choice of ways to interact with UBS, while
UBS Switzerland is able to further increase its
efficiency.
</FONT></DIV>

<P align="left"><FONT size="2" color="#c66005"><B>e-commerce strategy</B>
</FONT>

<DIV align="left"><FONT size="2">Our internet and other e-banking platforms are
part of an integrated multi-channel strategy in
which technology is employed wherever it creates
additional value for our clients and the bank.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;We use technology to complement, not
replace the traditional physical branch network.
Standard transactions can be conveniently executed using one of the alternative electronic
channels, leaving client advisors able to focus on
providing personalized added value advice,
developing financial solutions to match each
client&#146;s individual requirements. Technology is
therefore critical to supporting our goal of building strong client relationships, with advice at the
center.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;As well as being a transaction tool, e-banking
is an important method for distributing information about UBS&#146;s products and services. UBS&#146;s
website provides a wide spectrum of information
on specific UBS products. If questions arise, call
centers are available to support the client or to
arrange in depth advice from specialists.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Our integrated distribution strategy, combining advice with a comprehensive e-banking
offering, helps to strengthen our relationship
with our existing clients, but is also pivotal in
acquisition of new clients.
</FONT></DIV>

<P align="left"><FONT size="2"><B>e-commerce highlights 2001</B>
</FONT>

<DIV align="left"><FONT size="2">The internet provides a wealth of financial information which was previously not easily available, bringing challenges in deciding which
information is genuinely useful and accessing it
conveniently. <I>myUBS</I>, launched in June 2001,
provides a free, tailor-made solution to this need
for UBS e-banking clients.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In an easy configuration process, clients can
create their own personalized internet page,
showing their own selection of news, research
and market price charts, and giving convenient
links to UBS Quotes, UBS&#146;s free on-line financial
information service, and e-banking.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;myUBS continues to be enhanced, with a
number of additional services introduced since
its launch:
</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="98%"><FONT size="2"><I>Secure Messaging </I>is a secure mechanism for
transferring messages from a client to and
from their advisor. It operates in a safeguarded environment, avoiding the need to send e-mail messages over the open internet.
The system automatically routes client messages to
the appropriate client advisor, who can
respond via the same secure link.</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="98%"><FONT size="2"><I>my Opportunities </I>allows e-banking clients to
create an investor profile and call up corresponding investment proposals. Additional
tools help a client to plan the financing of lifecycle events, such as buying a first house, or
paying for a child&#146;s education.</FONT></TD>
</TR>
</TABLE>

<P align="right"><FONT size="2"><B>19</B></FONT>

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<P align="left"><FONT size="2"><B>The Business Groups<BR>
UBS Switzerland</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="98%"><FONT size="2"><I>my </I>IPO is a calendar containing details of
current and expected initial public offerings
that will be available through UBS.</FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Despite the growth in internet penetration in
recent years, many of our clients do not have
access to the internet, so providing access to e-banking services via the telephone is still a key
part of our e-commerce strategy. Clients calling
UBS e-banking phone can talk to an e-banking
advisor, or request information about their
accounts through an automated system.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>UBS Voice </I>now provides voice-activated
access to this information service. Launched in
its German version at the beginning of June, this
technology allows navigation through e-banking
services by the spoken word. It provides access
to information on current account balances or
account transactions and can process transfers
between accounts. It can tell a user information
about exchange rates and the contents of their
securities portfolio and can accept stock
exchange orders. During 2002 we plan to extend
the offering to other languages and allow users
to receive details of their account balances or
portfolio using the SMS text messaging system to
a standard mobile telephone. UBS is the first
Swiss bank to provide voice activated access of
this sort.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>UBS Quotes</I>, our comprehensive free on-line
financial information service, has evolved into a
powerful financial analysis platform and has
recently been integrated with the e-banking
portal.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS Quotes covers the world&#146;s financial centers, the entire range of UBS funds as well as
IPO&#146;s and provides access to UBS research and
up to the minute market news sourced directly
from the UBS Warburg trading floor. The system
can provide detailed portfolio analysis, tracking
a portfolio&#146;s value, unrealized gains or losses,
and breaking it down by currency, sector, domicile, and instrument type. It can hold sub-positions with individual
prices and allows drill-downs to see the status of individual positions. A
limit minder service monitors security-specific
price limits set by the client and automatically
sends an e-mail or a text message to a mobile
phone if the limit is reached.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS Quotes is now fully integrated into the
rest of our e-banking offering, allowing a user
who has looked up details of a security to proceed directly to entering a stock exchange order.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS Quotes can also be accessed anywhere
via personal digital assistants or WAP phones.
Layouts adapt to the display size and format of
the user&#146;s particular device. UBS Quotes for
mobile users includes a wide selection of services
available on the Internet version, including personal lists, portfolio analysis functions, the
prices of several hundred thousands securities,
and a currency converter.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Extensive e-banking services are also available
to corporate clients and financial intermediaries.
For example, UBS Connect, our professional,
multi-client banking system, gives financial intermediaries full access to data on their client&#146;s
assets. Direct links to the leading exchanges
enable the intermediary to place and process
orders during normal trading hours directly and
instantly, with information on allocation and settlement available without delay. In addition, the
user can access asset statements, detailed asset
statistics and performance figures. UBS Connect
has been a great success with our clients: at 31
December 2001, 84% of our intermediary
accounts were administered through this channel.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Our customers make extensive use of our e-banking channels. At the end of December 2001,
295,000 clients had active e-banking contracts.
Approximately 29.2% of payment orders are
initiated via e-banking, and 11.5% of securities
transactions.
</FONT></DIV>

<P align="left"><FONT size="2"><B>20</B></FONT>

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<P align="left"><FONT size="5" color="#7F7F7F"><B>Private and Corporate Clients</B>
</FONT>

<P align="left"><FONT size="2" color="#7F7F7F"><B>Private and Corporate Clients, UBS Switzerland&#146;s retail and commercial banking
unit, provides a complete set of banking and securities services for individual and corporate clients, focused foremost on customer service
excellence, profitability and growth via multi-channel distribution.</B>
</FONT>

<P align="left"><FONT size="2" color="#c66005"><B>Business description and organization</B>
</FONT>

<DIV align="left"><FONT size="2">Private and Corporate Clients is the leading
bank in Switzerland. At year end 2001, Private
and Corporate Clients had in excess of 4&nbsp;million
individual client accounts and relationships with
some 170 top-tier companies, approximately
8,000 large corporations and 170,000 small and
medium sized enterprises across Switzerland.
Clients have invested assets of CHF 320&nbsp;billion
with us. With a total loan book of CHF 152&nbsp;billion at December&nbsp;31 2001, we have a share of
over 25% in the Swiss lending market and the
retail mortgage market.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;We aim to provide our clients with optimal
levels of convenience and service by continuously expanding our comprehensive range of alternative distribution channels. Together with our
successful e-banking offering and customer service centers, our 1,177 ATM&#146;s and 327 branches
across Switzerland provide a network broader
than any of our domestic competitors.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;At the end of 2001, the Private and Corporate
Clients business unit employed 19,938 people
throughout Switzerland. This represents a reduction of more than 5,700 since the merger in 1998
between Union Bank of Switzerland and Swiss
Bank Corporation, as we have continued to realize the cost control effects of the systematic
implementation of our strategic projects portfolio and the synergy benefits of the merger.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Private and Corporate Clients&#146; objective is to
further develop the most profitable large bank
serving private, business and corporate clients in
Switzerland. While continuously realizing further
efficiency gains and exploiting cost saving potential, Private and Corporate Clients strives to create additional value by providing integrated
financial solutions for clients&#146; individual requirements. We will maintain and develop our state-of-the-art infrastructure by optimizing efficiency,
quality of services and security to the benefit of
our clients and the rest of the UBS Group.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The Private and Corporate Clients business unit
is composed of six business areas, four of which
have income generating activities (Individual
Clients, Corporate Clients, Operations and Risk
Transformation and Capital Management) and
two of which provide essential support services
(Resources and Information Technology). Almost
one quarter of our staff, primarily in the business
areas Operations, Resources and Information
Technology, provide services to other UBS units.
</FONT></DIV>

<P align="left"><FONT size="2" color="#c66005"><B>Our business areas</B>
</FONT>

<P align="left"><FONT size="2"><B>Individual Clients</B>
</FONT>

<DIV align="left"><FONT size="2">The Individual Clients business area offers financial solutions for private clients. At the end of
2001, we had over four million individual client
accounts, of which more than one-quarter related to affluent clients, with assets between
approximately CHF 50,000 and CHF 1&nbsp;million,
a key focus of our efforts.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Our range of products and services provides
comprehensive coverage of clients&#146; financial life
cycle needs, from current accounts and savings
products, residential mortgages, to wealth management services, pensions and life insurance.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS is the leading lender to private clients in
Switzerland, offering a comprehensive range of
mortgage products, and has the biggest Swiss
credit card portfolio, with a market share of
31%. We offer both the most widely accepted
cards, VISA and Eurocard (Mastercard), giving
our clients financial independence worldwide.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Our clients benefit from access to a wide
range of services and expertise, be it from specialists within Private and Corporate Clients,
from the newly established UBS Switzerland
products and services unit, or from the capabili-
</FONT></DIV>

<P align="right"><FONT size="2"><B>21</B></FONT>

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<P align="left"><FONT size="2"><B>The Business Groups<BR>
UBS Switzerland</B>
</FONT>

<P><FONT size="2">ties of UBS Warburg or UBS Asset Management.
Examples include the recently launched UBS
classic mortgage, where the interest rate is linked
to the ten-year Swiss federal bond rate, the newly
established Alternative Investments unit, which
provides screened access to high quality alternative investments, or innovative investment products such as UBS&#146;s Fresco Index shares, which
bring the benefits of exchange traded funds to
the European market.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In addition to UBS Group&#146;s own products,
our offering is also supplemented by an open
product architecture approach, which provides
access to carefully screened &#147;best in class&#148; third-party products. For example, UBS recently introduced third party management of funds deposited in its Fiscainvest retirement savings account,
and UBS Life, which provides its own unit-linked
life insurance products to UBS clients, also offers
more traditional life insurance products sourced
from a third party supplier.
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="y58380p5838013.gif" alt="Private and Corporate Clients, Invested assets by asset class Bar Chart">
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;As a leader in a relatively slow growing market, we are dedicated to increasing operational
efficiency through the intelligent application of
technology. Centered on UBS Switzerland&#146;s integrated multi-channel strategy, with its extensive e-banking offering, our infrastructure is designed to
give our clients convenient and efficient access to
banking services. For basic products and services
technology is used, both to ensure round the clock
availability and low cost provision. Our customer
service centers provide convenient contact, and
basic information or advice 24 hours a day, while
for in depth advice and to work out specific individual investment solutions all our clients have
our expert client advisors and Switzerland&#146;s
largest banking network at their disposal. In 26 of
our branches we have implemented a &#147;two-zone
concept&#148;: standard transactions can be undertaken via ATMs, while client advisors focus on value-adding advice.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Technological support for our client advisors is
also critical to our success. During 2001 we became the first bank in Switzerland to introduce
a fully integrated and standardized automated lending business process. Our client advisors receive
completeend-to-endsupportinallactivitiesrelating
to granting and administrating loans. Functionalities range from client relationship management to obtaining a rating and a credit decision,
risk-adjusted pricing and the automatic execution
and documentation of the transaction. Our clients
benefit from fast response times, clear and comprehensive documentation and price transparency,
while we gain from high data quality to support
risk management tasks and, of course, increased efficiency with minimal manual intervention.
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="y58380p5838014.gif" alt="Private and Corporate Clients, Invested assets by client type Bar Chart">
</FONT>

<P align="left"><FONT size="2"><B>Corporate Clients</B>
</FONT>

<DIV align="left"><FONT size="2">Corporate Clients provides integrated financial
solutions for corporate clients including institutional investors, public entities and foundations
based in Switzerland.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Our range of products and services is tailored
to the needs and sophistication of our clients.
The 170 top-tier companies, many of them with
operations that span a multitude of markets, require advanced financing and risk management
skills and comprehensive access to the capital
</FONT></DIV>


<P align="left"><FONT size="2"><B>22</B></FONT>

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<P><FONT size="2">markets for their funding needs. Approximately
8,000 large companies utilize our expertise in
handling complex financial transactions; focused
on the domestic market, around 170,000 small
and medium enterprises (SMEs) primarily require local market know-how and access to a full
range of products and services. We are also the
leading bank in Switzerland for public sector
bodies.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Lending is naturally a core part of our business. Since 1998 we have introduced a completely new lending business process, using portfolio
theory and detailed knowledge of our loans and
our borrowers to introduce a comprehensive risk
adjusted pricing model. This was designed to
alter the focus from the volume of lending to the
quality of lending, with an emphasis on transactions which create economic value, through an
adequate risk/return relationship. As a result of
this process the risk profile of our loan portfolio
has gradually improved, with a higher proportion of higher quality counterparties, reflected in
a reduction in our adjusted expected credit loss
charge. At the same time risk adjusted pricing
can bring benefits to our clients, promoting
transparent and open discussions between client
and advisor. The advisor communicates clearly
the basis for credit decisions and can provide an
external perspective to the client, as a basis for
suggesting products and services that address
identified issues and add value. Possible areas of
improvement can be identified, which, if successfully implemented, can be reflected in lower loan
pricing.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Our client advisors can also provide a wide
range of financial advice, from investment products to complex mergers and acquisitions or
structured financing advisory services, often
working in close cooperation with specialists
from UBS Warburg and UBS Asset Management.
As well as lending and finance, Corporate
Clients provides substantial business processes
support to its clients, ranging from transactional
payments and securities services to facilitating
cross-border transactions with trade finance
products.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;To support a close relationship and ensure personalized advice, detailed knowledge of each client
and their situation is key. During 2001, we introduced a web-based client relationship management system which consolidates
data from a number of different systems, allowing each client advisor to
view client data in a structured and systematic way. Each client&#146;s particular situation and
preferences can be analyzed in detail with the
objective to propagate an even more client-tailored
advisory process and actively address client needs.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Risk Transformation and<BR>
Capital Management</B>
</FONT>

<DIV align="left"><FONT size="2">The Risk Transformation and Capital
Management (RTC)&nbsp;area was created in 1999 in
order to separate the management of UBS
Switzerland&#146;s balance sheet, and the risks associated with it, from loan origination, as part of our
redesign of the entire lending process. Although
other business areas are responsible for managing client relationships and granting loans, RTC
is in charge of managing the risk profile of the
loan portfolio as a whole.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;This responsibility covers both strategy for
new credits, including the management of risk
adjusted pricing, and the management of the
recovery portfolio, which principally contains
impaired and non-performing loans. In addition
RTC is responsible for identifying opportunities
for securitization, sale or syndication of loans or
risk exposures, in order to best manage the risk
profile of the whole portfolio.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;RTC has begun to use its extensive product
and process expertise in this field to develop new
products and services for third party distribution
channels. Through its Credit Asset Transfer
(CAT)&nbsp;initiative RTC works with third party
financial institutions to give them the opportunity to sell on all or a portion of their residential
mortgages. UBS then takes on the risk directly
and refinances the transactions in the market,
while the seller remains responsible for servicing
the loan and maintains the customer relationship. A major new CAT relationship was
announced on 15 February 2002, between UBS
and Postfinance, the financial services arm of the
Swiss Post Office. With outlets in every town in
Switzerland, Postfinance will be able to offer
mortgages and loans to individuals and small
and medium sized enterprises without being
licensed to operate as a bank.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Based on our expertise in this field, this innovative service gives our partners access to top
quality risk management and funding, while UBS
is able to leverage the robustness and scaleability of its processes to generate additional revenues for the bank.
</FONT></DIV>

<P align="right"><FONT size="2"><B>23</B></FONT>

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<P align="left"><FONT size="2"><B>The Business Groups<BR>
UBS Switzerland</B>
</FONT>

<P align="left"><FONT size="2"><b>Operations</b>
</FONT>

<DIV align="left"><FONT size="2">The Operations business area provides the
transaction processing infrastructure to UBS
Switzerland and to other UBS units. For example, in the Primary Booking Name initiative,
which was implemented over the last two years,
FX interbank and FX options transactions from
key UBS Warburg locations such as London,
Stamford, Singapore, Hong Kong, and Tokyo
are now centrally processed in Switzerland. This
centralized approach exploits economies of
scale, and ensures that synergies between the
various units are fully realized. Since the 1998
merger between Union Bank of Switzerland and
Swiss Bank Corporation we have streamlined
overlapping infrastructure and re-engineered
processes, so that UBS now has a stable and reliable infrastructure at its disposal, able to provide state-of-art services with high efficiency.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Operations also offers payments, securities,
and custodial services to more than 3,000 financial institutions world-wide, and plays a leading
role with UBS Warburg in the group-wide &#147;Bank
for Banks&#148; initiative which offers state-of-the-art wholesale banking services to third party
banks. This allows the bank to optimize the utilization of its existing infrastructure and increase
efficiency, while third parties who lack our scale
can outsource activities and benefit from wideranging UBS&#146;s expertise.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS Global Custody &#038; Investment Services
offers institutional investors the opportunity to
consolidate multiple bank relationships into a single cost-efficient global custodian. This simplifies
their processing and administration and allows
them to take advantage of our value added services, such as flexible consolidated performance
reporting, investment controlling and accounting,
and powerful portfolio management tools.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Loan Portfolio</B>
</FONT>

<DIV align="left"><FONT size="2">At 31 December 2001, the Private and
Corporate Clients loan portfolio amounted to
CHF 152&nbsp;billion. Mortgages represented CHF
114&nbsp;billion, of which 82% were residential mortgages.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Continued discipline in implementing our credit portfolio strategy has resulted in a strong focus
of our origination efforts on higher quality exposure with an attractive risk return relationship.
The risk profile of the portfolio further improved
over the past year.
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="y58380p5838014.gif" alt="Private and Corporate Clients, Loan portfolio by loan category Bar Chart">
</FONT>


<P align="left"><FONT size="2">For details on the credit portfolio, please refer to the Risk Analysis section on
pages 61 to 76.</FONT>

<P align="left"><FONT size="2"><B>Recovery portfolio</B>
</FONT>

<DIV align="left"><FONT size="2">Risk-adjusted pricing takes account of the fact
that, based on historic loss experience and considering our economic scenario for the future, a
certain percentage of clients will be unable to
meet their financial obligations. Once a particular client is in actual default, dedicated teams of
recovery specialists advise the client to achieve
the best financial result either by pursuing a possible economic recovery through restructuring,
or alternatively, by achieving the best possible
value through liquidation of available collateral
in order to limit our financial loss.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The recovery portfolio amounted to CHF
12&nbsp;billion at 31 December 2001, of which CHF
11&nbsp;billion were impaired and carried provisions
of CHF 5&nbsp;billion. The recovery portfolio has
reduced by 54% over the last three years from
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="y58380p5838016.gif" alt="UBS Switzerland, Development of UBS's recovery portfolio, 1999-2001 Bar Chart">
</FONT>

<P align="left"><FONT size="2"><B>24</B></FONT>

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<P><FONT size="2">CHF 26&nbsp;billion at 31 December 1998, soon after
it was set up, thanks to the improved economic
situation in Switzerland and our successful
recovery efforts. Over the same period, non-performing loans with payments outstanding for
ninety days or longer decreased from CHF 14.0
billion at 31 December 1998 to CHF 7.0&nbsp;billion
at 31 December 2001, leading to a non-performing loans to gross loans ratio of 4.6%.
</FONT>

<P align="left"><FONT size="2" color="#c66005"><B>Strategic initiatives</B>
</FONT>

<P align="left"><FONT size="2"><B>The Strategic Projects Portfolio</B>
</FONT>

<DIV align="left"><FONT size="2">Private and Corporate Clients has enjoyed considerable success since the formation of UBS following the 1998 merger. Net profit before tax
grew at an average annual rate of more than
33% from 1998 to 2001, despite the difficult
environment of the last year. Much of this success has resulted from our dedicated efforts to
realize the opportunities presented by the merger, including both cost synergies and improved
revenue generation.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In order to make the most of these opportunities, we set up a Strategic Projects Portfolio,
which groups together our most important initiatives &#151; those
with the highest potential to contribute towards achieving our
strategic goals &#150;
giving them regular senior management attention and priority in terms of IT and other
resources, and subjecting them to a systematic
control process.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Structured along five value drivers: &#147;distribution&#148;, &#147;pricing&#148;, &#147;products&#148;, &#147;processes&#148;, and
&#147;cost control&#148;, its achievements since the merger
have included rationalizing and extending our
product portfolio, streamlining our distribution
network, combining payments and securities
operations centers and integrating logistics functions, resulting in substantial efficiency gains.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The biggest positive effect on income has
come through the implementation of risk-adjusted pricing in the lending business and our continued efforts to increase the efficiency and customer focus of the different steps in the lending
process. At the same time we have filled out our
product portfolio, for example by introducing
the UBS Classic mortgage which has an interest
rate linked to the ten-year federal bond rate. This
addition to our product range ensures that we
can offer our clients an optimized product for
any phase of the interest rate cycle. We are also
using technology to help us increase revenues,
using data mining to better understand our
clients needs and identify cross-selling opportunities, while at the same time increasing process
efficiency so that client advisors can spend more
time on providing advice.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Cost control initiatives within the strategic
projects portfolio are now increasingly focused
towards exploiting synergies for the entire UBS
Switzerland Business Group &#151; providing services
centrally for both Private and Corporate Clients
and Private Banking. Examples include the centralized products and services unit, the centralization of document management and loan
processing and shared development of e-banking
initiatives.
</FONT></DIV>

<P align="right"><FONT size="2"><B>25</B></FONT>

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<P align="left"><FONT size="2"><B>The Business Groups<BR>
UBS Switzerland</B>
</FONT>

<P align="left"><FONT size="5" color="#7F7F7F"><B>Private Banking</B>
</FONT>

<P align="left"><FONT size="2" color="#7F7F7F"><B>UBS Private Banking is committed to becoming the wealth management provider of choice for private investors, world-wide.</B>
</FONT>

<P align="left"><FONT size="2"><B><IMG src="y58380p5838017.gif" alt="Georges Gagnebin, CEO UBS Private Banking"></B>
</FONT>

<P align="left"><FONT size="2" color="#c66005"><B>Business description</B>
</FONT>

<DIV align="left"><FONT size="2">UBS Private Banking provides a comprehensive
range of products and services individually tailored for wealthy clients from Switzerland and
abroad, through offices around the world.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;With 140&nbsp;years of private banking experience,
85 offices world wide and CHF 682&nbsp;billion of
client invested assets, Private Banking is the
world&#146;s largest private bank.
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="y58380p5838018.gif" alt="Private Banking, Revenue composition Bar Chart">
</FONT>

<P align="center"><FONT size="2"><IMG src="y58380p5838019.gif" alt="Private Banking, Gross margin Bar Chart">
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Private Banking&#146;s 2,346 highly trained client
advisors, combine strong personal relationships
with access to the resources of the whole UBS
Group to provide a full range of wealth management services, from asset management to
estate planning, corporate finance advice to art
banking. Private Banking is committed to developing an open product platform, widening the
choices available to its clients by complementing
UBS&#146;s own products with top quality third party
products, through a screened open-architecture.
</FONT><BR>

<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Private Banking is currently expanding its
domestic business in five key European markets &#150; France,
Germany, Italy, Spain and the UK &#150; opening new offices and aiming to hire a total of
up to 250 new client advisors each year.
</FONT>

<P align="left"><FONT size="2"><B>Organization</B>
</FONT>

<DIV align="left"><FONT size="2">Private Banking&#146;s global product offering is carefully tailored to meet country-specific tax and
legal regulations and the different aspirations of
clients in different markets. Our client advisors
are organized in line with this geographical
focus, into five regional business areas:
</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="98%"><FONT size="2">Europe</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="98%"><FONT size="2">Asia</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="98%"><FONT size="2">Middle East and Africa</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="98%"><FONT size="2">Americas International, and</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="98%"><FONT size="2">Swiss Clients</FONT></TD>
</TR>
</TABLE>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Where local regulations allow, client advisors
who serve clients domestically or internationally
report through to a single manager, helping to
avoid channel conflict and ensuring that our
clients receive a consistent high quality service
whether they bank at home or abroad.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In addition, we have established expert
global teams which concentrate on the requirements of particular client groups or provide
specialized services. Examples include the
Family Office for wealthy families, the sports
and entertainment group focusing on the special life-cycle related needs of artists or sports
professionals, the Islamic banking team which
provides products designed to be Shari&#146;a com-
pliant, and our numismatic and art banking
groups.
</FONT></DIV>

<P align="left"><FONT size="2"><B>26</B></FONT>

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<P align="center"><FONT size="2"><IMG src="y58380p5838020.gif" alt="Private Banking, Invested assets by currency Bar Chart">
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The Intermediaries business area is the market leading provider of products and services to
financial intermediaries in Switzerland.
Leveraging the scale and scope of our private
banking expertise, we provide financial intermediaries in Switzerland, Germany and elsewhere
with solutions, products and services that add
substantial value to their client relationships,
and allow efficient and convenient management
of their clients&#146; assets through UBS Connect, our
sophisticated e-platform.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Finally, we operate five independently branded, but wholly-owned private banks: Armand
von Ernst, Banco di Lugano, Cantrade, Ehinger,
and Ferrier Lullin, each based in a different one
of Switzerland&#146;s key regional private banking
markets.
</FONT></DIV>

<P align="left"><FONT size="2" color="#c66005"><B>Clients and marketing</B>
</FONT>

<P align="left"><FONT size="2"><B>Target clients</B>
</FONT>

<DIV align="left"><FONT size="2">UBS has moved away from rigid client segmentation. We prefer clients to &#147;self-segment&#148; themselves, based on the different levels of service we
provide at different costs.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In Europe, our products and services are
designed for &#147;core affluent clients&#148;, i.e. those
with in excess of EUR 500,000/CHF 750,000 of
investable assets, a market which represents a
tremendous opportunity. A Datamonitor study
in April 2001 predicted that there will be over
four million individuals in this target segment in
Europe by 2004, with over EUR 4 trillion in
investable assets. In addition, the wealth of the
most affluent segment (those with EUR 3&nbsp;million
or more in investable assets) is expected to grow
fastest, providing great potential for UBS, which
has the focus, resources and expertise to meet
these clients&#146; needs.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Marketing</B>
</FONT>

<DIV align="left"><FONT size="2">Brand strength and brand recognition are a key
success factor in the private banking industry,
helping to create a situation in which clients trust
us to provide them with high quality advice,
products and services.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS is one of the best known brand names
among high net worth individuals globally. This
position is bolstered by the UBS Group&#146;s brand
marketing campaigns, which aim to increase
awareness of UBS amongst high net worth individuals and business leaders, and by Private
Banking&#146;s own brand campaigns, specifically targeted at potential private banking clients.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS Private Banking is associated with values
such as &#147;security and stability&#148;, &#147;inspires trust&#148;,
&#147;takes clients seriously&#148; and &#147;excellent products
and services&#148;, all factors which are among the
most important for high net worth individuals.
Our brand advertising campaigns aim to sustain
and strengthen our image and brand awareness.
For the last two years, these campaigns have
been based around images of the UBS Verbier
Youth Orchestra, which gives around 100 talented young musicians aged between 17 and 29
the opportunity to gain experience working with
top international conductors.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In addition to brand based activities, each
business area is responsible for its own regional
marketing activities, supported by a centralized
UBS Switzerland marketing function, which is
responsible for coordinating brand management
activities, advertising, market research, and for
sponsoring and the preparation of standardized
marketing materials.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Structured advisory process</B>
</FONT>

<DIV align="left"><FONT size="2">The consistent delivery of a truly consultative
advisory process combined with a comprehensive product positioning framework is essential
to putting Private Banking&#146;s value proposition
into action. Highly skilled client advisors take
time to understand clients&#146; needs in order to provide comprehensive, best-in-class solutions
through a carefully structured process, supported by leading technology.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The client advisor&#146;s role is to ensure a clear
focus on the needs of each individual client.
</FONT></DIV>

<P align="right"><FONT size="2"><B>27</B></FONT>

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<P align="left"><FONT size="2"><B>The Business Groups<BR>
UBS Switzerland</B>
</FONT>

<P align="center"><FONT size="2"><IMG src="y58380p5838021.gif" alt="UBS Private Banking, The structure advisory process Flow Chart">
</FONT>

<P><FONT size="2">Together with the client, the client advisor
invests significant time and energy to understand
and analyze the client&#146;s situation, taking into
account all the different factors which affect the
client&#146;s investment goals and risk appetite. The
client advisor then acts as a consultant, helping
to build a personalized financial strategy to meet
these requirements.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The client advisor acts as a gateway for the
client to the resources and expertise of the whole
of UBS and third-party providers, building on a
robust product management framework and the
resources of our specialists to bring together the
products and services required to implement the
client&#146;s strategy. Our commitment to open architecture forms a key part of the value proposition
for our clients in this process, allowing the client
advisor to select the best product to meet the
client&#146;s needs from a much wider range.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The process is completed through comprehensive monitoring and reporting of investment
performance, with regular feedback to adjust
goals and strategies as required.
</FONT></DIV>

<P align="left"><FONT size="2" color="#c66005"><B>Products and Services</B>
</FONT>

<DIV align="left"><FONT size="2">UBS Private Banking&#146;s offering spans the entire
range of financial solutions, allowing us to tailor
our offerings to each client&#146;s specific needs. The
bank&#146;s own range includes products from all our
Business Groups and is supplemented by carefully screened third party products which have been
through a comprehensive due diligence process.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Open architecture</B>
</FONT>

<DIV align="left"><FONT size="2">In order to be credible to our clients we have to
offer them product-neutral advice, selecting the
best possible products for each client&#146;s specific
situation. But the only way to do this meaningfully is to give our clients access to best in class
products in every field, suited to their needs and
risk appetite. To do this successfully means opening our product architecture to include products
and services from third-party suppliers. But
rather than becoming a financial supermarket,
we have chosen to carefully screen third-party
offerings, only selecting those that meet the high
quality our clients require. The combination of
this careful product selection with our structured, consultative advisory process aims to
ensure that the solutions we propose best fits our
clients&#146; needs and goals.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In order to have the greatest possible impact,
our open architecture framework is focused on
products or services which differ substantially in
both quality and content between different
providers, such as mutual funds and alternative
investment products.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;At the same time, a successful open architecture framework requires efficient product
management capabilities, with clear ownership of
each product category across all phases of the
product lifecycle, including responsibility for
selecting and screening potential product offerings. During 2001, we have rationalized our
product management structures and processes,
introducing end to end responsibility for product
selection, development, and support.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Product positioning framework</B>
</FONT>

<DIV align="left"><FONT size="2">Depending on their financial situation and individual preferences, clients have varying requirements regarding the level of service they expect
from their advisor. This is where a logical and
intuitive positioning of our wide range of products and services can add value for the client as
well as the client advisor.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;At the first level, <I>UBS Investment Products</I>
include advisory services which are primarily
focused upon effective management of a stan-
dard suite of transaction-oriented products. <I>UBS
Investment Solutions</I>, the second level, adds systematic advisory services including asset allocation, investment selection and portfolio management. Clients choose investments based on a
consultative advisory service or delegate all decision making to their client advisor. The third
level,<I> UBS Financial Planning</I>, goes beyond pure
investment decisions and offers comprehensive
advice reflecting the client&#146;s lifecycle needs and
their entire asset base, including for example real
estate and art. At the top end of the range, <I>UBS
Ultra High Net Worth Wealth Management </I>pro-
</FONT></DIV>


<P align="left"><FONT size="2"><B>28</B></FONT>

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<P align="center"><FONT size="2"><IMG src="y58380p5838022.gif" alt="Private Banking Product positioning framework">
</FONT>

<P><FONT size="2">vides the whole range of financial services in an
exclusive and very individualized format for
ultra high net worth individuals.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The framework is fully dedicated to open architecture and provides access to carefully screened
best-in-class products. By applying a consultative
advisory process the services are centered around
the individual client with the goal of creating and
reinforcing the UBS brand experience.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The four levels of the product positioning
framework provide the foundation for external
and internal communication of our product
offering. The framework also acts as the basis
for the organizational and structural set-up of
our product functions as we implement a systematic product development process.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;To promote the proposition and ensure consistency in communication, a comprehensive
client advisor training program is being carried
out, and client literature and other promotional
material are being updated. The overall message
is also taken up in the latest UBS Private
Banking advertisement campaign &#147;AAA&#148;: &#147;Access&#148; representing the open architecture; &#147;Analysis&#148; representing the screening process; and
&#147;Advice&#148; representing the systematic advisory
process.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Research and investment products</B>
</FONT>

<DIV align="left"><FONT size="2">UBS Private Banking clients benefit from the same service standards enjoyed by institutional investors, with direct access to market specialists and execution on major financial markets world-wide, across the full range of products from equities to FX, structured products to precious metals.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Alternative investments</I>. Our clients can access
a wide range of alternative investments, from
in-house hedge funds (like the GAM or
O&#146;Connor range of funds) to third party private
equity funds and fund of funds products. In particular, we offer discretionary portfolio management clients the option to include alternative
investments in their asset allocation.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Research</I>. UBS Private Banking clients have
access to a broad range of research on the development of economies and financial markets, on
industries and on individual companies.
Research and analysis is provided through the
investment center within UBS Private Banking.
Private Banking clients can have direct access to
exclusive research information via the internet.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Investment solutions</B>
</FONT>

<DIV align="left"><FONT size="2"><I>Discretionary portfolio management</I>. Clients
delegate the management of their assets to a
team of professional UBS portfolio managers,
according to an investment strategy agreed with
their client advisor and reflecting the client&#146;s risk
appetite and investment goals.
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="y58380y5838066.gif" alt="Private Banking, Invested assets by mandate type Bar Chart">
</FONT>

<P align="right"><FONT size="2"><B>29</B></FONT>

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<P align="left"><FONT size="2"><B>The Business Groups<BR>
UBS Switzerland</B>
</FONT>

<P align="center"><FONT size="2"><IMG src="y58380p5838024.gif" alt="Private Banking, Invested assets by asset class Bar Chart">
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Clients can elect either to invest in the full
range of securities directly, or to limit their
investments to investment funds, through our
Managed Fund Portfolio product. In each case,
our portfolio management service offers clients
an active, but risk-controlled investment
approach, based on consistent analysis of macroeconomics, markets and individual companies
with regular monitoring of credit quality and liquidity of assets. Investments are managed with
an emphasis on diversification across asset categories and markets, and an increasing focus on a
regional and sector orientation. We can also take
into consideration tax aspects in our investment
process, if requested.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Through discretionary portfolio management
our clients can benefit directly from the investment policy of a leading financial institution with
international resources and access to a large fund
of knowledge and experience, secure in the
knowledge that portfolios and risks are continually monitored. UBS&#146;s portfolio management services do not simply provide an &#147;off-the-peg&#148;
product: there are over 650 different investment plans
within the six basic strategies, depending on criteria such as currency, home market bias, and the
inclusion or exclusion of alternative investments.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Advisory management of assets</I>. Clients
increasingly wish to be involved in the management of their own assets, with the support from
UBS&#146;s investment professionals. For them, Private
Banking provides analysis and supervision of
portfolios and their risk profiles, together with
tailor-made proposals to support investment decisions. We offer different levels of structured adviory services, all based on an all-inclusive fee.
Examples of our different offerings include:
Active Portfolio Supervision (APS)&nbsp;in which a
client receives investment recommendations
whenever their portfolio breaches specified
parameters; Active Fund Supervision, which is
essentially the same, but the client&#146;s portfolio is
limited to investment funds; and Active Portfolio
Advisory (APA)&nbsp;which, in addition, provides
direct access to a dedicated investment specialist
and tailor-made strategies. UBS Choice and UBS
Fund Choice provides more limited supervision
and advice for smaller portfolios, including access
to a screened selection of third party funds and a
comprehensive banking package, all for a flat fee.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Financial planning</B>
</FONT>

<DIV align="left"><FONT size="2">We provide professional financial planning to
help our clients achieve their personal and financial objectives and cope with important lifecycle
events (e.g. inheritance, proceeds from business
sale, change in tax regulations). We develop and
execute customized solutions using our own inhouse experts and top external consultants, to
deliver value-adding and personalized wealth
enhancement strategies.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The financial planning advice we provide to
our clients and their families covers every stage of
life, from education funding and gifts to children
through business start-up to succession planning
and inheritance. Specific advisory services we can
provide include strategic wealth management and
lifestyle planning, retirement planning, tax planning, inheritance and succession planning, real
estate advice, asset protection, art banking, insurance advice and the establishment of trusts, foundations and other corporate structures.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Corporate finance advice</B>
</FONT>

<DIV align="left"><FONT size="2">UBS Private Banking provides independent corporate finance advice and services to business
owners, drawing on the resources of UBS
Warburg. This advice can cover the whole range
of business situations, from venture capital
search for start-up companies to succession planning, or the development of derivative structures
to help diversify single stock holdings. The corporate finance advice we give to clients is carefully coordinated with financial planning and
tax advice, helping to optimize the proceeds
from corporate finance transactions.
</FONT></DIV>

<P align="left"><FONT size="2"><B>30</B></FONT>

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<P align="center"><FONT size="2"><IMG src="y58380p5838025.gif" alt="Private Banking, Product Portal: The Private Banking House">
</FONT>

<P align="left"><FONT size="2"><B>Family office team</B>
</FONT>

<DIV align="left"><FONT size="2">During 2001, Private Banking formed a specialist team to spearhead its work with the top segment of its clientele. The aim of the team is to
help wealthy families to preserve and optimize
their investments across generations, taking into
account all economic, political, legal, and personal aspects.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The services provided by the family office
team will vary from client to client. In some cases,
where a professional family office already exists,
UBS can provide additional specialist advice. This
might cover institutional-style strategic asset allocation and portfolio risk analysis, or investment
banking services, perhaps advising on the sale or
restructuring of a family business. In other situations, where a family office does not exist, the
expert team can help the client to build it up. In
each case, the specialist team&#146;s role is to identify
and analyze clients&#146; unique needs and then to tailor UBS&#146;s services to meet those needs in the most
efficient and effective manner. The family office
team ensures that their clients receive the very
best quality products and services, sourced from
across UBS&#146;s Business Groups and from best-in-class third-party providers.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The family office market in Europe is estimated at around CHF 220&nbsp;billion in investable
assets, with forecast growth of 11% a year over
the next three years. The launch of this dedicated team underlines our ambition to further
expand our position as the provider of choice for
the top segment of private banking clients.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Banking products</B>
</FONT>

<DIV align="left"><FONT size="2">We provide a full range of global custody and
investment services, including securities lending
and reporting and risk control. We also offer
real-estate financing, Lombard credit and structured credit products. At 31 December 2001,
Private Banking&#146;s outstanding loan book
amounted to CHF 29&nbsp;billion, or 16% of UBS
Switzerland&#146;s gross loan book.
</FONT></DIV>

<P align="left"><FONT size="2" color="#c66005"><B>e-business</B>
</FONT>

<DIV align="left"><FONT size="2">Our philosophy is to put the client advisor at the
center of all our client relationships, supported
by the most advanced technology. Our e-banking
activities aim to enhance this relationship.
Independent from time and venue, state-of-the
art applications provide clients with convenient
access to their assets and comprehensive personalized services, designed to reflect local
characteristics and requirements. All services are protected by our proprietary SAFE security
infrastructure, which safeguards client access and
data transmission over the internet.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Originally developed and implemented in our
Asia operations, SAFE has recently been rolled
out in our locations in Monaco and
Luxembourg and successfully integrated with
their banking systems. This process is a good
</FONT></DIV>

<P align="right"><FONT size="2"><B>31</B></FONT>

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<P align="left"><FONT size="2"><B>The Business Groups<BR>
UBS Switzerland</B>
</FONT>

<P><FONT size="2">illustration of our strategy for delivering successful global e-commerce projects: solutions
and applications arefirst developed for a particular local market and then, after successful
implementation, adapted to reflect local characteristics and requirements and rolled out in
other locations.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Other prominent examples also include solutions initially developed for e-banking in Asia
and launched in July 2001:&nbsp;<I>e-Portfolio </I>which
gives an online-view of client&#146;s assets and liabilities, <I>Wealth Optimizer </I>which supports clients in
analysing their financial situation, and <I>Advisory
Messenger </I>which provides a secure online communication link for our clients routing messages
automatically to the dedicated advisor. These
three e-advisory applications are now being
rolled out in other markets. After country-specific customization to meet local client
requirements, the e-portfolio application has been
launched for clients of UBS Luxembourg. In
November, a version of the Wealth Optimizer
was implemented for clients of UBS Switzerland,
as the myOpportunities tool within myUBS. All
three tools are also now available to clients of
some of our private banking subsidiaries (Bank
Ehinger, Cantrade and Banco di Lugano).
</FONT></DIV>

<P align="left"><FONT size="2" color="#c66005"><B>European wealth management</B>
</FONT>

<DIV align="left"><FONT size="2">UBS has scale and excellence in two different
types of private client business: the brokerage
model, through UBS PaineWebber, and the private banking model, through Private Banking. In
Europe in 2001 we have been putting the combined strengths of these two traditions together
to help build our domestic presence in five key
target countries, Germany, France, Italy, Spain
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="y58380p5838026.gif" alt="European market for wealthy clients by country">
</FONT>

<P><FONT size="2">and the UK, which together represent about
80% of the European market. By deploying staff
and expertise, we have taken the best of UBS
PaineWebber&#146;s top-class abilities in marketing,
product management and innovation, technology, and training and applied them as a key catalyst in building our European business.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Our strategy is based on three building
blocks: &#145;People&#146;, &#145;Products&#146; and &#145;Platform&#146;.
Private Banking strives to provide all our clients
with excellent service and financial solutions tailored to their needs, based on in depth analysis
and a strong relationship between each advisor
and his or her clients. Only by deploying the best
people, with the best products and superior technology to support them will we deliver this experience to clients in our target countries.
</FONT></DIV>

<P align="left"><FONT size="2"><B>People</B>
</FONT>

<DIV align="left"><FONT size="2">Acquiring high quality client advisors with profound knowledge of their domestic markets is a
cornerstone of the European Wealth Management
initiative. Our ambition is to hire and train up to
250 new client advisors a year, representing an
entirely new level of recruitment activity for
Private Banking. Our success so far has been bolstered by the acquisition of new skills learned
from UBS PaineWebber, which hired almost 2,000
new advisors between 1998 and the start of 2001.
An unprecedented training initiative, developed
with UBS PaineWebber&#146;s assistance, helps every
private banker to master state-of-the-art know
how in wealth management, complemented with
product specific training for the new generation of
open architecture advisory services.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Products</B>
</FONT>

<DIV align="left"><FONT size="2">While all our clients have access to the full range
of Private Banking&#146;s product offering, we have
also launched two new innovative open architecture services in 2001, specifically targeted at the
European market.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>UBS Managed Fund Portfolio </I>is a client
investment account constructed primarily with
third-party mutual funds. In contrast to other
&#147;fund of funds&#148; structures, UBS Managed Fund
Portfolio offers funds from a truly global range
of managers and further distinguishes itself by a
quantitative and qualitative screening, analysis
and selection process.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Clients benefit from a state-of-the-art process
that ensures top due diligence standards as well
</FONT></DIV>

<P align="left"><FONT size="2"><B>32</B></FONT>

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<P align="center"><FONT size="2"><IMG src="y58380p5838027.gif" alt="Private Banking, Global presence: Key locations">
</FONT>

<P><FONT size="2">as identifying offerings with a superior performance track-record. Around 30 providers have
been selected for the initial launch from a
screened universe of over 1,000, including AXA
Investment Management, DWS, Fidelity, JP Morgan Fleming Asset Management and Swissca.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;As its name implies, <I>UBS Money Manager
Access </I>opens the door to exceptional investment
talent. The product provides UBS clients with
access to a wide range of independent third-party investment managers to create tailor-made
investment solutions. In addition to the mutual
funds available through UBS Managed Fund
Portfolio, UBS Money Manager Access will provide direct access to the management skills of
institutional managers such as Lazard Fr&#232;res, JP
Morgan and Alliance Capital.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;As well as taking on the work of manager
selection on behalf of the client, UBS will provide
access to third-party managers at much lower
minimum investment levels than would be possible direct. UBS Money Manager Access currently has no equivalent in Europe. Both UBS
Managed Fund Portfolio and UBS Money
Manager Access have been developed in close
co-operation with UBS PaineWebber. These new
products represent further progress in Private
Banking&#146;s commitment to open architecture, and
will be rolled out progressively in other Private
Banking locations outside of Europe.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Platform</B>
</FONT>

<DIV align="left"><FONT size="2">As we hire new client advisors, we are expanding
our European branch network, extending our
reach to new locations and increasing convenience for our clients. Potential locations within
the five target countries, are systematically
screened according to a number of criteria such
as market potential, market share to break even,
and potential availability of professional client
advisors. Three different types of branches are
being implemented, tailored to local market
requirements and taking account of potential
invested assets: &#147;main country offices&#148; are located in a country&#146;s most important financial center
and comprise extensive infrastructure, while
branch offices and satellites are operated using a
leaner set up. Through this process, our network
has expanded to 21 offices, from 15 offices at the
start of 2001, with new offices opened in Seville,
Lyon, Marseille, Bordeaux, and Bielefeld, and a
small representation established in Edinburgh.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In order to ensure that we can operate in the
most cost effective and efficient manner, while at
the same time maintaining the flexibility to swiftly
introduce innovative new products, we are building a new IT infrastructure to support the
European wealth management initiative. The new
platform passed its first essential test in December
2001 with its successful implementation in France.
Locations in other target countries are scheduled
to be migrated to the new platform over the course
of the next five quarters. It also forms the basis for
the implementation of new advisor tools which
support analysis of a client&#146;s profile and situation
and the selection of the appropriate asset allocation through a systematic approach.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;After a year of intense effort, the European
Wealth Management initiative is well on track,
producing promising results despite adverse
market conditions, with clients entrusting CHF
5.6&nbsp;billion in net new money to us in our target
countries in 2001.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;According to market analysis, the top client
segment targeted by the initiative is expected to
grow significantly over the coming years, representing major potential for the future. We believe
that with our unique expertise, business model,
and technology, UBS is excellently placed to
enhance our position in Europe, establishing
ourselves as the wealth manager of choice in our
five target countries.
</FONT></DIV>


<P align="right"><FONT size="2"><B>33</B></FONT>


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<P><FONT size="2"><B>The Business Groups<BR>
UBS Asset Management</B>
</FONT>
<P align="left"><FONT size="2"><B><font size="5">UBS Asset Management</font></B>
  </FONT>
<P><FONT size="2"><B>UBS Asset Management delivers superior results
for its clients through a globally
integrated investment organization.</B>
</FONT>
<P align="center"><FONT size="2"><IMG src="y58380p5838028.gif" alt="Photo"> </FONT>
<P align="left"><FONT size="2"><B>Business Group Reporting</B>
</FONT>

<CENTER>
  <TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
    <TR valign="bottom">
      <TD width="74%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><FONT size="2"><I>CHF million</I></FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="7"><FONT size="2">UBS Asset Management</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD colspan="7">
        <HR size="1" noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">For the year ended</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">31.12.01</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">31.12.00</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD colspan="9">
        <hr size ="1" width=100% noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"> Institutional
          fees</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">1,007</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">1,119</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Mutual
          funds fees</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">1,103</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">834</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD colspan="9">
        <hr size ="1" width=100% noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"> <b>Total
          operating income</b></FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">2,110</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">1,953</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD colspan="9">
        <hr size ="1" width=100% noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"> Personnel
          expenses</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">1,003</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">880</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">General
          and administrative expenses</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">564</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">439</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Depreciation</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">46</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">49</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Amortization
          of goodwill and other intangible assets</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">266</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">263</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD colspan="9">
        <hr size ="1" width=100% noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"> <b>Total
          operating expenses</b></FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">1,879</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">1,631</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD colspan="9">
        <hr size ="1" width=100% noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"> <b>Business
          Group performance before tax</b></FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">231</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">322</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD colspan="9">
        <hr size ="2" width=100% noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"> </FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cost /
          income ratio before goodwill (%)</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">76</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">70</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net new
          money &#151; Institutional (CHF billion)</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">6.2</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">(70.8</FONT></TD>
      <TD nowrap><FONT size="2">)</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Invested
          assets &#151; Institutional (CHF billion)</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">328</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">323</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net new
          money &#151; Mutual Funds (CHF billion)</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">28.7</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">2.9</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Invested
          assets &#151; Mutual Funds (CHF billion)</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">344</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">319</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Headcount
          (full time equivalents)</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">3,281</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">2,860</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD colspan="9">
        <hr size ="1" width=100% noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"> </FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
  </TABLE>
</CENTER>
<P align="left"><FONT size="2" color="#c66005"><B>Business</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Our business is investment management: delivering value-added investment
performance and excellence in client service to a diverse international client
base, ranging from major institutions to
</FONT>
<P align="center"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<IMG src="y58380p5838029.gif" alt="Bar Graph">
  </FONT>
<P><FONT size="2">individual mutual fund clients. The
breadth, depth and global scope of UBS Asset Management&#146;s investment
capabilities, research and risk management distinguishes it from its peers.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS Asset Management has a total of CHF 672&nbsp;billion of invested assets
making it the twelfth largest global institutional asset manager, the second
largest mutual fund manager in Europe, and by far the largest mutual fund manager in Switzerland.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS Asset Management brings together the key elements of investment
solutions for its clients:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">A global perspective on markets and economies.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">A top quality investment management platform, dedicated to valuing
markets, currencies and securities around the world, based on a range
of investment styles, with a particular expertise in identifying
price/value discrepancies derived from fundamental research.</FONT></TD>
</TR>
</TABLE>
<P align="left"><font size="2">34</font>
<P align="right">
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Innovative thought leadership and investment ideas.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Extensive financial, informational and, most important, human capital.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">A dedication to providing personal client services and personalized
business solutions.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS Asset Management&#146;s main offices are in Chicago, London and Zurich.
With 3,000 employees in over 15 countries, UBS Asset Management offers a truly
global perspective on investment management.
</FONT>
<P align="left"><FONT size="2" color="#c66005"><B>Organization</B>
</FONT>

<P><FONT size="2">UBS Asset Management&#146;s investment expertise is based on a single global
investment platform, with over 450 investment specialists located in the world&#146;s
major financial centers. The resources and expertise of all these specialists
are available to support all of UBS Asset Management&#146;s clients, wherever they
are located.
</FONT>
<P align="center"><FONT size="2"><IMG src="y58380p5838030.gif" alt="Bar Graph"> </FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS Asset Management&#146;s investment expertise is delivered through
specialized local client franchises around the world, which combine access to
UBS Asset Management&#146;s global investment management platform with detailed
knowledge of local clients, markets and regulations. Our best known client
brands are Brinson Partners, Brinson Advisors and Brinson Canada in the
Americas, Phillips and Drew in the UK, and UBS Asset Management and UBS
Investment Funds in Europe, the Middle East, Africa and Asia.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In addition, specialized investment capabilities are offered through
specific brands including: O&#146;Connor, which offers hedge funds and other
alternative investments; GAM (Global Asset Management) a multi-manager
specialist; Fresco exchange traded funds; UBS Realty and UBS Timber.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In April 2002, we will launch a new brand, UBS Global Asset Management,
to replace the different brands that have been used around the world for our
core institutional and wholesale businesses. This strategic move reflects the
global integration and scope of our investment approach and offerings and
underlines our consistency of approach and commitment to shared principles
throughout the world. Specialty businesses with separate identities such as
GAM, Fresco and O&#146;Connor will retain their current names.
</FONT>
<P align="left"><FONT size="2" color="#c66005"><B>Investment capabilities</B>
</FONT>

<P><FONT size="2">UBS Asset Management has historically been closely associated with a
price/intrinsic value investment style. Although this remains true, we have
broadened our capabilities and developed our investment platform in recent years
to the point where we believe that we are now better described as a
multi-paradigm investment firm. This paradigm is supported by one global, totally integrated investment platform, employing resources from all areas of the
globe.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Our investment capabilities include:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Equities</FONT></TD>
</TR>
<TR>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Balanced</FONT></TD>
</TR>
<TR>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Fixed Income</FONT></TD>
</TR>
<TR>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Alternative &#151; Private equity, real estate, timber, farmland, hedge funds</FONT></TD>
</TR>
<TR>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Multi-manager and fund of funds</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Our client mandates reflect the very broad range of these capabilities,
from fully discretionary global asset allocation portfolios to equity or
fixed income portfolios with a single country emphasis, including alternative
asset classes such as real estate, timber, hedge funds and private equity.
These portfolios are available through separately managed portfolios as well as
through a comprehensive range of pooled investment funds. We pride ourselves
on our ability to create customized investment portfolios to meet the specific
needs of any prospective client.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Our underlying investment philosophy remains: the ultimate value of a
security is based on fundamentals, specifically, the present worth of future
discounted cash flows. We are constantly looking for discrepancies between
asset prices and their fundamental worth, but further-
</FONT>
<P align="right"><font size="2">35</font>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><FONT size="2"><B>The Business Groups<BR>
UBS Asset Management</B>
</FONT>
<P><FONT size="2">more, we look to understand these differences. We realize that these differences
and the risks associated with them, if not fully understood, can lead to periods
of under-performance. Therefore it is important to both understand the market
pricing and actively manage the risk.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Our investment process is driven by essential fundamentals, which are
necessary for us to be successful value added providers. These include
recruiting and maintaining the highest quality investment talent, a focus on
excellent and innovative research and disciplined portfolio construction and
risk management. In addition, we pride ourselves in providing thought
leadership, which extends our influence to assets beyond the realm of UBS.
</FONT>
<P align="left"><FONT size="2" color="#c66005"><B>Clients and marketing</B>
</FONT>

<P align="left"><FONT size="2"><B>Institutional</B>
</FONT>

<P><FONT size="2">We have a diverse institutional client base located throughout the world. Our
clients include:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">corporate and public pension plans</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">endowments and private foundations</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">insurance companies</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">central banks and supranationals</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">financial advisors</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2"><IMG src="y58380p5838031.gif" alt="Bar Graph"> </FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;We use our long-term track record and strong client franchise to
increase the penetration of our services with both new and existing clients. As
a full service institutional asset management firm, offering our clients a
comprehensive global range of research and investment analysis is a key part of
our overall service and capability package.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In consultant-driven markets, such as the United States and the United
Kingdom, we rely on developing and maintaining strong relationships with the
major consultants that advise corporate and public pension plans, endowments,
foundations, and other institutions. We also dedicate resources to generating
new business directly with large clients.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In the US, our Brinson Advisors business provides products and
services to the wholesale intermediary market, focusing on three core areas:
quantitatively driven investments, short-term fixed income products and
municipal securities. We are committed to developing and extending this
wholesale business over the next two years.
</FONT>
<P align="left"><FONT size="2"><B>Mutual funds</B>
</FONT>

<P><FONT size="2">UBS Asset Management offers almost 500 mutual funds, exchange traded funds and
other investment vehicles, across all asset types in diverse country, regional,
and industry sectors.
</FONT>
<P align="center"><FONT size="2"><IMG src="y58380p5838032.gif" alt="Bar Graph"> </FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In general, we do not maintain direct relationships with individual
customers, but distribute our funds through intermediaries. Our most
significant distribution channels are UBS Switzerland and UBS PaineWebber, with a
minority of assets distributed through third-party providers. The penetration
of our mutual fund products within the UBS Group&#146;s existing client base is
already very high, especially within Switzerland. The trend in the industry
towards an open, multi-channel distribution architecture will
</FONT>
<P align="left"><FONT size="2">36</FONT>
<P align="right">
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><FONT size="2">provide increased competition for sales within UBS, but also increased
opportunities outside the Group. Our business is on the leading edge of this
trend, in which an increasing proportion of funds will be sold through third
party channels. Within the UBS Group, we have an opportunity to offer our
products through UBS PaineWebber, and to build on their successful experience of
open architecture products in the US. Outside the UBS Group, UBS Asset
Management will focus on distribution through third party financial institutions
as demand increases for outsourcing of asset management and mutual fund
services.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS Asset Management will increasingly leverage GAM&#146;s range of mutual
funds and its external manager selection process, in which it selects the best
from over 4,000 third-party fund providers, to enhance the range of its
investment styles and products. GAM products are now actively distributed by UBS
Switzerland.
</FONT>
<P align="left"><FONT size="2" color="#c66005"><B>Strategic opportunities</B>
</FONT>

<P align="left"><FONT size="2"><B>Industry trends and competitive positioning</B>
</FONT>

<P><FONT size="2">UBS Asset Management operates in a business which is growing across
all market segments and geographic locations, with Europe and Japan leading the
way. The US remains the largest market on an absolute basis, but shows slower
growth rates and a much more competitive environment than other regions.
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The trend to open architecture is fully entrenched within the US but is
in its early stages in Europe and other regions of the globe. This clearly
changes the landscape of the mutual fund business, presenting both opportunities
and challenges. The biggest opportunity is the chance to increasingly offer our
investment management services through other distribution channels. Undoubtedly,
the challenge will be to retain our very high market share among UBS clients as
competitors begin to offer their own investment management services.
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The asset mix of investors throughout the world is expected to shift
towards alternative investments, driven largely by regulatory activity and the
continued pursuit of consistent risk-adjusted returns. Alternative investments
can provide returns with a low correlation to traditional markets and
therefore offer an investor&#146;s portfolio potential for better risk-adjusted
return. Management of alternative investments offers us the potential for higher
margins, as well as a closer alignment of fees with relative performance.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Global pension reform is expected to continue as regulatory
constraints ease. The pension market is undergoing a shift towards increased
private funding which is expected to provide significant opportunities to
asset managers.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS Asset Management believes that it is strongly positioned to take
advantage of this growing and changing market:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">We have the reach to succeed in an increasingly global industry.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">We have a multi-specialist offering of diverse investment capabilities
matched by very few companies.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">We are one of very few large investment management firms with an
equally strong institutional and mutual fund capability.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>Investment performance</B>
</FONT>

<P><FONT size="2">UBS Asset Management continued its strong relative investment
performance from 2000 into and through 2001. 2001 brought us one of the best
years of relative performance in the history of the organization, exceeded only
by 2000.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS Asset Management was well positioned for the economic down-turn that
occurred in the US. and spread throughout the world. Overall performance was
helped by relative overweights to high yield and emerging market debt, real
estate and a general underweight to equities. Within each asset type, individual
security selection contributed significantly to our strong relative
performance. We feel this is a direct result of the integration of our
investment platform, with the opportunities this has brought to share knowledge
and research across the world.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;We believe that UBS Asset Management is well positioned to continue its
recent strength of the past two years&#146; investment performance. We will continue
to develop the integrated global investment platform created in 2000, increase
the coverage of our research in all major asset classes and continue to leverage
the strengths of O&#146;Connor and GAM. Additionally, we will continue to broaden our
search for future investment opportunities in alternative asset classes and
continue to commit significant resources to product innovation, research and
thought leadership.
</FONT>
<P align="right"><font size="2">37</font>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><FONT size="2"><B>The Business Groups<BR>
UBS Warburg</B>
</FONT>
<P align="left"><FONT size="4"><B>UBS Warburg</B>
</FONT>

<P><FONT size="2"><B>UBS Warburg is a leading investment banking and securities firm, providing a
full spectrum of products to institutional and corporate clients, governments
and intermediaries globally.</B>
</FONT>
<P align="center"><FONT size="2"><IMG src="y58380p5838033.gif" alt="Photo"> </FONT>
<P align="center"><FONT size="2"><IMG src="y58380p5838034.gif" alt="Photo"> </FONT>
<P align="left"><FONT size="2"><B>Business Group Reporting adjusted for significant financial events</B>
</FONT>

<CENTER>
  <TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
    <TR valign="bottom">
      <TD width="36%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="7"><FONT size="1">Corporate and</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD><FONT size="1"><i>CHF million,
          except where indicated</i></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="7"><FONT size="1">Institutional Clients</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="7"><FONT size="1">UBS Capital</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="7"><FONT size="1">Private Clients</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="7"><FONT size="1">UBS Warburg</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD colspan="7">
        <HR size="1" noshade>
      </TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD colspan="7">
        <HR size="1" noshade>
      </TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD colspan="7">
        <HR size="1" noshade>
      </TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD colspan="7">
        <HR size="1" noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>

<DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">For the year ended</FONT></DIV>
      </TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="1" color="#c66005">31.12.01</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="1">31.12.00</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="1" color="#c66005">31.12.01</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="1">31.12.00</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="1" color="#c66005">31.12.01</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="1">31.12.00</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="1" color="#c66005">31.12.01</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="1">31.12.00</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD colspan="33">
        <hr size="1" width=100% noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"> Income</FONT></DIV>
      </TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="1" color="#c66005">16,011</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="1">18,033</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="right"><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="1" color="#c66005">(868</font></b></TD>
      <TD nowrap><b><font size="1" color="#c66005">)</font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="1">368</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="1" color="#c66005">6,969</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="1">1,321</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="1" color="#c66005">21,349</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="1">19,590</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Credit
          loss expense</FONT></DIV>
      </TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="right"><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="1" color="#c66005">(112</font></b></TD>
      <TD nowrap><b><font size="1" color="#c66005">)</font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="right"><FONT size="1">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="1">(243</FONT></TD>
      <TD nowrap><FONT size="1">)</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="right"><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="1" color="#c66005">(18</font></b></TD>
      <TD nowrap><b><font size="1" color="#c66005">)</font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="right"><FONT size="1">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="1">(3</FONT></TD>
      <TD nowrap><FONT size="1">)</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="right"><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="1" color="#c66005">(130</font></b></TD>
      <TD nowrap><b><font size="1" color="#c66005">)</font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="right"><FONT size="1">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="1">(246</FONT></TD>
      <TD nowrap><FONT size="1">)</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD colspan="33">
        <hr size="1" width=100% noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"> Total
          operating income</FONT></DIV>
      </TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="1" color="#c66005">15,899</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="1">17,790</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="right"><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="1" color="#c66005">(868</font></b></TD>
      <TD nowrap><b><font size="1" color="#c66005">)</font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="1">368</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="1" color="#c66005">6,951</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="1">1,318</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="1" color="#c66005">21,219</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="1">19,344</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD colspan="33">
        <hr size="1" width=100% noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"> Personnel
          expenses</FONT></DIV>
      </TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="1" color="#c66005">8,339</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="1">9,284</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="1" color="#c66005">96</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="1">142</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="1" color="#c66005">5,080</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="1">1,106</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="1" color="#c66005">13,515</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="1">10,532</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">General
          and administrative expenses</FONT></DIV>
      </TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="1" color="#c66005">2,705</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="1">2,779</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="1" color="#c66005">66</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="1">49</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="1" color="#c66005">1,489</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="1">355</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="1" color="#c66005">4,260</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="1">3,183</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Depreciation</FONT></DIV>
      </TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="1" color="#c66005">454</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="1">555</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="1" color="#c66005">2</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="1">2</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="1" color="#c66005">124</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="1">42</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="1" color="#c66005">580</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="1">599</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Goodwill
          amortization</FONT></DIV>
      </TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="1" color="#c66005">145</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="1">149</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="1" color="#c66005">0</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="1">2</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="1" color="#c66005">0</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="1">1</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="1" color="#c66005">991</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="1">290</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD colspan="33">
        <hr size="1" width=100% noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"> Total
          operating expenses</FONT></DIV>
      </TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="1" color="#c66005">11,643</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="1">12,767</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="1" color="#c66005">164</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="1">195</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="1" color="#c66005">6,693</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="1">1,504</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="1" color="#c66005">19,346</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="1">14,604</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD colspan="33">
        <hr size="1" width=100% noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"> <b>Business
          Group performance before tax</b></FONT></DIV>
      </TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="1" color="#c66005">4,256</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><font size="1" color="#c66005">&nbsp;</font></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="1">5,023</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="right"><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="1" color="#c66005">(1,032</font></b></TD>
      <TD nowrap><b><font size="1" color="#c66005">)</font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="1">173</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="1" color="#c66005">258</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="right"><FONT size="1">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="1">(186</FONT></TD>
      <TD nowrap><FONT size="1">)</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="1" color="#c66005">1,873</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="1">4,740</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD colspan="33">
        <hr size="4" width=100% noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"> Cost/income
          ratio before goodwill(%)</FONT></DIV>
      </TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="1" color="#c66005">72</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="1">70</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="right"><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="1" color="#c66005">90</font></b></TD>

<TD nowrap valign="top"><b><font size="1" color="#c66005"><sup>1</sup></font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD nowrap align="right"><FONT size="1">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="1">105</FONT></TD>
      <TD nowrap valign="top"><FONT size="1"><sup>1</sup></FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="1" color="#c66005">86</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="1">73</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Net new
          money (CHF billion)</FONT></DIV>
      </TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="1" color="#c66005">36.0</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="1">15.2</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Invested
          assets (CHF billion)</FONT></DIV>
      </TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="1" color="#c66005">1</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="1">1</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="1" color="#c66005">782</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="1">773</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Headcount
          (full time equivalents)</FONT></DIV>
      </TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="1" color="#c66005">15,562</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="1">15,262</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="1" color="#c66005">128</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="1">129</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="1" color="#c66005">20,678</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="1">21,814</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="1" color="#c66005">36,368</font></b></TD>
      <TD><b><font size="1" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="1">37,205</FONT></TD>
      <TD><FONT size="1">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD colspan="33">
        <hr size="1" width=100% noshade>
      </TD>
    </TR>
  </TABLE>
</CENTER>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>(1)</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Excluding retention payments.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>Business</B>
</FONT>

<P><FONT size="2">UBS Warburg operates globally as a client-driven securities and investment
banking firm. For both its own corporate and institutional clients and the
individual clients of other parts of the UBS Group, UBS Warburg provides product
innovation, top-quality research and advice, and comprehensive access to the
world&#146;s capital markets.
</FONT>
<P align="left"><FONT size="2" color="#c66005"><B>Organization</B>
</FONT>

<P><FONT size="2">Since 1 January 2002, UBS Warburg has been organized into two business units:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">The Corporate and Institutional Clients business unit is one of the
leading global investment banking and securities firms, providing
products and advice to institutional and corporate clients.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">UBS Capital is responsible for the private equity investment of UBS and
third-party funds in a diverse global range of private companies.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">During 2001, the private clients business centered on UBS PaineWebber was also
reported as a business unit of UBS Warburg, and this is the financial
presentation shown here and in the Financial Report 2001. With effect from 1
January 2002, UBS PaineWebber became a separate Business Group within UBS, and
this will be the structure used for future financial reporting.
</FONT>
<P align="left"><font size="2">38</font>
<P align="right">
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="2"><B><font size="5">Corporate and Institutional Clients</font></B>
  </FONT>
<P><FONT size="2"><B>The global reach, breadth and diversification of our direct access to investors
is unique, and our relationship-enhancing technology is among the best in the
world.</B>
</FONT>
<P align="left"><FONT size="2"><B>Business</B>
</FONT>

<P><FONT size="2">UBS Warburg is one of the leading global investment banking and securities
firms. Its diverse heritage has shaped a business with a truly global client
base and culture.
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Our Corporate and Institutional Clients business unit provides
wholesale products and advisory services to a diversified client base worldwide. It has a significant corporate client financing and advisory business,
with particular strengths in advising on cross-border mergers and acquisitions
and the capital raising requirements of our global corporate and government
client base. Historically, among the leaders in corporate finance in Europe, we
have expanded our US capabilities considerably over the last 18&nbsp;months, leading
to increased market share and visibility. We are one of the top-ranked firms in
the world for institutional clients, with particular strengths in global
equities research and distribution and in originating, structuring and distributing fixed income cash and derivatives products.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS Warburg has a strong history of risk management skills across all
product areas, with integrated trading and risk management across cash and
derivative products, and a consolidated global view of risk across different
world regions. We leverage these skills to provide a broad array of risk
management products for our institutional and corporate clients.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Corporate and Institutional Clients also manages cash and collateral
trading and interest rate risks on behalf of the UBS Group and executes the vast
majority of securities, derivatives and foreign exchange transactions for UBS&#146;s
retail clients.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Corporate and Institutional Clients&#146; headquarters are in London and it
employs 15,562 people in over 30 countries throughout the world.
</FONT>
<P align="center"><FONT size="2"><IMG src="y58380p5838035.gif" alt="Bar Graph"> </FONT>
<P align="left"><FONT size="2" color="#c66005"><B>Organization</B>
</FONT>

<P><FONT size="2">We organize our business into three main business areas, distinguished by the
type of products and services offered and the nature of business risks:
Equities, Fixed Income and Foreign Exchange, and Corporate Finance. All
businesses are run on a global basis, with co-heads in place across each of the
business areas to provide leadership across our regions and product sectors.
</FONT>
<P align="left"><FONT size="2"><B>Legal structure</B>
</FONT>

<P><FONT size="2">UBS Warburg operates through branches and subsidiaries of UBS AG. Securities
activities in the US are conducted through UBS Warburg LLC, a registered
broker-dealer.
</FONT>
<P align="left"><FONT size="2" color="#c66005"><B>Clients</B>
</FONT>

<P><FONT size="2">Our client base is truly global and broad based, and our salespeople, research
analysts and investment bankers provide products and services to institutional
investors, intermediaries, banks, insurance companies, corporations, sovereign
governments and supranational organizations.
</FONT>
<P align="right"><font size="2">39</font>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><FONT size="2"><B>The Business Groups<BR>
UBS Warburg</B>
</FONT>
<P align="left"><FONT size="2"><B>Corporate and Institutional Clients</B> Operating income by client type
</FONT>

<CENTER>
  <TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
    <TR valign="bottom">
      <TD width="61%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="11"><FONT size="2">For the year ended</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD colspan="11">
        <HR size="1" noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><I>% of total</I></FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">31.12.01</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">31.12.00</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">31.12.99</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD colspan="13">
        <hr size="1" width=100% noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"> Investment
          Banking</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">23</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">23</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">23</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Securities
          revenue from corporate clients</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">5</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">5</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">5</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Institutional
          clients and markets</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">72</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">72</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">72</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD colspan="13">
        <hr size="1" width=100% noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"> Total</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">100</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">100</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">100</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD colspan="13">
        <hr size="1" width=100% noshade>
      </TD>
    </TR>
  </TABLE>
</CENTER>
<center><FONT size="2"><IMG src="y58380p5838036.gif" alt="Pie Chart">
</FONT></center>
<P align="left"><FONT size="2" color="#c66005"><B>Products and services</B>
</FONT>

<p><FONT size="2"><B>Equities</B>
</FONT>

<P><FONT size="2">Our Equities business area is a leading player in the secondary equity markets
and in equity, equity-linked and equity derivative products for the primary
markets. In 2001, we were a leading player in the primary markets as measured
by league tables, ranked 2<SUP>nd</SUP> in International Equities and in International
Equity Linked and were one of the top two distributors of equities globally and
the top ranked player in Europe. During the year we have rapidly expanded our
client penetration in the US, as measured by a leading private industry survey.
</FONT>
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Key products and services within Equities include:
</FONT>
<p>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">providing research about companies, industry sectors, geographic markets
and macro-economic trends to our corporate and institutional
clients.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">sales and trading of cash
equities, equity-linked products, equity
derivatives and equity structured products.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">structuring, originating, distributing and trading newly issued
equity, equity-linked and equity derivative products.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;We operate a multi-local model, with membership on over 87 different
stock exchanges in 31 countries and a local presence in 40 offices globally,
giving us enviable market access. We also have memberships of a wide range of
electronic exchange ventures, and UBS Warburg owns equity stakes in some of
these, including FXAll and Volbroker.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Our commitment to giving our clients the best possible access to the
world&#146;s equity markets is delivered through a team of 900 sales people and sales
traders, in 40 locations globally. They are supported by a focused account
management structure, in which continuous review and feedback from our
institutional clients covers all aspects of our performance including research,
sales, trading, execution and settlement.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Our equity research team supplies independent assessments of the
prospects of approximately 3,400 companies across diverse sectors worldwide,
representing about 90% of world market capitalization. With 600 professionals
worldwide, we now have the largest team of equity analysts at any firm,
according to Nelson Information&#146;s Investment Research Survey 2001.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Direct client contact is complemented by our leading edge technology and
e-commerce tools. We aim to use e-commerce to help enhance our clients&#146;
experience of UBS Warburg, using the internet and other technologies to empower
our clients, and offering direct access to our products and services via their
medium of choice. Technology allows us to intensify our relationship with our
clients, providing individualized content and automating routine tasks, allowing
our staff to concentrate on providing value added advice.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The merger with PaineWebber in November 2000 has transformed our US
equity franchise. The addition of a significant number of highly rated equity
research analysts, combined with access to the wealthy US private client base of
UBS PaineWebber have helped us to become one of the top five firms, by volume,
in trading equities on the New York Stock Exchange, as well as having one of
the fastest growing market shares in equity underwriting, up to 4.7% (ranked
7<SUP>th</SUP>) in 2001 from 1.0% (ranked 12<SUP>th</SUP>) in 2000. Our US equity research team
now numbers over 100 analysts making it the fifth largest in the US.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In Europe, we have regained a leadership position in primary issuance in
2001, combining our extensive knowledge of the international markets with strong
research and trading capabilities. Our strengths lie not only in the issuance
of ordinary shares, but, through our
</FONT>
<P align="left"><font size="2">40</font>
<P align="right">
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><FONT size="2">top-tier capabilities in equity-linked products including convertibles and
exchangeables, in our ability to lead manage the issuance of the most
appropriate products to meet our clients&#146; equity financing needs. We more than
doubled our market share internationally in 2001 and were the only firm to
increase market share in all regions. We improved our position in all products
and regions, converted the secondary franchise into primary solutions, and
generated a positive momentum that is the envy of our peer group.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;During 2001, UBS Warburg was widely recognized in industry awards,
receiving the following accolades from industry publications and peers:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Best Equity House of the Year according to The Banker Magazine in
September 2001.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">First for equity research in the Thomson Extel Pan-European Research
Survey, capturing 22 first places among 71 different industry-sector
awards.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Institutional Investor
Research rankings 1<SUP>st</SUP> for Global Sector
Teams, 4<SUP>th</SUP> in Europe, 2<SUP>nd</SUP> in All Asia ex-Japan (with the largest
increase in rankings) and 8<SUP>th</SUP> in the All American Research Team 2001
(improved from 17<SUP>th</SUP> in 2000).</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Best Broker for Execution in the Reuters UK Larger Company Survey, for
the fifth year running.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Most Improved Broker Award in the Reuters US Larger Companies Survey.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">First for Independent European Equity Research in Global Investor
Magazine.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">International Financial Review&#146;s European Equity House of the Year (and
Australian Equity House of the Year for the fifth consecutive year).</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;IFR praised UBS Warburg for &#147;consistently pushing back the boundaries of
what was considered feasible and for moving the Equity Capital Markets
industry forward in tough conditions. Time and again in 2001, UBS Warburg
showed how an equity house could draw on all its resources in atrocious market
conditions in order to win and execute mandates.&#148;
</FONT>
<P align="left"><FONT size="2"><B>Corporate finance</B>
</FONT>

<P><FONT size="2">The Corporate Finance business area provides a variety of advisory services
including mergers and acquisitions, strategic advisory and restructuring to
supranational, corporate and sovereign clients. It also provides primary capital
markets and global syndicated finance services, in cooperation with the
Equities and Fixed income and foreign exchange businesses. Products and services
include:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">mergers and acquisitions.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">equity and equity-linked capital offerings, initial public offerings
and other public and private equity offerings in conjunction with the
Equities business area.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">investment grade and high-yield debt offerings in conjunction with the
Fixed Income and Foreign Exchange business area.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">leveraged debt offerings in conjunction with the Fixed Income and
Foreign Exchange business area.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">structured finance.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;We were very active in all sectors in 2001, across all regions,
providing our expertise, knowledge and execution capabilities to help our key
clients in their ongoing strategic development. Just a few examples of the
deals included:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Vodafone, the leading global mobile phone operator used UBS Warburg for
all five transactions required for the USD 11.5&nbsp;billion takeover of
J-Tel. This further strengthens an already deep relationship where we
have been advising Vodafone on acquisitions for several years.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">De Beers of South Africa, a USD 19.3&nbsp;billion public to private
transaction, where we proved our familiarity with the highest levels of
complexity, and provided a USD 3&nbsp;billion underwritten loan commitment to assist the financing.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Allianz AG, one of the worlds leading insurance companies, used us as
their advisors on their EUR 24.2&nbsp;billion acquisition of Dresdner
Bank AG &#150; a testament to our creativity when it comes to problem solving.</FONT></TD>
</TR>
</TABLE>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;We have more than 2,600 corporate finance professionals worldwide,
providing top-quality strategic advice and capital markets execution to our key
clients globally.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Expansion of UBS Warburg&#146;s global corporate client franchise is one of
our key strategic goals. Over the last eighteen months, we have been actively
recruiting, gathering together some of the best professionals in the industry to
extend both our client reach and our execution capabilities. We have appointed
senior bankers and research professionals in Media, Telecoms, Technology,
General Industrials and Mergers and acquisitions, both in the US and
elsewhere, including
</FONT>
<P align="right"><font size="2">41</font>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><FONT size="2"><B>The Business Groups<BR>
UBS Warburg</B>
</FONT>
<P><FONT size="2">Ken Moelis, now head of our Corporate Finance business in the US. As a result of
these successes our Corporate Finance team in the US has almost doubled in size
since 1999.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Despite these investments, we do not expect immediate results. Gaining
new corporate finance business can involve very long lead times, but we are very
pleased at the progress that we have made during 2001, both in terms of league
table position and market share. The combination of our expanded corporate
finance and equities footprint in the US, giving us greater access to key
corporate executives, combined with our global reach and scale, has allowed us
to become involved in some of the largest and most complex deals in 2001,
helping us to achieve the highest fee pool market share growth of any leading
investment bank this year.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;We have established a longer term goal of achieving market share, on a
global basis, in excess of 5%, which effectively means a target of maintaining
a leading fee pool market share in Europe and Asia-Pacific and a top 5 position
in the Americas. We believe that the market share gains we have achieved this
year represent a solid foundation on our path to this goal, particularly against
a background of very challenging conditions this year for corporate finance,
with the combined effects of volatile markets and uncertain economic
conditions significantly reducing the overall levels of market activity and the
total fee pool.
</FONT>
<P align="left"><FONT size="2"><B>Fixed income and foreign exchange</B>
</FONT>

<P><FONT size="2">Our Fixed Income and Foreign Exchange business area operates across a broad
spectrum of products and markets, including government
</FONT>
<P align="center"><FONT size="2"><IMG src="y58380p5838037.gif" alt="Bar Graph"> </FONT>
<P><FONT size="2">and corporate bonds,
fixed income derivatives, mortgage backed securities, foreign exchange, cash and
collateral trading, principal finance and credit derivatives. For institutional
investor clients, we can provide access to the widest range of cash and
derivative products covering bonds, foreign exchange and other fixed income
products. Our global structuring capability combined with our distribution to
investor clients allows us to provide unique financing and hedging products to
issuing clients.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Our approach to specific products and markets varies. Where potential
for sufficient risk adjusted returns exist, we will seek market share
leadership in high-volume, liquid markets, using our client flow, capital and
economies of scale to generate returns. However there are certain high profile
fixed income markets where scale can only be gained at the expense of returns.
In these cases, we focus on earning higher margins in specialized products where
we can develop a position as a dominant global intermediary, leveraging our top
quality research, and our premier structuring, trading, distribution and
execution capabilities.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The prime example of this approach is in the most visible segments of
the global fixed income markets: the primary international and eurobond sectors.
We have always made a conscious decision to operate our businesses and
allocate resources based on profitability and not on pure league table
positions. So, while our league table positions have slipped in 2001 as compared
to 2000, we have recorded a record year in terms of revenues, with full year
revenues across all products increasing by 41%.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;While there are no definitive surveys or measures of market share in
the highly fragmented fixed income and foreign exchange markets, we continue to
win awards for the depth of our client coverage and technical expertise with
products:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">1<SUP>st</SUP> in Fixed Income Strategy
Research&nbsp;&#150; Institutional Investor Global
Survey.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">2<SUP>nd</SUP> Best overall
bank in FX Week Awards 2001, with 1<SUP>st</SUP> place
rankings in FX forwards, currency options and internet trading. We also
received the 1<sup>st</SUP> place ranking overall with corporate clients.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Best website in the euromoney.com 2001 internet awards for: FX Research
and Analytics, FX Options and Execution, Swaps, Medium Term Notes,
Euro-Commercial Paper and Fixed Income Analytics.</FONT></TD>
</TR>
</TABLE>
<P align="left"><font size="2">42</font>
<P align="right">
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="2"><B>Loan portfolio</B>
</FONT>

<P><FONT size="2">UBS took a strategic decision during 1998 to reduce the size of its
international loan portfolio, limiting exposures unless they directly supported
core client relationships. UBS continues to avoid engaging in substantial
balance-sheet-led earnings growth, with the result that the size of its
international loan portfolio has reduced considerably from the level recorded
in 1998. Despite this, we continue to support our core clients in their
financing needs. Risk/return considerations will be the paramount consideration
in determining balance sheet usage.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Corporate and Institutional Clients&#146; loan portfolio was CHF 61.2&nbsp;billion
at 31 December 2001. The Risk Analysis section on pages 61 to 76 contains an
in-depth review of UBS&#146;s credit portfolio and business, including a discussion
of its impaired and non-performing loans.
</FONT>

<P align="left"><FONT size="2" color="#c66005"><B>e-commerce capabilities</B>
</FONT>

<P><FONT size="2">UBS Warburg is among the leaders in the provision of innovative e-commerce and
technology solutions to institutional clients, using these to strengthen the
link between advisors and our clients. We will continue to expand and enhance
our web-based technology solutions, in order to simplify distribution of
information and execution, and provide individualized services, analytic
tools and transparency to our clients.
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Our e-commerce capabilities are based around our Client Portal, formerly
known as Investment Banking On-Line (IBOL). Through this single home page, our
clients have direct access to prices, research, trade ideas and analytical
tools through leading edge applications such as ResearchWeb &#150; our equity
research site, DealKey, an internet facility for managing equity and
equity-linked new issues, and CreditDelta, our credit portfolio management
product.
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The quality of our e-commerce sites has again been recognized by
industry awards in 2001. In the euromoney.com 2001 internet awards, UBS Warburg
won more awards than any other bank, including Best Site awards to: FX Research
and Analytics &#150; <I>FX Web</I>, FX Options and Execution &#150; <I>FX Option
Trader</I>, Swap &#150;
<I>LIBOR Derivatives Online</I>, Medium Term Notes &#150;
<I>MTNWeb</I>, Euro-commercial paper &#150; <I>ECPWeb</I> and Fixed
Income Analytics &#150; <I>CreditDelta</I>. The Extel European Research
Survey also ranked ResearchWeb as the number one Equity Research Website, as
voted by institutional clients.
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS Warburg sees technology as an enabling tool, allowing clients to
benefit from the expertise and skills of its advisors. While the pace of
technology development has not changed in 2001, we have focused on developing
e-commerce capabilities as core components of our products and services,
rather than as stand alone initiatives. Each business is continually seeking to
enhance products and distribution methods with one goal &#150; delivering the whole
of UBS Warburg effortlessly and seamlessly to our clients.
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Providing superior advice will be key to the Corporate and Institutional
Clients business unit&#146;s future success. UBS believes its e-commerce
initiatives enhance its ability to add value to clients, as well as allowing it
to extract value from the scale of its core business processes.
</FONT>
<P align="left"><FONT size="2" color="#c66005"><B>Energy trading</B>
</FONT>

<P><FONT size="2">Early in 2002, UBS Warburg established an energy trading unit, based on
Enron&#146;s wholesale electricity and natural gas trading operations, through a
licensing agreement that will give Enron an interest in the future income of our
new business. UBS Warburg has not agreed to assume any of Enron&#146;s past, current
or future liabilities, and started with an empty trading book.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Under the deal, UBS Warburg will use Enron&#146;s proprietary software
(including EnronOnline), some of its trading floors and its back office
equipment. We hare hired 650 former Enron employees, including 150 trading
professionals. The key members of Enron&#146;s electricity and natural gas trading
management team will join UBS, including Greg Whalley, who became President and
Chief Operating Officer of Enron in August 2001. The Enron team will be
supplemented by management and other staff transferred from existing UBS
businesses.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Despite the recent interruption of Enron&#146;s trading businesses, we expect
that the combination of Enron&#146;s existing technology and personnel together
with the risk management skills and financial strength of UBS Warburg will prove
attractive to Enron&#146;s former clients and trading partners. Prior to its
collapse, Enron was the undisputed leader in this market, with a reputation
for trading innovation and the excellence of its technology. We believe that the
talent and expertise of the team will continue to be per-
</FONT>
<P align="right"><font size="2">43</font>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="2"><B>The Business Groups<BR>
UBS Warburg</B>
</FONT>

<P><FONT size="2">ceived as the market&#146;s best, recovering past relationships and attracting new
clients.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;We see this as a great opportunity for UBS Warburg to leverage its risk
management skills and trusted capital strength in an area in which market risk
is largely uncorrelated to market risk in our other trading operations. It will
take time to establish ourselves in this business, but we are confident that the
combination of UBS Warburg with the technology and staff of the Enron trading
operations will prove highly successful.
</FONT>
<P align="left"><FONT size="2" color="#c66005"><B>Strategic opportunities</B>
</FONT>

<P><FONT size="2">UBS Warburg is one of the few truly global content and advice providers for
institutional clients, with a full range of products. The international reach,
breadth and diversification of its direct access to investors is best-in-class.
We believe that markets will continue to be difficult until the second half of
2002 at the earliest, which will have a short term negative impact, particularly
on our equity and corporate finance businesses. Nonetheless, we are confident
that as recent new hires build their productivity, and as the momentum we have
built in European and US markets pays dividends, we will continue to gain market
share across all businesses, products and regions in 2002.
</FONT>
<P align="left"><FONT size="2"><B>Industry trends and competitive positioning</B>
</FONT>

<P><FONT size="2">We continue to show a significantly improved competitive position in both the
corporate client segment and with institutional clients. Our market share in
virtually all markets has improved and although we have not yet broken in to the
top 5 in the corporate finance fee markets, we are a solid top 3 institutional
player and have demonstrated strong momentum this year.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Our profits and cost/income ratio were hurt by the weaker revenue
opportunities as 2001 progressed, but our overall costs are down and are tightly
controlled. We are increasingly competitive and well positioned to take full
advantage of any market improvements.
</FONT>
<P align="left"><FONT size="2"><B>Expansion of Corporate finance</B>
</FONT>

<P><FONT size="2">The merger with PaineWebber has positioned UBS Warburg as an employer of choice
in the key US market by further demonstrating UBS Group&#146;s commitment to the
worlds largest market and establishing a solid platform from which to build.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;During the latter part of 2000 and continuing throughout 2001, we took
advantage of our enhanced credibility as an employer, and the dislocation in
labor markets through various mergers within our industry, to hire key
experienced and talented individuals and small teams in corporate finance.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;We have focused on specific sectors where there is a substantial current
fee pool, as well as sectors where we believe there are significant
opportunities in the future. Our hiring efforts have been mainly centered on the
development of industry-leading franchises in several key sectors, including
Consumer Products, Energy and Power, Healthcare, Wireless, Media and
Industrials. We also intend to build on our existing franchise in the
Financial Institutions sector.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Building our franchise in this way will not result in overnight success. We
expect it to take
</FONT>
<P align="left"><FONT size="2"><B><HR size="1" width="100%" noshade></B>
</FONT>

<P align="left"><font size="4">Structure of the Enron deal </font>
<P><FONT size="2">Under the agreement, UBS Warburg receives an exclusive license for ten years for
the North American natural gas and electricity trading systems and a
non-exclusive license for its systems in the rest of the world and for trading
any other commodity or financial instrument globally. There will be no initial
cash payment&nbsp;&#150; all payments will take the form of royalties, based on future
pre-tax income. Through the exercise of call options, UBS Warburg has the
possibility to acquire all rights to the business (each call option would allow
UBS Warburg to buy a third of Enron&#146;s retained interest). If we exercise no
calls after ten years and three months, our exclusive license for the North
American gas and power trading operations will convert into a non-exclusive
license and Enron will have the right to offer the intellectual property for
trading gas and power in North America on a non-exclusive basis to other
parties.
</FONT>
<P align="left"><font size="2">44</font>
<P align="right">
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><FONT size="2">two or three years for the new hires we have made and the new teams we are
building to reach full productivity and generate substantial returns. Despite
this, we have already achieved significant results, dramatically improving our
corporate finance rankings compared to 2000. Using Freeman &#038; Co data as a
reasonable proxy for improvement in competitive positioning, we have clearly
started building positive momentum with corporate clients in the Americas and
are one of the few among our competitors to have increased absolute fee revenues in the Americas in 2001. However, we recognize the need to continue to
build our franchise, hiring bankers and research analysts with significant
expertise and client relationships.
</FONT>
<P align="left"><FONT size="2"><B>Expansion in secondary markets in the US</B>
</FONT>

<P><FONT size="2">We aim to build a secondary markets franchise in the US that is similar in depth
and breadth to our leading European and Asia Pacific businesses. As a result
of the boost to our franchise from the integration of UBS PaineWebber, we now
rank strongly in equity research and have more than doubled our US secondary
equity market share, although we remain some way behind the market share we
enjoy in Europe.
</FONT>
<P align="right"><font size="2">45</font>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><FONT size="2"><B>The Business Groups<BR>
UBS Warburg</B>
</FONT>
<P align="left"><FONT size="2"><B><font size="5">UBS Capital</font></B> </FONT>
<P><FONT size="2"><B>UBS Capital will focus on managing its existing portfolio and selectively
investing in core sectors and industries where we can leverage our capabilities
and experience.</B>
</FONT>
<P align="left"><FONT size="2"><B>Business</B>
</FONT>

<P><FONT size="2">In July 2001, we announced the postponement of plans to spin off UBS Capital to
an affiliated status given the difficult market conditions for the private
equity asset class. Since then, results at UBS Capital have continued to
disappoint, as further deterioration of the economic climate has forced the
postponement of planned divestments and led to continued degradation of value in
parts of the portfolio.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;During this period, we carefully considered the strategic future of UBS
Capital in the light of the market environment, shifts in the structure of the
private equity industry and our current assessment of the long-term
opportunities for UBS Group. Although we are still undergoing a detailed review
of the prospects for continued investments in some limited sectors, we expect
that, consistent with our overall focus on advisory services, UBS will now
concentrate on the management of its existing portfolio of investments, on
enhancing our capabilities in private equity asset management, and restricting
the level of our direct investments as principal.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;New investments by UBS and its clients in UBS Capital funds will be limited
to those sectors and regions with the strongest performance track record, and
where UBS has the greatest competitive strengths, management depth and industry
knowledge.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS Capital&#146;s portfolio outside these strongest performing sectors and
regions will be managed down by a team of proven and experienced investment
managers over a period of several years to reduce UBS&#146;s exposure without
unnecessary sacrifice of fair value.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In the short-term, divestment opportunities remain highly restricted, and the
future development of the portfolio will depend on the performance of the
portfolio companies, the resumption of more normal levels of capital market
activity, as well as the general outlook for company valuations.
</FONT>
<P align="left"><FONT size="2" color="#c66005"><B>Investment portfolio</B>
</FONT>

<P><FONT size="2">UBS Capital had a total investment portfolio of CHF 5.0&nbsp;billion at 31 December
2001, defined as historic cost of investments made, less divestments and
permanent impairments. The fair value of the portfolio at the same date was CHF
5.6&nbsp;billion.
</FONT>
<P align="center"><FONT size="2"><IMG src="y58380p5838038.gif" alt="Bar Graph"> </FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;At 31 December 2001, approximately 68% of the investment portfolio was three
years old or less. Generally, investments are sold, and operating income
recognized, between the third and the sixth year after the initial investment.
</FONT>
<P align="left"><FONT size="2" color="#c66005"><B>Organization</B>
</FONT>

<P><FONT size="2">UBS Capital is structured on both a regional and sector basis. Given our revised
approach, we now focus our efforts on ongoing management of our portfolio, and
evaluating opportunities to exit investments which are appropriate to market
conditions, the strategic positioning of the operating company and a
satisfactory return for UBS and other investors. In considering any new
</FONT>
<P align="left"><font size="2">46</font>
<P align="right">
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="2"><B>UBS Capital investment
portfolio</B><BR>
Aging (based on date of initial investment)
</FONT>

<CENTER>
  <TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
    <TR valign="bottom">
      <TD width="34%"></TD>
      <TD width="5%"></TD>
      <TD width="8%"></TD>
      <TD width="1%"></TD>
      <TD width="8%"></TD>
      <TD width="5%"></TD>
      <TD width="8%"></TD>
      <TD width="1%"></TD>
      <TD width="8%"></TD>
      <TD width="5%"></TD>
      <TD width="8%"></TD>
      <TD width="1%"></TD>
      <TD width="8%"></TD>
    </TR>
    <TR valign="bottom">
      <TD nowrap align="center">
        <div align="left"><FONT size="2"></FONT></div>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="11"><FONT size="2">As at
</FONT></TD>
    </TR>

   <TR valign="top">
      <TD nowrap align="center">&nbsp; </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD colspan="11">
        <HR size="1" noshade>
      </TD>
    </TR>
    <TR>
      <TD nowrap align="center">
        <div align="left"><FONT size="2"><I>CHF million<SUP>1</SUP></I></FONT></div>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><b><font size="2" color="#c66005">31.12.01</font></b></TD>
      <TD><b><FONT size="2">&nbsp;</FONT></b></TD>
      <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
      <TD><b><FONT size="2">&nbsp;</FONT></b></TD>
      <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD nowrap align="center" colspan="13">
        <HR size="1" width="100%" noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">pre-1994</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">85</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">65</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">89</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1994</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">190</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">253</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">200</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1995</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">214</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">272</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">308</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1996</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">202</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">166</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">204</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1997</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">207</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">520</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">496</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1998</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">722</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">842</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">718</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1999</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">1,123</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">1,490</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">978</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2000</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">1,781</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">1,941</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">487</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD colspan="13">
        <hr size="1" width=100% noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"> Total</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">5,011</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">5,549</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">2,993</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD colspan="13">
        <hr size="4" width=100% noshade>
      </TD>
    </TR>
  </TABLE>
</CENTER>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD nowrap colspan="3"><FONT size="1"><sup>1</sup>All amounts are Investment, defined as cost less disposals and permanent impairments.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2"><B>UBS Capital investment portfolio</B><BR>
Geographic region (by headquarters of investee)
</FONT>
<CENTER>
  <TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
    <TR valign="bottom">
      <TD width="46%"></TD>
      <TD width="5%"></TD>
      <TD width="6%"></TD>
      <TD width="1%"></TD>
      <TD width="6%"></TD>
      <TD width="5%"></TD>
      <TD width="6%"></TD>
      <TD width="1%"></TD>
      <TD width="6%"></TD>
      <TD width="5%"></TD>
      <TD width="6%"></TD>
      <TD width="1%"></TD>
      <TD width="6%"></TD>
    </TR>
    <TR valign="bottom">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="11"><FONT size="2">As at</FONT></TD>
    </TR>
    <TR valign="top">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD colspan="11">
        <HR size="1" noshade>
      </TD>
    </TR>
    <TR>
      <TD nowrap align="center">
        <div align="left"><FONT size="2"><I>CHF million<SUP>1</SUP></I></FONT></div>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><b><font size="2" color="#c66005">31.12.01</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD nowrap align="center" colspan="13">
        <hr size="1" width=100% noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">North
          America</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">2,134</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">2,356</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">1,389</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Europe</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">339</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">382</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">217</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Latin-America</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">2,018</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">2,333</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">1,153</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Asia-Pacific</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">520</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">478</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">234</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD colspan="13">
        <hr size="1" width=100% noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"> Total</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">5,011</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">5,549</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">2,993</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD colspan="13">
        <hr size="4" width=100% noshade>
      </TD>
    </TR>
  </TABLE>
</CENTER>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD nowrap colspan="3"><FONT size="1"><sup>1</sup>All amounts are Investment, defined as cost less disposals and permanent
impairments.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2"><B>UBS Capital investment portfolio</B><BR>
Industry sector (based on industry classification codes)
</FONT>
<CENTER>
  <TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
    <TR valign="bottom">
      <TD width="49%"></TD>
      <TD width="5%"></TD>
      <TD width="1%"></TD>
      <TD width="1%"></TD>
      <TD width="2%"></TD>
      <TD width="5%"></TD>
      <TD width="1%"></TD>
      <TD width="1%"></TD>
      <TD width="1%"></TD>
      <TD width="5%"></TD>
      <TD width="1%"></TD>
      <TD width="1%"></TD>
      <TD width="2%"></TD>
      <TD width="5%"></TD>
      <TD width="1%"></TD>
      <TD width="1%"></TD>
      <TD width="1%"></TD>
      <TD width="5%"></TD>
      <TD width="1%"></TD>
      <TD width="1%"></TD>
      <TD width="2%"></TD>
      <TD width="5%"></TD>
      <TD width="1%"></TD>
      <TD width="1%"></TD>
      <TD width="1%"></TD>
    </TR>
    <TR valign="bottom">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="23"><FONT size="2">As at</FONT></TD>
    </TR>
    <TR valign="top">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD colspan="23">
        <HR size="1" noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><b><font size="2" color="#c66005">%
        of</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="2">% of</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="2">% of</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD nowrap align="center">
        <div align="left"><FONT size="2"><i>CHF million<SUP>1</SUP></i></FONT></div>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><b><font size="2" color="#c66005">31.12.01</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><b><font size="2" color="#c66005">Portfolio</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="2">Portfolio</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="2">Portfolio</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD nowrap align="center" colspan="25">
        <hr size="1" width=100% noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Consumer
          related</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">773</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">15</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">1,023</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">18</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">610</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">20</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Transportation</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">522</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">10</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">640</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">12</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">605</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">20</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Communications</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">414</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">8</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">380</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">7</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">326</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">11</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Computer
          related</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">833</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">17</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">819</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">15</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">282</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">9</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Energy</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">152</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">3</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">190</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">3</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">167</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">6</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other
          electronics related</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">247</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">5</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">247</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">4</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">38</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">1</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other
          Manufacturing</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">94</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">2</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">106</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">2</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">45</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">2</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Chemicals
          and materials</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">54</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">2</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">106</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">2</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">23</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">1</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Industrial
          products and services</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">1,360</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">27</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">1,361</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">25</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">635</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">21</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Others</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">562</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">11</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">677</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">12</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">262</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">9</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD colspan="25">
        <hr size="1" width=100% noshade>
      </TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">

          Total</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">5,011</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">100</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">5,549</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">100</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">2,993</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">100</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD colspan="25">
        <hr size="4" width=100% noshade>
      </TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
  </TABLE>
</CENTER>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD colspan="3" nowrap><FONT size="1"><sup>1</sup>All amounts are Investment, defined as cost less disposals and permanent
impairments.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2"><SUP>investments we will aim to exploit the specific skills of our most successful
teams, and draw on the resources and strengths of the Group.</SUP>
</FONT>
<P align="left"><FONT size="2" color="#c66005"><B>Investment process</B>
</FONT>

<P><FONT size="2">UBS Capital concentrates on late-stage investments, believing that these have
a better chance of producing superior risk-adjusted returns. At 31 December
2001, 86% of the book value of UBS Capital&#146;s investments was late-stage at the
time of investment.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Investment opportunities have originated from a variety of sources, including
referrals from UBS Switzerland and UBS Warburg. UBS Capital&#146;s investment policy
concentrates on five aims:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">negotiate an attractive entry price.</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">increase the company&#146;s efficiency.</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">implement a sales growth strategy.</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">repay company debt and reduce leverage.</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">achieve an exit at a higher multiple of earnings than the entry price.</FONT></TD>
</TR>
</TABLE>
<P align="right"><font size="2">47</font>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><FONT size="2"><B>The Business Groups<BR>
UBS Warburg</B>
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Where appropriate, UBS Capital aims to provide a broader depth of resources
and experience to the management teams of these companies to allow them to
develop their businesses over the medium term (three to six years) in order to
optimize their performance. UBS Capital&#146;s exit strategies for the businesses
include direct sales to strategic buyers, initial public offerings, leveraged
recapitalizations and sales to other financial sponsors.
</FONT>
<P align="left"><FONT size="2" color="#c66005"><B>Strategic opportunities</B>
</FONT>

<P align="left"><FONT size="2"><B>Private equity funds</B>
</FONT>

<P><FONT size="2">An established strategic goal of UBS Capital has been to develop best-of-breed
alternative investments for the private clients of UBS Group. We will
therefore leverage our knowledge of the industry, its dynamics and its key
players to provide a screen selection of best-of-breed providers and advise
institutional clients on third party private equity investments.
</FONT>
<P align="left"><font size="2">48</font>
<P align="right">
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="2"><B><font size="5">Private Clients (UBS Paine Webber)</font></B>
  </FONT>
<P align="left"><FONT size="2"><b>UBS PaineWebber &#151; providing sophisticated
  wealth management services to affluent clients in the US. </b></FONT>
<P align="center"><FONT size="2"><IMG src="y58380p5838039.gif" alt="Photo"> </FONT>
<P><FONT size="2">During 2001, Private Clients was a business unit of UBS Warburg, which is how it
is presented in this Handbook and how its results are reported in the Financial
Report 2001. On 1 January 2002, the Private Clients business unit was renamed
UBS PaineWebber and became a separate Business Group within UBS. Future financial reporting will follow this new structure.
</FONT>
<P align="left"><FONT size="2" color="#c66005"><B>Business</B>
</FONT>

<P><FONT size="2">Operating under the brand name UBS PaineWebber, Private Clients is the fourth
largest private client business in the US, with one of the most affluent client
bases in the industry. Its 8,870 financial advisors provide a full range of
wealth management services to some 2.5&nbsp;million wealthy households in America.
Its focus is on households with investable assets in excess of USD 500,000, the
segment with the largest, fastest growing pool of assets in the US. Private
Clients also has operations in Japan and Australia, although these represent a
small percentage of its overall business.
</FONT>
<P align="left"><FONT size="2" color="#c66005"><B>Organization</B>
</FONT>

<P><FONT size="2">The primary business area within UBS PaineWebber is the Private Clients Group,
serving wealthy clients in the US. In addition, specialist products areas
include Corporate Employee Financial Services, which provides stock option and
stock purchase programs to corporations and employees in the US, and Transaction
Services, which provides prime brokerage and securities lending to major US
and international investment firms, and execution and clearing services to
correspondent broker-dealers across the US, leveraging UBS PaineWebber&#146;s
infrastructure and skills.
</FONT>
<P align="left"><FONT size="2"><B>Legal Structure</B>
</FONT>

<P><FONT size="2">UBS PaineWebber operates through branches and subsidiaries of UBS AG. Securities
activities in the US are conducted through UBS PaineWebber Inc., a registered
broker-dealer.
</FONT>
<P align="left"><FONT size="2" color="#c66005"><B>Clients and marketing</B>
</FONT>

<P><FONT size="2">UBS PaineWebber financial advisors are key to its client relationships,
supported, but never replaced, by its top class online services. Financial
advisors build and maintain strong relationships with their clients, taking the
time to understand their financial objectives and risk appetite, in order to
help them select the specific products and services they need. They also form
the front-line in client acquisition, responsible for developing relationships
with prospective investors and converting them into UBS PaineWebber clients. UBS
PaineWebber&#146;s financial advisors are based in 385 offices across the US, with
representation in every major region.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Each year, UBS PaineWebber recruits on average 1,800 financial advisors,
both experienced professionals and new entrants to the industry. All new brokers
undergo a rigorous training program which is designed to provide them with the
necessary financial planning, analysis, client management, legal and compliance
training for dealing with our clients. The training program is a continuous
process and does not end when the broker enters a branch office. In fact it is
key to the development of our relationships with our clients and to retaining
our brokers: broker turnover has been maintained at 8% over the last five years,
and the average length of service is nine years.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Financial advisors&#146; individual efforts are backed up by sophisticated and
long-running marketing and advertising campaigns, featuring the long famous
tag-line &#147;Thank you, PaineWebber&#148;, and now its revised version &#147;UBS PaineWebber,
Thank you&#148;, reflecting the introduction in March 2001 of the new brand, UBS
PaineWebber. The new name is designed to underscore UBS and PaineWebber&#146;s
complemen-
</FONT>
<P align="right"><font size="2">49</font>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><FONT size="2"><B>The Business Groups<BR>
UBS Warburg</B>
</FONT>

<P><FONT size="2">tary strengths and to reinforce the benefits of the merger to clients, financial
advisors and other employees.
</FONT>

<P align="left"><FONT size="2" color="#c66005"><B>Products and Services</B>
</FONT>
<DIV align="left"><FONT size="2">UBS PaineWebber provides a full range of wealth management services, including:
</FONT></DIV>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">financial planning and wealth management consulting.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">asset-based and advisory services such as discretionary and
non-discretionary portfolio management, money market accounts, loans and
fiduciary products.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">transaction-based services, such as securities brokerage.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;It covers the full range of products available to private clients, including
purchase and sale of securities, option contracts, commodity and financial
futures contracts, fixed income instruments, mutual funds, trusts, wrap-fee
products, alternative investments and selected insurance products.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS PaineWebber&#146;s financial advisors are backed up by comprehensive online
capabilities, centered on UBS PaineWebber Online Services. Launched in 1997,
this now reaches 525,000 client households, representing more than USD 254
billion in invested assets at year-end 2001. The system provides a wealth of
information and analysis to each client, about their accounts, and the markets
and stocks they might want to invest in, and gives them a convenient means to
keep in touch with his or her financial advisor. It also provides a range of
trading, bill payment and other transactional tools. Each client and their
client advisor has the opportunity to customize these services, extending the
advisory relationship online, and empowering the client to make more confident
decisions.
</FONT>

<P align="left"><FONT size="2" color="#c66005"><B>Strategic opportunities</B>
</FONT>

<DIV align="left"><FONT size="2">UBS PaineWebber remains clearly focused on increasing its market share of US
household financial assets, taking advantage of the additional capabilities
and balance sheet strength that the merger with UBS has brought, by leveraging
Private Clients broad domestic distribution capabilities, and building the
strength of the new UBS PaineWebber brand.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Industry trends and competitive positioning</B>
</FONT>

<DIV align="left"><FONT size="2">UBS PaineWebber faces increasing
pressures from a diverse set of competitive categories. All of our key
competitors are aggressively battling for share of the affluent investor market
and are deploying new marketing strategies to acquire new customers and develop
their existing client relationships.
</FONT></DIV>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;We believe we understand the goals and needs of core affluent investors and
believe those needs are best met within the framework of the financial advisor
relationship. UBS PaineWebber is distinguished by its personal approach to
client relationships, placing the financial advisor at the forefront of all
interactions with the client. Among core affluent investors, we have developed
the following key capabilities:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">National network of core affluent-focused financial advisors allowing
us to develop and maintain local, personalized client relationships.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">A strong US brand name, which builds trust with our clients, is now
backed up by the international resources and capital strength of UBS.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">A long commitment to, and understanding of, the benefits for our clients
of a truly open product architecture providing screened selections of
the best products available in the market.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Innovative investment products giving us comprehensive financial
solutions.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">A unique approach and process for the affluent providing unbiased
investment advice.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Leveraging technology to develop an interactive client/advisor
relationship.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>PACE and ACCESS</B>
</FONT>

<DIV align="left"><FONT size="2">UBS PaineWebber continues to meet the core affluent clients&#146; needs for a broad
palette of advisory and discretionary account services. Two leading &#147;wrap fee&#148;
products developed by UBS PaineWebber are PACE and ACCESS. Under both of these
accounts, which are distributed by the UBS PaineWebber financial advisor
network, the client is charged a fee based on the amount of assets managed as
opposed to any commission or transaction charges.
</FONT></DIV>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">ACCESS combines the money management expertise of third-party
professional investment managers with personal guidance by the UBS
financial advisor. The managers selected to participate in the ACCESS
program are some of the most prestigious in the industry and count among
their clients many large </FONT></TD>
</TR>
</TABLE>
<P align="left"><font size="2">50</font>
<P align="right">
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2"><FONT size="2">&nbsp;</FONT></FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">pension funds, foundations, endowments and wealthy individuals. UBS
PaineWebber clients may invest in ACCESS with a minimum investment of
USD 100,000.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">PACE (Personalized Asset Consulting and Evaluation) incorporates the
consulting process into a single, comprehensive service that includes
access to hundreds of no-load, load-waived and low-load mutual funds
managed by some of the world&#146;s leading investment management
companies. The client is guided through a personal evaluation of
investment needs to determine the correct risk profile and investment
mix.</FONT></TD>
</TR>
</TABLE>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;While these products meet client needs for fee-based products, wrap products
also help UBS PaineWebber to enhance its revenue stream, by expanding recurring
fees which are not-related to the volume of transactions carried out, and so are
less sensitive to changes in market sentiment.
</FONT>

<P align="left"><FONT size="2"><B>Products from UBS Group</B>
</FONT>

<P><FONT size="2">UBS PaineWebber continues to benefit from UBS&#146;s strong balance sheet and product
expertise, making new structured products available to its clients.
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;One example of these is
GOALS, equity-linked securities created by UBS
Warburg that combine a bond with a short put option on a specific stock. An
entirely new kind of investment product for UBS PaineWebber, GOALS were
developed using UBS Warburg&#146;s expertise in packaging structured products for
private clients, and rely on the UBS Group&#146;s rating and capital strength for the
credit element of the product. Combined with its equity derivative features,
this was a product that PaineWebber could not have originated before joining the
UBS Group, and UBS Warburg could not have distributed in the US.
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS PaineWebber distributed 12 different GOALs and GOALs&#043; issues to its
clients during 2001, together with several other issues of other structured
securities such as BULS and FORENS.
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;During early 2002, we plan to roll-out a series of new secured lending
products. Our financial advisors will be able to offer UBS PaineWebber branded
liquidity solutions such as fixed and variable rate non-purpose loans as well as
residential mortgages to their individual clients, increasing our ability to
meet the wider financial needs of our clients.
</FONT>

<P align="left"><FONT size="2"><B>Corporate Employee Financial Services</B>
</FONT>

<P><FONT size="2">Over the last few years, UBS PaineWebber&#146;s Corporate Employee Financial Services
(CEFS)&nbsp;business has established a strong franchise in the delivery of Stock
Option Processing services for S&#038;P 500 companies with broad based plan participation. UBS PaineWebber provides services to over 500,000 active employee
share plan participants with &#147;in the money value&#148; of unexercised options of
over USD 40&nbsp;billion. As well as a good business in its own right, CEFS acts as
an important asset-gathering tool. By providing a high service relationship with
the employees prior to the execution of the options, we aim to encourage them to
invest their option proceeds through UBS PaineWebber. We operate a dedicated
network of specially selected and trained financial advisors who offer a suite
of advisory and educational services to our clients&#146; employees. Through this
network we can maintain our market position as the best full service provider
for corporations, while building a book of prequalified high net worth
clients.
</FONT>
<P align="right"><font size="2">51</font>
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<P><FONT size="2"><B>The Business Groups<BR>
Corporate Center</B>
</FONT>

<P><B><font size="5">Corporate Center</font></B>
<P><FONT size="2"><B>Our Business Groups are managed together to optimize shareholder value making
the whole worth more than the sum of the parts.</B>
</FONT>
<CENTER>
  <TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
    <TR valign="bottom">
      <TD width="74%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD nowrap align="center">
        <div align="left"><FONT size="2"><B>Business Group Reporting adjusted
          for significant financial events</B></FONT></div>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD nowrap align="center">&nbsp; </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="7"><FONT size="2">Corporate Center</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD><FONT size="2"><I>CHF million</I></FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD colspan="7">
        <HR size="1" noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">For the year ended</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">31.12.01</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">31.12.00</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD colspan="9">
        <hr size="1" noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"> Income</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">678</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">358</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Credit
          loss recovery</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">236</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">1,161</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD colspan="9">
        <hr size="1" noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"> <b>Total
          operating income</b></FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">914</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">1,519</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD colspan="9">
        <hr size="1" noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"> Personnel
          expenses</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">546</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">490</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">General
          and administrative expenses</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">207</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">281</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Depreciation</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">372</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">320</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Amortization
          of goodwill and other intangible assets</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">25</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">44</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD colspan="9">
        <hr size="1" noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"> <b>Total
          operating expenses</b></FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">1,150</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">1,135</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD colspan="9">
        <hr size="1" noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"> <b>Business
          Group performance before tax</b></FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="right"><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">(236</font></b></TD>
      <TD nowrap><b><font size="2" color="#c66005">)</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">384</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD colspan="9">
        <hr size="1" noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"> Headcount
          (full time equivalents)</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">1,132</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">986</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD colspan="9">
        <hr size="1" noshade>
      </TD>
    </TR>
  </TABLE>
</CENTER>
<P align="left"><FONT size="2" color="#c66005"><B>Aims and objectives</B>
</FONT>

<P><FONT size="2">UBS&#146;s commitment to an integrated business model remains as strong as ever. UBS
is not merely a holding company. It is a portfolio of complementary businesses,
managed together for optimal shareholder value, where the whole is worth more
than the sum of its parts.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS&#146;s Business Groups are accountable for their results and enjoy
considerable autonomy in pursuing their business objectives hence the need for
a strong Corporate Center, with the mission to maximize sustainable shareholder
value by coordinating the activities of the Business Groups. It aims to ensure
that they operate as a coherent and effective Group with a common set of values
and principles. To perform its role, Corporate Center avoids ownership of
processes wherever possible, but instead establishes standards and principles,
thereby minimizing its own staffing levels.
</FONT>
<P align="left"><FONT size="2" color="#c66005"><B>Key functions</B>
</FONT>

<P align="left"><FONT size="2"><B>Finance and Risk management and control</B>
</FONT>

<P><FONT size="2">Corporate Center includes the Group&#146;s
accounting, tax, treasury and risk management and control functions. These
teams are responsible for safeguarding UBS&#146;s long-term financial stability by
maintaining an appropriate balance between risk and rewards, so that the Group
is competitively positioned in growing market places with an optimal business
model and adequate resources.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Further details of risk management and control policies and Treasury
activities can be found in the Risk Management and Control, Regulators and
Supervision and Group Treasury sections of this Handbook.
</FONT>
<P align="left"><FONT size="2"><B>Group Controlling</B>
</FONT>

<P><FONT size="2">Group Controlling is responsible for devising and implementing integrated and
consistent
</FONT>
<P align="left"><font size="2">52</font>
<P align="right">
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<P><FONT size="2">financial control and accounting processes throughout the Group, in order to
produce the Group&#146;s regulatory, financial and management accounts.
</FONT>
<P align="left"><FONT size="2"><B>Group Communications and
Marketing</B><BR>
The Group Communications and Marketing function is responsible for the effective
communication of our strategy, values and results to employees, clients,
investors, media and the public, and for building the UBS brand worldwide.
</FONT>
<P align="left"><FONT size="2"><B>Group Human Resources</B><BR>
Group Human Resources&#146; mission is to make UBS a global employer of choice, able
to attract, develop, motivate and retain top talent by establishing standards,
principles and procedures for performance evaluation, compensation and ben-
efits, graduate and professional recruitment, training and development.
</FONT>
<P align="left"><FONT size="2"><B>Legal</B><BR>
Legal protects UBS&#146;s reputation by managing its legal affairs and coordinating
the activities of Business Group legal departments.
</FONT>

<P align="right"><font size="2">53</font>
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<P align="left">
<IMG src="y58380p5838040.gif">

<P align="left"><FONT size="2">54</FONT>


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<P align="left">
<IMG src="y58380p5838041.gif">


<P align="right"><FONT size="2">55</FONT>

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<P align="left"><FONT size="2"><B>Capital and Risk Management<BR>
Risk Management and Control</B>
</FONT>

<P align="left"><FONT size="5">Risk Management and Control
</FONT>

<P align="left"><FONT size="2" color="#7F7F7F"><B>Risk is an integral part of all our activities. Excellence in risk management
and control is a key success factor and therefore requires everyone&#146;s commitment
within our organization.</B>
</FONT>

<P align="left"><FONT size="2" color="#c66005"><B>Risk management and control principles</B>
</FONT>

<DIV align="left"><FONT size="2">UBS&#146;s approach to risk management and control
has evolved over a number of years, and is documented in the Group&#146;s Risk Management and
Control Principles, which lay the foundations on
which UBS builds its risk culture and risk process:
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Business Management Accountability</I>: The
management of each business throughout UBS is
responsible for the risks assumed in its business
and for the continuous and active management
of all risk exposures, so that risk and return are
balanced.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Independent Controls</I>: An independent control process is implemented when required by the
nature of the inherent risks and the fundamental
incentive structure of the business processes. The
control functions are responsible for providing
an independent and objective check on risk taking activities to safeguard the integrity of the
entire risk management and control process.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Risk Disclosure</I>: Comprehensive, transparent
and objective risk reporting and disclosure to
senior management and to shareholders is the
cornerstone of the risk control process.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Earnings Protection</I>: Operating limits are set
to quantify risk appetite and allocated among
business lines to control normal periodic
adverse results, in an attempt to limit such losses relative to the potential profit of each business.
The Group&#146;s risk capacity is expressed
through stress loss limits with the aim of protecting UBS from unacceptable damage to our
annual earnings capacity, our dividend paying
ability and, ultimately, our reputation and ongoing business viability.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Reputation Protection</I>:Failure to manage and
control any of the risks incurred in the course of
our business could result in damage to UBS&#146;s reputation. For this reason:
</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width="99%"><FONT size="2">We continue to develop potential stress loss
measures for credit and market risk.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width="99%"><FONT size="2">We avoid taking extreme positions in tax, regulatory and accounting sensitive transactions.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width="99%"><FONT size="2">We aspire to the highest standards in protecting the confidentiality and integrity of our
internal information.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width="99%"><FONT size="2">We aim to maintain the highest ethical standards in all our businesses.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Every employee, but in particular those
involved in risk decisions, must make UBS&#146;s reputation an overriding concern. Responsibility for
the risk of reputation damage cannot be delegated or syndicated.
</FONT>

<P align="left"><FONT size="2"><B>An integrated approach to risk<BR>management and control</B>
</FONT>

<DIV align="left"><FONT size="2">Risk management and control are an integral
part of our commitment to providing consistent,
high quality returns for our shareholders. We
believe that delivery of superior shareholder
returns depends on achieving the appropriate
balance between risk and return, both in day-to-
day business and in the strategic management of
the balance sheet and capital. We recognize that
risk is integral to UBS&#146;s business, but our
approach to risk management and control seeks
to limit the scope for adverse variations in earnings and, in particular, to protect UBS from the
risk of severe loss as a result of unlikely, but
plausible, stress events arising from any of the
material risks we face.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS has an integrated, Group-wide function
at the Corporate Center responsible for finance,
strategic planning, risk control, and balance
sheet and capital management. The independent
risk control organization is mirrored in the
Business Groups. Excellence in risk management
is, however, most fundamentally based upon a
business management team that makes risk identification, management and control critical components of their processes and plans.
</FONT></DIV>

<P align="left"><FONT size="2">56</FONT>

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<IMG src="y58380p5838042.gif">
<P align="left"><FONT size="2"><B>Key responsibilities</B>
</FONT>

<DIV align="left"><FONT size="2">The <I>Board of Directors </I>is responsible for the
Group&#146;s fundamental approach to risk (the Risk
Management and Control Principles), and for
the determination of its risk capacity and risk
appetite.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The <I>Chairman&#146;s Office </I>is responsible for the
annual review of the Group&#146;s principal risk limits.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The <I>Group Executive Board (GEB) </I>is responsible for implementing the Risk Management
and Control Principles, for approving core risk
policies, for allocating risk limits to the Business
Groups, and for managing the risk profile of the
Group as a whole.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The <I>Chief Credit Officer (CCO)</I>&nbsp;is responsible for formulating credit risk policies, for determining
methodologies to measure credit risks,
and for setting and monitoring credit, settlement
and country risk limits.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The <I>Chief Risk Officer (CRO) </I>is responsible
for the policies, methodologies and limits for all
other inherent risk categories (see the section:
The risks we take on page 58), and for aggregating and assessing the total risk exposure of the
Group.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The <I>Business Group CEOs</I> are responsible
for all risk exposures within their Business
Groups and must take corrective action where
appropriate, given the aggregate risk profile of
the portfolio or the risks of specific positions.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The <I>Business Group Risk Control Functions,</I>
headed by Chief Risk and Chief Credit Officers
(CROs and CCOs), are empowered to enforce
the Risk Management and Control Principles
and are responsible for the implementation of
independent control processes within their
Business Groups.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Business Group Risk Management Committees </I>monitor all risks taken by the Business
Groups and are the primary risk management
bodies. They are chaired by the Business Group
Chief Executive Officers and include heads of
business areas and delegates of the Group CRO
and CCO.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The <I>Group Risk Committee </I>reviews and evaluates the key risk issues globally and in the
Business Groups, and in particular the state of
the current portfolio, risk and revenue trends,
and concentrations and vulnerabilities. It is
chaired by the Group CRO.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The <I>Group Governance Committee </I>is responsible for coordination and oversight of the
Group&#146;s public policy interface with regulators,
central banks and governments, and for minimizing the Group&#146;s reputational risks. It is
chaired by the Group General Counsel and its
members include the President of the GEB, key
risk officers from Corporate Center and representatives of the Business Groups.
</FONT></DIV>
<P align="right"><FONT size="2">57</FONT>

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<P align="left"><FONT size="2"><B>Capital and Risk Management<BR>
Risk Management and Control</B>
</FONT>

<P align="left"><FONT size="2"><B>The risk control process</B>
</FONT>

<DIV align="left"><FONT size="2">There are five critical elements in our independent risk control process:
</FONT></DIV>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width="99%"><FONT size="2"><I>risk identification, </I>particularly in new businesses and in complex or unusual transactions
but also in response to external events
and in the continuous monitoring of the portfolio.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width="99%"><FONT size="2"><I>risk measurement, </I>using approved methodologies and models which have been independently validated.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width="99%"><FONT size="2"><I>risk policies, </I>covering all inherent risk categories, both at Group level and in the Business
Groups, consistent with evolving business
requirements and international best practice.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width="99%"><FONT size="2">comprehensive <I>risk reporting </I>to management
at all levels against the approved risk limits
and control framework, for all inherent risk
categories.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width="99%"><FONT size="2"><I>risk control, </I>to enforce compliance with the
Risk Management and Control Principles,
and with policies, limits and regulatory
requirements.</FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;There are coordinated processes covering all
inherent risk categories which are applied before
commencement of any new business or significant change in business, and before the execution
of any transaction which is complex or unusual
in its structure or motivation, to ensure that all
these critical elements are addressed, including
the assurance that transactions can be booked in
a way that will permit appropriate ongoing risk
monitoring, reporting and control.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The risk control process also extends beyond
the independent risk control functions to
<I>Financial Control </I>and the <I>Logistics Areas,</I>
notably Operations, which are critical to establishing an effective control environment. Given
their responsibility for the booking, settlement,
and financial reporting processes, comprehensive
control by these functions creates a powerful
defense against inappropriate activity.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Group Internal Audit </I>provides an independent view to the Board of Directors of the effectiveness
of the Risk Management and Control
Principles and their enforcement, and of the
effectiveness of the independent control units.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;During 2001, we have continued to develop
and enhance UBS&#146;s risk control process.
Principles, policies and processes are reinforced
through a &#147;risk awareness&#148; education program
which has been made available throughout the
Group in the form of live and recorded presentations by UBS risk control professionals covering
all aspects of risk control for all categories of
risk.
</FONT></DIV>

<P align="left"><FONT size="2"><B>The risks we take</B>
</FONT>

<DIV align="left"><FONT size="2"><I>Business risks </I>are the risks associated with a chosen business strategy, including business cycles,
industry cycles, and technological change. They
are the sole responsibility of the relevant business, and are not subject to an independent control
process. They are, however, factored into the
Group planning and budgeting process.
</FONT></DIV>
<IMG src="y58380p5838043.gif">


<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Inherent risks </I>are the risks inherent in our
business activities which are subject to independent risk control. A distinction is made between
primary and consequential risks.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Primary risks </I>are the exposures deliberately
entered into for business reasons and which are
actively traded and managed:
</FONT></DIV>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width="99%"><FONT size="2"><I>credit risk </I>is the risk of loss resulting from
client, counterparty or issuer default and arises on credit exposure in all forms, including
settlement risk.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width="99%"><FONT size="2"><I>market risk </I>is exposure to observable market
variables such as interest rates, exchange rates
and equity markets.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width="99%"><FONT size="2"><I>liquidity and funding risk </I>is the risk that the
Group is unable to fund assets or meet obligations at a reasonable price or, in extreme
situations, at any price. These risks are managed at the Group level, rather than in the
Business Groups, and are discussed in the
Group Treasury section on pages 77 to 85.</FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Consequential risks </I>(also known as operational risks) are exposures that are not actively
taken, but which are incurred as a consequence
of business undertaken:
</FONT></DIV>

<P align="left"><FONT size="2">58</FONT>

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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2"><I>transaction processing risk </I>arises from errors,
failures or shortcomings at any point in the
transaction process, from deal execution and
capture to final settlement.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2"><I>compliance risk </I>is the risk of financial loss
due to regulatory fines or penalties, restriction or suspension of business, or costs of
mandatory corrective action. Such risks may
be incurred by not adhering to applicable
laws, rules, and regulations, local or international best practice (including ethical standards),
and UBS&#146;s own internal standards.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2"><I>legal risk </I>is the risk of financial loss resulting
from the unenforceability of rights under a
contract or property due to inadequate or
inappropriate contractual arrangements or
other causes.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2"><I>liability risk </I>is the risk of financial loss arising
from a legal or equitable claim against the
Group.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2"><I>security risk </I>is the risk of loss of confidentiality, integrity, or availability of information or
assets, through accident or crime, and
includes both IT and physical security.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2"><I>tax risk </I>is the risk of financial loss due to tax
authorities opposing the Group&#146;s position on
tax matters. While the other consequential
risk categories are managed at Business
Group level, tax risk is managed at the Group
level since tax is assessed on a legal entity
basis and the parent bank and many subsidiary groupings carry out activities for more
than one Business Group.</FONT></TD>
</TR>
</TABLE>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;A failure adequately to identify, manage or
control any of these risks, including business
risks, may result not only in financial loss but
also in loss of reputation, and repeated or widespread failure compounds the impact.
Reputation risk is not directly quantifiable and
cannot be managed and controlled independently of the other risks.
</FONT>

<P align="left"><FONT size="2" color="#0865AB"><B>How we measure risk</B>
</FONT>

<DIV align="left"><FONT size="2">We measure potential loss at three levels -
expected loss, statistical loss and stress loss.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Expected loss </I>is the loss that is expected to
arise on average in connection with an activity. It
is the inherent cost of such activity, and should
be budgeted and deducted from revenues directly. The use of the expected loss concept for credit
risk is discussed in the Expected Loss section
on page 62. In the context of market risk,
expected loss is reflected in valuation adjustments which are routinely made in mark-to-market
books to reflect market liquidity or model
risk. We are continuing to develop the expected
loss framework for consequential risks and have
made further progress in 2001, particularly for
transaction processing risk.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Statistical loss </I>(also known as &#147;unexpected
loss&#148;) is the estimated loss in a typical adverse
period, as statistically defined by a given confidence interval. A statistical loss measure in the
form of Value at Risk has been used to measure
market risk in UBS for a number of years, and is
both the basis of a key internal market risk limit</font></div>

<P>
<IMG src="y58380p5838044.gif">


<P align="right"><FONT size="2">59</FONT>

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</FONT></DIV>

<P align="left"><FONT size="2"><B>Capital and Risk Management<BR>
Risk Management and Control</B>
</FONT>

<P><FONT size="2">structure and the measure used to determine our
market risk regulatory capital charge. We continue to work towards robust measures of statistical
loss for other risk categories, although it
can be complex to apply statistical techniques to
risks for which the loss distribution is irregular
and discontinuous.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Stress loss </I>is the loss that could arise from
extreme, but plausible, stress events. We define
our risk capacity as the maximum loss that the
Board of Directors considers we could withstand
in a stress event without unacceptable damage to
our earnings, our dividend paying ability and,
ultimately, our reputation and ongoing business
viability. The identification of stress events and
scenarios to which we are vulnerable and an
assessment of their potential impact is therefore
critical to the risk control process. Formal stress
loss measures and limits are most extensively
implemented for our trading activities and for
country risk, but we use a variety of scenarios
and techniques, which we continue to refine, to
identify other areas of risk concentration and
potential vulnerability to stress events, particularly for credit and funding and liquidity risks.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Although the focus of this work is initially the
primary risk categories, the events of 2001 have
re-emphasized that stress situations can arise
from many sources, and the essential complement to quantitative assessments is a tried and
tested process which can be invoked immediately in response to any crisis. While we were fortunate
that our buildings were not physically
affected by the events of 11 September 2001, our
crisis management process proved robust and
effective, allowing us to overcome the market
and public systems disruptions which followed
and properly to control the ensuing risks, including funding and liquidity risk &#151; see the Liquidity
and funding management section on page 80.
</FONT></DIV>

<P align="left"><FONT size="2" color="#c66005"><B>Risk reporting</B>
</FONT>

<DIV align="left"><FONT size="2">Senior management at both business unit and
Group level are regularly provided with risk
reports, both quantitative, where available, and
qualitative. During 2001, the coverage of the
reports has been extended to encompass more
comprehensively all consequential risk categories, with particular focus on risks which pose
a reputational as well as financial threat.
<P align="left"><FONT size="2">60</FONT>

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<P align="left"><FONT size="2"><B>Capital and Risk Management<BR>
Risk Analysis</B>
</FONT>

<P align="left"><FONT size="5">Risk Analysis
</FONT>

<P align="left"><FONT size="2" color="#c66005"><B>Credit risk</B>
</FONT>

<DIV align="left"><FONT size="2">Credit risk represents the loss which UBS would
suffer if a client, counterparty or issuer failed to
meet its contractual obligations. It is inherent in
traditional banking products - loans, commitments to lend and other contingent liabilities,
such as letters of credit - and in foreign exchange
and derivatives contracts, such as swaps and
options (&#147;traded products&#148;). Positions in tradable assets such as bonds and equities, including
both direct holdings and synthetic positions
through derivatives, also carry credit risk, but
where they are held for trading and are marked
to market they fall under the market risk limits
and controls described in the Market Risk section below. They are, however, included in the
credit risk exposures reported in the
Composition of Credit Risk section below.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Credit risk management and control at UBS is
governed by a Group Credit Policy Framework,
and by detailed credit policies and procedures
developed for the Group and within the Business
Groups.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;To ensure a consistent and unified approach,
with appropriate checks and balances, all
Business Groups where material credit risk is
taken have independent credit risk control
(CRC)&nbsp;functions headed by chief credit officers
(CCOs) reporting to the Group CCO and
Business Group CEOs. Disciplined processes are
in place, within the Business Groups and centrally, to ensure prompt identification, accurate
assessment, proper approval and consistent
monitoring of credit risk. Senior business management, the Group Executive Board and the
Chairman&#146;s Office are provided with regular,
standardized reports of aggregate Business
Group credit risk exposure by the CRC organization as part of a comprehensive risk reporting
framework.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The approval and monitoring of new counterparties, and of new transactions giving rise to
credit risk, plays a central part in the risk control
process. Credit approval authority is exercised
within the independent CRC functions by
authorized credit officers. The notional amount
of their authority is dependent, on the one hand,
on the quality of the counterparty, the size and
tenor of the exposure and any security and, on
the other hand, on the experience and seniority
of the credit officer.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The CRC function continuously monitors the
credit quality of counterparties and our exposure
to them, and the credit risk profile of the
Business Group portfolios. CRC has sole authority over counterparty rating, credit risk assessment
and approval, and the establishment of
allowances and provisions.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Credit limits</B>
</FONT>

<DIV align="left"><FONT size="2">We restrict our credit exposure to both individual counterparties and counterparty groups by
credit limits. The size of limit depends on our
assessment of their financial strength, particularly the sustainable free cash flow to service obligations,
the economic environment, industry
position and qualitative factors such as management.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Exposure against limits is measured for banking products as the face value amount of the loan
or commitment. For most traded products we
determine the future exposure profile by modeling the potential evolution of the value of the
portfolio of trades with each counterparty over
its life (potential credit exposure), taking into
account legally enforceable close out netting
agreements where applicable (see Note 30b to
the UBS Group Financial Statements). Credit
limits for individual counterparties are applied
to the &#147;maximum likely exposure&#148; derived from
this analysis, a 95% confidence statistical measure of the exposure in each counterparty portfolio.
This approach is being enhanced and
extended to all traded products, including collateralized portfolios.
</FONT></DIV>

<P align="left"><FONT size="2" color="#c66005"><B>Credit risk measurement</B>
</FONT>

<DIV align="left"><FONT size="2">We determine the amounts of credit loss expenses in our Financial Statements and in business
unit reporting on different bases. In the Group</font></div>
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<P align="left"><FONT size="2"><B>Capital and Risk Management<BR>
Risk Analysis</B>
</FONT>

<P><FONT size="2">Financial Statements, we report results according to International Accounting Standards (IAS)
definitions. Under these rules, losses are recognized and charged to the Financial Statements in
the period when they arise (see the Provisioning
Policies section on page 64 and Notes 1 and 10
to the Financial Statements). By contrast, in its
segment and business unit reporting, UBS aims
to reflect the fact that credit risk exists in every
credit engagement, and that credit loss expenses
must be expected as an inherent cost of the business.
</FONT>
<P align="left"><FONT size="2"><B>Expected loss</B>
</FONT>

<DIV align="left"><FONT size="2">The occurrence of actual credit losses is erratic in
both timing and amount and those that arise
usually relate to transactions entered into in previous accounting periods. In order to manage
credit risk effectively by earning, over time, sufficient income to compensate for intermittent
losses caused by impairment, UBS uses the concept of
<i>&#147;expected loss&#148; </i>to encourage appropriate
pricing of transactions and income recognition.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;For UBS, expected loss is a statistically based
measure intended to reflect the annual costs that
will arise, on average, over time, from transactions that become impaired. It is derived from
the probability that a given counterparty will
default, our current and likely future exposure to
that counterparty and the likely severity of the
loss should default occur. For further details of
how we use expected loss in our segmental
reporting, please see the Credit loss expense section on page 34 of the Financial Report 2001.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The <I>default probabilities </I>of individual counterparties are assessed by means of rating tools
tailored to the various categories of counterparty. For the major part of the business within UBS
Switzerland, we use a statistical approach or
&#147;score card&#148; to form groups of clients with similar propensity to default. UBS Warburg, with its
less homogeneous client base, uses an approach
under which credit officers review counterparties
and assess their credit standing based on guidelines and an analytical format or &#147;template&#148;,
designed to ensure consistency across the Group.
In all cases, the analysis is founded on an assessment of both financial ratios and qualitative factors.
The result of this counterparty specific
analysis is expressed as a rating.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Clients are segmented into 14 rating classes,
two being reserved for assets that are already
</FONT></DIV>

<P align="left"><FONT size="2"><B>UBS internal rating scale and<BR>
mapping to external ratings</B>
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="8%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="33%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="23%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="21%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left"><FONT size="2">Moody's</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left"><FONT size="2">Standard</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left"><FONT size="2">Investor</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left"><FONT size="2">and</FONT></TD>
</TR>
<TR valign="bottom">

<TD nowrap align="right"><FONT size="2"  color="#c66005"><b>UBS</b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left"><FONT size="2">Services</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left"><FONT size="2">Poor's</FONT></TD>
</TR>
<TR valign="bottom">

<TD nowrap align="right"><FONT size="2" color="#c66005"><b>rating</b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left"><FONT size="2">Description</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left"><FONT size="2">equivalent</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left"><FONT size="2">equivalent</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center" colspan="7"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">

<TD valign="top" align="right"><FONT size="2" color="#c66005"><b>1</b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Investment
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Aaa
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">AAA</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top" align="right"><FONT size="2" color="#c66005"><b>2</b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
grade
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Aa1 to Aa3
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">AA&#043; to AA-</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top" align="right"><FONT size="2" color="#c66005"><b>3</b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">A1 to A3
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">A&#043; to A-</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top" align="right"><FONT size="2" color="#c66005"><b>4</b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Baa1 to Baa2
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">BBB&#043; to BBB</FONT></TD>
</TR>


<TR valign="bottom">
        <TD valign="top" align="right"><FONT size="2" color="#c66005"><b>5</b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Baa3
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">BBB-</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center" colspan="7"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD valign="top" align="right"><FONT size="2" color="#c66005"><b>6</b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Sub-investment
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Ba1
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">BB&#043;</FONT></TD>
</TR>
<TR>


<TR valign="bottom">
        <TD valign="top" align="right"><FONT size="2" color="#c66005"><b>7</b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
grade
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Ba2
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">BB</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top" align="right"><FONT size="2" color="#c66005"><b>8</b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Ba3
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">BB-</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top" align="right"><FONT size="2" color="#c66005"><b>9</b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">B1
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">B&#043;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top" align="right"><FONT size="2" color="#c66005"><b>10</b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">B2
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">B</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top" align="right"><FONT size="2" color="#c66005"><b>11</b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">B3
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">B-</FONT></TD>
</TR>
<TR>
        <TD valign="top" align="right"><FONT size="2" color="#c66005"><b>12</b>
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Caa to C
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">CCC to C</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center" colspan="7"><HR size="1" noshade></TD>
</TR>

<TR valign="bottom">
        <TD valign="top" align="right"><FONT size="2" color="#c66005"><b>13</b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Impaired and
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">D
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">D</FONT></TD>
</TR>
<TR>
        <TD valign="top" align="right"><FONT size="2" color="#c66005"><b>14</b></font></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
defaulted
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">D
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">D</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center" colspan="7"><HR size="1" noshade></TD>
</TR>

</TABLE>
</CENTER>
<P><FONT size="2">impaired or defaulted. The UBS rating scale,
which is shown in the table above, is not only an
ordinal ranking of our counterparties. We have
assigned to each rating class a fixed probability
of default, and thus clients migrate between rating classes as our assessment of their probability
of default changes. As shown in the table above,
we map the ratings of the major rating agencies
to our rating classes based on the long-term average default observations for each external grade.
Observed defaults per rating category vary year
on year, and especially over an economic cycle,
and this mapping does not, therefore, imply that
UBS expects this number of defaults in any given
period.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;We determine <I>exposure at default </I>based on
the expected outstanding at the time of default,
for example for traded products the expected
exposure profile, derived from the same model
as for credit limit utilization (see Credit limits
section on page 61).
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Loss severity or loss given default </I>is assessed
based on a set of assumptions, taking into
account the seniority of the claim, collateral and
other credit mitigation where available.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Expected loss, at both transaction and counterparty level, is the product of the probability of
default, the exposure at default and the loss
given default.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The concept of expected loss and its components form the basis for various business appli-
</FONT></DIV><P align="left"><FONT size="2">62</FONT>

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<DIV align="left"><FONT size="2">cations
within UBS: individual credit policies
refer to counterparty rating classes to determine,
for example, the maximum tenor allowed for
OTC derivative transactions; the rating concept
is used to define credit authorities granted to
individual credit officers across the Group and
for some business processes within the Private
and Corporate Clients business unit; and expected loss is used as an approximation for valuing
the OTC derivative books and, thereby, accounting for the credit risk assumed in these trades.
UBS&#146;s internal measurement framework is consistent with the concepts likely to be incorporated
in the New Basel Capital Accord under which
future minimum regulatory capital requirements
for credit risk will be determined (see comment
in the Financial disclosure principles section on
page 99 and in the Regulation and supervision
section on page 106).
</FONT></DIV>

<P align="left"><FONT size="2"><B>Statistical and stress loss</B>
</FONT>

<DIV align="left"><FONT size="2">The credit portfolio is heterogeneous, varying
significantly in terms of client type, geographical
diversity and the size of exposures. For the
assessment of both statistical loss and stress loss,
it is therefore broken down into sub-portfolios
with more homogeneous characteristics.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;We have continued to develop internal models for the measurement of statistical loss for
credit risk at the sub-portfolio level. This provides an indication of the level of risk in the portfolio
and the way it changes, and is used in pricing decisions.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Modeling extreme credit losses is complex
because they are driven much less by systematic
factors than is generally the case for market risk.
We apply scenarios which allow us to assess the
impact of variations in bankruptcy rates and
asset values, taking into account risk concentrations in each portfolio. Where concentrations are
high or the credit quality of a segment of the
portfolio is low, specific limits and controls are
applied to contain the risks within acceptable
bounds.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Settlement risk</B>
</FONT>

<DIV align="left"><FONT size="2">UBS is exposed to settlement risk as a consequence of its international transactional businesses.
Settlement risk arises in transactions
involving the exchange of values when we must
honor our obligation to deliver cash or securities
without first being able to determine that we
have received the counter-value. This risk is particularly significant in foreign exchange and precious
metals transactions. We limit and monitor
this risk on a continuous basis against settlement
limits set for each of our counterparties based on
our assessment of their credit standing.
Settlement risk reduction is a high priority for
CRC, Operations and Business Groups. They
work together to achieve shorter settlement
cycles from payment release to reconciliation,
and to reduce exposure by establishing risk
reduction arrangements with counterparties,
such as payment netting and covered settlements.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS participates in payment and securities
clearing houses, and we continue to play a major
role in the Continuous Linked Settlement (CLS)
project, an industry initiative to establish a
global clearing house, CLS Bank, to settle foreign exchange transactions on a delivery
versus payment basis. CLS is now scheduled to
go live in mid-2002 and will substantially reduce
both settlement and systemic risks faced by
UBS and other major foreign exchange trading
banks.
</FONT></DIV>

<P align="left"><FONT size="2" color="#c66005"><B>Country risk</B>
</FONT>

<DIV align="left"><FONT size="2">UBS&#146;s definition of country risk covers all
cross-border exposures from banking products
and traded products, including our own intraGroup cross-border positions, and exposure to
issuers of tradable assets such as bonds and equities.
</FONT></DIV>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The CRC function at the Corporate Center
assigns ratings to all countries to which we have
exposure. Like the counterparty ratings, the sovereign ratings express the probability of the
occurrence of a country risk event that would
lead to an impairment of UBS&#146;s exposures. The
default probabilities and the mapping to the
ratings of the major rating agencies are the
same as for counterparty credit risks (see table
on page 62).
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Countries are classified as industrialized or
emerging markets. In view of the higher risk
associated with emerging market countries,
including those considered investment grade
(rated 5 or better), we closely and continuously
monitor exposure to these countries, within
country ceilings approved by the Chairman&#146;s
Office. The country risk ceiling is a primary limit
for all transactions with counterparties in these
</FONT></DIV>
<P align="right"><FONT size="2">63</FONT>

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<P><FONT size="2"><B>Capital and Risk Management<BR>
Risk Analysis</B>
</FONT>
<P><FONT size="2">countries, and extension of credit may be denied
on the basis of a country risk ceiling even if there
are adequate counterparty limits available.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Counterparty default resulting from multiple
insolvencies (systemic risk) or general prevention
of payments by authorities (transfer risk) is the
most significant long-term effect of a country crisis, but in our internal measurement and control
of country risk we also consider the probable
financial impact of market disruption arising
prior to, during and following a country crisis, in
the form of severe falls in the country&#146;s markets
and asset prices, longer-term devaluation of the
currency and potential immobilization of currency balances.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Under a framework introduced in 2000, we
measure exposures to emerging market countries not only in terms of nominal claims (loans
outstanding, potential credit exposure from
OTC derivatives and market value of tradable
assets), but also in terms of risk equivalent
(potential loss), reflecting the fact that the risk
profiles of exposures can vary significantly,
depending on the type of product, any collateral, and the degree to which they have been
hedged against market shocks. Country ceilings
based on risk are now the primary risk management and control tool for individual countries,
although we continue also to limit and report
nominal exposures in line with regulatory and
financial reporting requirements.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In order to limit the potential financial impact
of a severe emerging markets crisis, the overall
portfolio is subject to a risk limit derived from
stress scenario analysis - we identify countries
that may be subject to a potential crisis event and
determine potential loss under conservative
assumptions of recovery rates for individual products. The potential loss under this stress loss measure
is subject to a limit approved by the Board of
Directors. The analysis is the responsibility of the
country economists under the Group CCO.
</FONT></DIV>

<P align="left"><FONT size="2"  color="#c66005"><B>Provisioning policies</B>
</FONT>

<DIV align="left"><FONT size="2">UBS classifies a claim as impaired if the book
value of the claim exceeds the present value of
the cash flows actually expected in future periods - interest payments, scheduled principal
repayments, or other payments due (for example
on derivatives transactions), and including liquidation of collateral where available. Within this
category, we further classify loans as non-performing where payment of interest, principal or
fees is overdue by more than 90&nbsp;days. Non-performance is not the determinant of impairment,
although it may, in some circumstances, be the
first evidence of impairment.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;We have established policies to ensure that
the carrying values of impaired claims are determined on a consistent and fair basis, especially
for those impaired loans for which no market
estimate or benchmark for the likely recovery
value is available. Future cash flows considered
recoverable are discounted to present value on
the basis of the principles of IAS 39. A provision
is then made for the probable loss on the loan in
question and charged to the income statement as
credit loss expense.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Each case is assessed on its merits, and the
work-out strategy and estimation of cash flows
considered recoverable are independently
approved by the CRC function. The recovery
value of mortgage loans is determined by capitalizing an economically sustainable rental yield,
adjusted for the discount generally observed in
forced liquidations, and related costs if the strategy is based on a foreclosure. For commercial
exposures, enterprise value is determined from
an assessment of expected cash flows from
future operations if recovery is likely to be successful, or of the liquidation value of the assets if
bankruptcy proceedings are to be initiated
against the borrower.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Allowances and provisions for credit losses
also include a component for country risk. We
establish country-specific scenarios which are
reviewed and used on an ongoing basis, to evaluate the current and future probability of
default due to country risk incidents or country-specific systemic risks. The appropriate provisions are then determined by evaluating the type
of credit exposure in the portfolio for each
country and the loss severities that have been
attributed to each exposure type. Furthermore,
we have specific allowances against exposures
in countries that are subject to a moratorium or
have been rescheduled. The amount of such
allowances is determined case by case from an
assessment of the amounts that we deem to be
irrecoverable.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In general, Swiss practice is to write off loans
only on final settlement of bankruptcy proceedings, sale of the underlying assets, or formal debt
forgiveness. By contrast, US practice is generally
</FONT></DIV><P align="left"><FONT size="2">64</FONT>

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<DIV align="left"><FONT size="2">to write off non-performing loans, in whole or in
part, much sooner, thereby reducing the amount
of such loans and corresponding provisions
recorded. A consequence of applying the Swiss
approach is that, for UBS, recoveries of amounts
written off in prior accounting periods tend to be
small, and the level of outstanding impaired
loans and non-performing loans as a percentage
of gross loans will tend to be higher than for our
US peers.
</FONT></DIV>

<P align="left"><FONT size="2" color="#c66005"><B>Composition of credit risk</B>
</FONT>

<DIV align="left"><FONT size="2">Credit risk is assumed as an integral part of their
businesses by UBS Switzerland&#146;s Private and
Corporate Clients business unit and by UBS
Warburg&#146;s Corporate and Institutional Clients
</FONT></DIV>

<P align="left"><FONT size="2"><B>Total credit risk exposure</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="16%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="1">UBS Switzerland</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="1">UBS Warburg</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="19"><FONT size="1">Other<SUP>1</SUP></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="1">UBS Group</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="1"><I>CHF million</I></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="11"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="11"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="19"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="11"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="1">As at</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1" color="#c66005"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">31.12.00</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">31.12.99</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>

<TD nowrap align="center" colspan="3"><FONT size="1" color="#c66005"><b>31.12.01</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">31.12.00</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">31.12.99</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>

<TD nowrap align="center" colspan="7"><FONT size="1" color="#c66005"><b>31.12.01</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">31.12.00</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="1">31.12.99</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>

<TD nowrap align="center" colspan="3"><FONT size="1" color="#c66005"><b>31.12.01</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">31.12.00</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">31.12.99</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center" colspan="66"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD nowrap><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Loans utilization (gross)</FONT></DIV></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>181,854</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">185,271</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">199,960</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>79,475</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">98,459</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">77,151</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>655</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">786</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">903</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>

<TD align="right"><FONT size="1" color="#c66005"><b>261,984</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">284,516</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">278,014</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Contingent claims</FONT></DIV></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>13,235</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">10,613</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">9,465</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>7,301</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">11,440</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">15,136</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>2</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">0</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">0</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>20,538</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">22,053</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">24,601</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Unutilized committed lines</FONT></DIV></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>2,009</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">3,574</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">3,444</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>48,026</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">47,402</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">60,412</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>18</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">0</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">0</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>50,053</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">50,976</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">63,856</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="66"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Total banking products</FONT></DIV></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>197,098</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">199,458</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">212,869</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>134,802</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">157,301</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">152,699</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>675</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">786</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">903</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>332,575</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">357,545</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">366,471</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="66"><HR size="1" noshade></TD>

</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Unsecured OTC products</FONT></DIV></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>1,961</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">883</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">2,415</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>64,416</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">61,340</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">107,898</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>0</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">0</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">11</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>66,377</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">62,223</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">110,324</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Other derivatives
(secured exchange-traded)</FONT></DIV></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>2,317</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">1,638</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">2,338</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>12,150</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">8,994</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">8,133</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>0</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">0</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">0</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>14,467</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">10,632</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">10,471</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Securities lending</FONT></DIV></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>45</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">2,193</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">32</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>14,575</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">12,159</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">11,732</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>0</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">0</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">0</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>14,620</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">14,352</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">11,764</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Repo</FONT></DIV></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>67</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">650</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">11</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>18,948</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">22,183</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">12,287</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>0</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">0</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">2</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>19,015</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">22,833</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">12,300</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="66"><HR size="1" noshade></TD>

</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Total traded products<SUP>2</SUP></FONT></DIV></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>4,390</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">5,364</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">4,796</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>110,089</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">104,676</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">140,050</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>0</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">0</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">13</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>114,479</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">110,040</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">144,859</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="66"><HR size="1" noshade></TD>

</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Total tradable assets<SUP>3</SUP></FONT></DIV></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>2,908</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">2,626</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">2,785</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>241,357</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">219,070</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">219,019</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>121</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">136</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">471</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>244,386</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">221,832</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">222,275</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="66"><HR size="1" noshade></TD>

</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total credit risk exposure, gross</B></FONT></DIV></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>204,396</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">207,448</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">220,450</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>486,248</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">481,047</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">511,768</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>796</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">922</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">1,387</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>691,440</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">689,417</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">733,605</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="66"><HR size="1" noshade></TD>

</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total credit risk exposure,
net of allowances</B></FONT></DIV></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>198,886</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">199,670</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">210,003</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>483,850</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">478,303</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">508,972</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>791</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">917</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">1,381</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>683,327</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">678,890</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">720,356</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="66"><HR size="1" noshade></TD>
</TR>
</TABLE>
</CENTER>
<DIV><FONT size="1"><SUP>1</SUP>Includes Corporate Center and UBS Asset Management. <SUP>2</SUP>Traded products valuation based on internal methodology.
<SUP>3</SUP>Tradable assets valuation: net long, maximum default exposure.</FONT></DIV>


<P align="left"><FONT size="2"><B>Total loan portfolio exposure by Business Group</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="1">UBS Switzerland</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="15"><FONT size="1">UBS Warburg</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="19"><FONT size="1">Other<SUP>1</SUP></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="15"><FONT size="1">UBS Group</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="1"><I>CHF million</I></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="11"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="15"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="19"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="15"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="1">As at</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1" color="#c66005"><b>31.12.01</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">31.12.00</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">31.12.99</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="1" color="#c66005"><b>31.12.01</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">31.12.00</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">31.12.99</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="1" color="#c66005"><b>31.12.01</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">31.12.00</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="1">31.12.99</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1" color="#c66005"><b>31.12.01</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">31.12.00</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="1">31.12.99</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="66"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Loans to banks (gross)</FONT></DIV></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>7,938</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">9,150</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">8,780</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>19,853</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">20,370</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">21,481</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>470</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">544</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">524</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>28,261</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">30,064</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">30,785</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Loans to customers (gross)</FONT></DIV></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>173,916</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">176,121</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">191,180</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>59,622</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">78,089</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">55,670</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>185</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">242</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">379</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>233,723</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">254,452</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">247,229</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="66"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Loans (gross)</FONT></DIV></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>181,854</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">185,271</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">199,960</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>79,475</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">98,459</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">77,151</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>655</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">786</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">903</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>261,984</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">284,516</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">278,014</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="66"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Counterparty allowance</FONT></DIV></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>5,016</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">7,280</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">10,447</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>1,899</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">1,962</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">1,550</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>5</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">5</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">6</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>6,920</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">9,247</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">12,003</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Country allowance</FONT></DIV></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>494</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">498</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">0</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>499</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">782</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">1,246</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>0</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">0</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">0</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>993</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">1,280</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">1,246</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="66"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Allowances for loan losses<SUP>2</SUP></B></FONT></DIV></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>5,510</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">7,778</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">10,447</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>2,398</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">2,744</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">2,796</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>5</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">5</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">6</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>7,913</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">10,527</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">13,249</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR>
<TR valign="bottom">
        <TD colspan="66"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Loans, net of allowances</B></FONT></DIV></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>176,344</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">176,165</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">189,513</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>77,077</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">97,043</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">74,355</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>650</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">781</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">897</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>254,071</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">273,989</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">264,765</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="66"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">

<TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Counterparty
provision<br>
for contingent claims</FONT></DIV></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>111</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">23</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">0</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>181</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">19</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">19</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>0</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">0</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">0</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>292</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">42</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">19</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">

<TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Country
provision<br>
for contingent claims</FONT></DIV></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>13</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">0</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">0</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>0</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">12</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">130</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">0</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">0</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">0</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>13</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">12</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">130</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="66"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total provisions<SUP>3</SUP></B></FONT></DIV></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>124</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">23</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">0</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>181</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">31</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">149</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>0</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">0</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">0</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>305</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">54</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">149</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="66"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Summary</B></FONT></DIV></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">

<TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Allowances
and provisions<br>
for counterparty risk</FONT></DIV></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>5,127</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">7,303</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">10,447</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>2,080</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">1,981</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">1,569</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>5</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">5</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">6</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>7,212</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">9,289</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">12,022</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">

<TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Allowances
and provisions<br>
for country risk</FONT></DIV></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>507</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">498</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">0</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>499</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">794</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">1,376</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>0</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">0</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">0</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>1,006</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">1,292</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">1,376</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="66"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD nowrap><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total allowances and provisions</B></FONT></DIV></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>5,634</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">7,801</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">10,447</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>2,579</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">2,775</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">2,945</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>5</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">5</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">6</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><b>8,218</b></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">10,581</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">13,398</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="66"><HR size="1" noshade></TD>
</TR>
</TABLE>
</CENTER>
<DIV><FONT size="1"><SUP>1</SUP> Includes Corporate Center and UBS Asset Management.
<SUP>2</SUP> Deducted from assets.
<SUP>3</SUP> Booked as liabilities.
</FONT></DIV>

<P align="right"><FONT size="2">65</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><FONT size="2"><B>Capital and Risk Management<BR>
Risk Analysis</B>
</FONT>

<P><FONT size="2">business unit and, to a lesser extent, by the private
banking businesses of these Business Groups. The
tables on page 65 provide an overview of the
aggregate credit risk exposure of the UBS Group
and, within that, of the loan portfolio.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Note that in the tables and charts which follow, where we show the rating distribution of
counterparties, we refer to the credit exposure and
the probability of default only, without reference
to any potential loss mitigation from collateral.
</FONT>
<P align="left">
<IMG src="y58380p5838045.gif">
<P align="left">
<IMG src="y58380p5838046.gif">
<P align="left">
<IMG src="y58380p5838047.gif">

<P align="left"><FONT size="2">66</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="2"><B>UBS Warburg</B>
</FONT>

<DIV align="left"><FONT size="2">UBS Warburg&#146;s gross credit exposure of CHF
486&nbsp;billion includes CHF 20&nbsp;billion of exposure
in the Private Clients business unit, which is not
included in the following discussion, since
almost all lending within the Private Clients
business unit is secured.
</FONT></DIV>


<IMG src="y58380p5838048.gif">
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;A substantial majority of UBS Warburg
Corporate and Institutional Clients&#146; counterparties fall into the investment grade category (internal
counterparty rating grades 1 to 5), both for
banking products (66%) and for the traded
products portfolio (95%). These counterparties
are primarily sovereigns, insurance companies,
financial institutions, multinational corporate
clients and investment funds. Exposure to lower
rated counterparties is generally collateralized or
otherwise structurally supported.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In the last few years, but more intensively in
2001, UBS Warburg has engaged in a substantial
credit risk hedging program through which we
have effectively reduced UBS Warburg&#146;s banking
products exposure by CHF 24.7&nbsp;billion. This
was achieved mainly by transferring the underlying risk to high grade market counterparties
using credit default swaps. The table below provides a pro-forma view of the net banking products
exposure in UBS Warburg Corporate and
Institutional Clients business unit, reflecting the
effect of these credit risk hedging activities.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;During the course of 2001, we have seen a
number of high profile investment grade
defaults, and our relatively low level of new provisions and allowances this year (see table on
page 71) has confirmed not only that the strategy of reducing risk concentrations, even for well
rated counterparties, is sound, but also that the
hedges employed are in practice successful. This
strategy, coupled with a reluctance to engage in
balance sheet led earnings growth, positions UBS
relatively well for any continued turbulence in
the international credit markets.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The Corporate and Institutional Clients business unit&#146;s banking products portfolio continues
to be widely diversified across industry sectors.
At 31 December 2001, the largest exposure
(21%) was to the Finance sector. The reported
10% exposure to the transport, storage and
communication sector includes CHF 6.9&nbsp;billion
of exposure to the telecommunication industry,
the vast majority of it relating to established
investment grade operators.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;We closely follow and continuously review
the exposure development in industry sectors
most affected by the terrorist attacks of last
September, such as insurance, aviation, tourism,
technology and telecomunications. 72% of the
aggregate credit exposures to these sectors was
rated in the investment grade category.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;A significant proportion of UBS Warburg&#146;s
credit risk arises from its trading activities,
including its trading of derivative products. The
provision of risk management solutions involving the use of derivative products is a core service
offered by UBS Warburg, but derivative prod-
</FONT></DIV>

<P><FONT size="2"><B>UBS Warburg </B>Corporate and Institutional Clients<BR>
Credit hedging, banking products<SUP>1</SUP>
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="48%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="8%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="8%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="2">As at 31.12.01</FONT></TD>
</TR>
<TR valign="top">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="11"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right" colspan="3"><FONT size="2">As reported</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right" colspan="3"><FONT size="2">Amount hedged</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right" colspan="3"><FONT size="2">Net<SUP>3</SUP></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center" colspan="13"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Investment Grade</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
<TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">60,174</FONT></TD>

  <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">21,394</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">39,765</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Sub-investment Grade</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
<TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">22,189</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,831</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">19,496</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Impaired and Defaulted</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
<TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,431</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,017</FONT></TD>
        <TD nowrap><FONT size="2"><SUP>2</SUP></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,787</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center" colspan="13"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total exposure</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
<TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">85,794</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">26,242</FONT></TD>
        <TD nowrap><FONT size="2"><SUP>2</SUP></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">61,048</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center" colspan="13"><HR size="1" noshade></TD>
</TR>
</TABLE>
</CENTER>
<DIV><FONT size="1"><SUP>1</SUP>Reported exposure excludes money market business. Net exposure does not take overhedging into account. <SUP>2</SUP>Includes CHF 1,473&nbsp;million of counterparty specific allowances.<SUP>3</SUP>Net after hedges and allowances.
</FONT></DIV>
<P align="right"><FONT size="2">67</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><FONT size="2"><B>Capital and Risk Management<BR>
Risk Analysis</B>
</FONT>
<P><FONT size="2">ucts, by their nature, are sensitive to changes in
market prices and UBS therefore pays close
attention to the management and control of
these risks.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;We place particular emphasis on the maturity
profile, and transactions with counterparties of
lower quality are generally conducted only on a
secured basis or for short tenors. In line with
general market trends, UBS Warburg has entered
into bilateral collateral agreements with other
major banks to mitigate the potential concentrations of exposure arising from industry consolidation
and the continuing increase in volumes of
OTC derivatives traded.
</FONT></DIV>

<P align="left">
<IMG src="y58380p5838049.gif">
<P align="left">
<IMG src="y58380p5838050.gif">

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The graphs show UBS Group&#146;s OTC derivative exposure by product type and maturity at 31
December 2001, while the table on page 66
shows details of all traded products exposure at
31 December 2001, by counterparty rating. See
Note 24 to the UBS Group Financial Statements
Derivative Instruments for further details.
</FONT>
<P align="left"><FONT size="2"><B>UBS Switzerland</B>
</FONT>

<DIV align="left"><FONT size="2">UBS Switzerland&#146;s loans to customers at 31 December 2001 amounted to CHF 182&nbsp;billion,
66% or CHF 120&nbsp;billion of which were secured
mortgages. The graphs below show that UBS&#146;s
exposure to the real estate sector is well diversified with 42% of loans being secured on owner-
occupied property (single-family homes). The
exposure on residential multi-family homes of
41% consists of owner occupied apartments and
rented apartment buildings. In particular, the
owner-occupied dwellings exhibit a low risk profile both in terms of individual assets and at a
portfolio level. Loans and other credit engagements with individual clients, excluding mortgages,
are predominantly extended against the
</FONT></DIV>

<P align="center">
<IMG src="y58380p5838051.gif">
<P><FONT size="2">pledge of marketable securities where UBS
applies conservative standards to determine the
advance value of the collateral.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The remainder of UBS Switzerland&#146;s portfolio, excluding mortgages, consists of exposures
to corporate and individual clients. These
</FONT></DIV>


<P align="left"><FONT size="2">68</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center"><FONT size="2"><IMG src="y58380p5838052.gif">
</FONT>

<P><FONT size="2">clients are fairly widely spread across rating categories and industry sectors,
which reflects UBS&#146;s position as a market leading lender to this segment of
predominantly small to medium sized enterprises in Switzerland. During 2001, our
high credit underwriting standards and the continued relative strength of the
Swiss economy have contributed to improved credit quality within UBS
Switzerland&#146;s portfolio, with individual and sector concentrations having been
further reduced.
</FONT>
<P align="left"><FONT size="2"><B>Country risk</B>
</FONT>

<DIV align="left"><FONT size="2">At 31 December 2001, CHF 1,127&nbsp;billion or 98.6% of our country risk exposure was
to industrialized countries, where the risk of default is judged to be
negligible and, of this, CHF 562&nbsp;billion, or 50% were intra-Group cross-border
money market positions.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The remaining 1.4%, or CHF 15.4&nbsp;billion, of UBS&#146;s country risk exposure is to
emerging markets countries. This exposure has continued to decrease during 2001
in line with our policy of limiting exposure to these risks, falling by CHF 823
million between 31 December 2000 and 31 December 2001, a reduction of 5%. As a
result
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="y58380p5838053.gif">
</FONT>

<P align="right"><FONT size="2">69</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P><FONT size="2"><B>Capital and Risk Management<BR>
Risk Analysis</B>
</FONT>
<P align="left"><FONT size="2"><B>Emerging markets exposures by major geographical area and product type</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="24%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="1">Total</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="1">Banking products</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="1">Traded products <SUP>1</SUP></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="1">Tradable assets <SUP>2</SUP></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="1"><I>CHF million</I></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="11"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="11"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="11"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="11"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="1">As at</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1" color="#c66005"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">31.12.00</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">31.12.99</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1" color="#c66005"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">31.12.00</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">31.12.99</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1" color="#c66005"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">31.12.00</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">31.12.99</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1" color="#c66005"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">31.12.00</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">31.12.99</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="49"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Emerging Europe</FONT></DIV></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>1,954</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">1,612</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">1,586</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>632</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">809</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">919</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>750</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">395</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">248</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>572</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">408</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">419</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Emerging Asia</FONT></DIV></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>7,747</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">7,642</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">10,055</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>4,029</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">4,053</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">5,003</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>1,537</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">1,355</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">3,873</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>2,181</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">2,234</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">1,179</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Latin America</FONT></DIV></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>2,876</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">4,268</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">9,647</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>1,122</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">2,352</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">8,169</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>863</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">1,025</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">665</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>891</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">891</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">813</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Africa / Middle East</FONT></DIV></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>2,858</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">2,736</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">3,314</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>1,432</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">1,564</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">2,539</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>962</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">669</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">659</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>464</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">503</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">116</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="49"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Total</FONT></DIV></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>15,435</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">16,258</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">24,602</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>7,215</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">8,778</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">16,630</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>4,112</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">3,444</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">5,445</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>4,108</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">4,036</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">2,527</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="49"><HR size="4" noshade></TD>
</TR>
</TABLE>
</CENTER>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>1</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Traded products consist of derivative instruments, reverse repurchase
agreements and other collateralized transactions.</FONT></TD>
</TR>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>2</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Tradable assets consist of equity and fixed income financial instruments
held for trading purposes, which are marked to market on a daily basis.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">of this ongoing reduction, the Argentinedefault in late 2001 had almost no
effect on us.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The table above analyzes the emerging market country exposures by major
geographical area and product type at 31 December 2001 compared to 31 December
2000 and 31 December 1999.
</FONT></DIV>

<P align="left"><FONT size="2" color="#c66005"><B>Credit loss expense</B>
</FONT>

<DIV align="left"><FONT size="2">UBS Group&#146;s Financial Statements are prepared in accordance with IAS, under
which credit loss expense charged to the Financial Statements in any period is
the sum of net allowances and direct write-offs minus recoveries arising in that
period, i.e. the credit losses actually incurred. So that the risks and rewards
of credit decisions can be better reflected in their results over time, we
present our Business Group results in terms of expected loss, rather than actual
IAS loss, and provide a reconciliation between the two &#151; see pages 34 to 35 of
our Financial Report 2001 for further details. The following discussion covers
the actual credit loss expense recorded under IAS.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The global credit environment declined rapidly throughout 2001, with overall
default rates as high as during the last major global recession in 1991. The
phenomenon of investment grade companies falling into restructuring and default
within a very short period of time became very prominent in the United States
during 2001, and subsequently spread to Europe. In this difficult and
challenging environment we have focused on ensuring that our counterparty
ratings are rapidly adjusted to reflect the changing economic situation. At the
same time, we have increased the frequency of sector and geographic rating
reviews.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In UBS Warburg, the ongoing strategy of actively hedging credit exposure has
kept new provisions to a relatively low level, resulting in a credit loss
expense of CHF 375&nbsp;million in 2001, compared to CHF 565&nbsp;million in 2000.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Corporate bankruptcies in Switzerland have now reached their lowest level
since the early 1990s (see graph on page 71), and we have successfully improved
the credit quality of our domestic portfolio over recent years. The level of
recoveries of previously existing provisions has, however, declined compared to
the somewhat exceptional levels of 2000, reflecting less robust
</FONT></DIV>

<P align="left"><FONT size="2"><B>Credit loss expense</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="19%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="1">UBS Switzerland</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="1">UBS Warburg</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="1">Other <SUP>1</SUP></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="1">UBS Group</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="1"><I>CHF million, except where indicated</I></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="11"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="11"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="11"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="11"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="1">For the year ended</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1" color="#c66005"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">31.12.00</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">31.12.99</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1" color="#c66005"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">31.12.00</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">31.12.99</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1" color="#c66005"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">31.12.00</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">31.12.99</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1" color="#c66005"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">31.12.00</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">31.12.99</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="49"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">Total banking products
exposure at year end</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>197,098</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">198,130</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">212,869</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>134,802</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">158,629</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">152,699</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>675</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">786</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">903</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>332,575</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">357,545</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">366,471</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="49"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">IAS actual credit loss
expense/(recovery)</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>123</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">(695</FONT></TD>
        <TD nowrap><FONT size="1">)</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">965</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>375</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">565</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">0</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>0</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">0</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">(9</FONT></TD>
        <TD nowrap><FONT size="1">)</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>498</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">(130</FONT></TD>
        <TD nowrap><FONT size="1">)</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">956</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">- as a proportion of total
banking products exposure (bps)</FONT></DIV></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>6</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">(35</FONT></TD>
        <TD nowrap><FONT size="1">)</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">45</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>28</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">36</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">0</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>0</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">0</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">(100</FONT></TD>
        <TD nowrap><FONT size="1">)</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>15</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">(4</FONT></TD>
        <TD nowrap><FONT size="1">)</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">26</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="49"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">Adjusted expected loss charged
to Business Groups <SUP>2</SUP></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>604</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">784</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">1,071</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>130</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">247</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">333</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>0</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">0</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">0</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>734</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">1,031</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">1,404</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">- as a proportion of total
banking products exposure (bps)</FONT></DIV></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>31</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">40</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">50</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>10</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">16</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">22</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>0</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">0</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">0</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>22</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">29</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">38</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="49"><HR size="1" noshade></TD>
</TR>
</TABLE>
</CENTER>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>1</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Includes Corporate Center and UBS Asset Management.</FONT></TD>
</TR>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>2</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">For an explanation of the credit loss charge used in our Business Group
reporting please see the Expected loss section on page 62 and pages 34-35 of the
Financial Report 2001.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">70</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P align="center"><FONT size="2"><IMG src="y58380p5838054.gif">
</FONT>

<P><FONT size="2">growth in the Swiss economy towards the end of 2001, following the global
economic slowdown. As a result, the trend of net recoveries of loan loss
provisions observed in the previous year was reversed and credit loss expenses
increased accordingly during 2001, althought remaining below the long-term
trend. Credit loss expense in UBS Switzerland in 2001 was CHF 123&nbsp;million,
compared to a net recovery of CHF 695&nbsp;million in 2000.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Group credit loss expenses in 2001 amounted to CHF 498&nbsp;million, compared to a
net recovery of CHF 130&nbsp;million in 2000 but down from an expense of CHF 956
million in 1999. The exceptional result in 2000 was a result of the significant
recovery of the Swiss economy and especially its effect on the real estate and
construction markets, which meant that UBS Switzerland was able to make a
substantial write back of credit loss provisions, which was only partly offset
by additional provisions for the UBS Warburg portfolio.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Impaired loans, allowances and provisions</B>
</FONT>

<DIV align="left"><FONT size="2">UBS believes that the foreseeable losses in its portfolio are adequately covered
by its allowances and provisions. As shown in the table below, allowances and
provisions for credit losses decreased by 22.3%, from CHF 10,581&nbsp;million at 31
December 2000 to CHF 8,218&nbsp;million at 31 December 2001. Note 10b to the
Financial Statements in our Financial Report 2001 provides further details of
the changes in allowances and provisions during the year.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Allowances and provisions for credit risk</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="22%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="1">UBS Switzerland</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="1">UBS Warburg</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="1">Other <SUP>1</SUP></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="1">UBS Group</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="1"><I>CHF million</I></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="11"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="11"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="11"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="11"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="1">As at</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1" color="#c66005"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">31.12.00</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">31.12.99</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1" color="#c66005"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">31.12.00</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">31.12.99</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1" color="#c66005"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">31.12.00</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">31.12.99</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1" color="#c66005"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">31.12.00</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">31.12.99</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="49"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Loans (gross)</FONT></DIV></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>181,854</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">185,271</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">200,479</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>79,475</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">98,459</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">76,632</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>655</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">786</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">903</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>261,984</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">284,516</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">278,014</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="49"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Non-performing loans</FONT></DIV></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>7,004</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">8,342</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">11,847</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>1,626</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">2,084</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">1,163</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>9</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">26</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">63</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>8,639</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">10,452</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">13,073</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Other impaired loans</FONT></DIV></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>4,306</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">5,978</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">8,038</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>1,684</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">2,064</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">1,344</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>0</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">0</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">1</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>5,990</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">8,042</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">9,383</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="49"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total impaired loans</B></FONT></DIV></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>11,310</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">14,320</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">19,885</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>3,310</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">4,148</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">2,507</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>9</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">26</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">64</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>14,629</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">18,494</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">22,456</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="49"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Allowances for non-performing loans</FONT></DIV></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>4,248</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">5,141</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">7,738</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>1,121</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">1,183</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">918</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>5</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">5</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">5</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>5,374</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">6,329</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">8,661</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Allowances for other impaired loans</FONT></DIV></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>1,143</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">2,579</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">3,182</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>777</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">777</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">627</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>0</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">0</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">1</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>1,920</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">3,356</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">3,810</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="49"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1"><B>Total allowances for impaired loans</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>5,391</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">7,720</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">10,920</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>1,898</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">1,960</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">1,545</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>5</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">5</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">6</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>7,294</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">9,685</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">12,471</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="49"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Other allowances and provisions</B></FONT></DIV></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>243</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">83</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">33</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>681</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">813</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">894</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>0</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">0</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">0</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>924</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">896</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">927</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="49"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Total allowances and provisions</B></FONT></DIV></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>5,634</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">7,803</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">10,953</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>2,579</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">2,773</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">2,439</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>5</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">5</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">6</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>8,218</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">10,581</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">13,398</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="49"><HR size="4" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1"><I>of which country allowances
and provisions</I></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B><I>507</I></B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1"><I>498</I></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1"><I>0</I></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B><I>499</I></B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1"><I>794</I></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1"><I>1,376</I></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B><I>0</I></B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1"><I>0</I></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1"><I>0</I></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B><I>1,006</I></B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1"><I>1,292</I></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1"><I>1,376</I></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="49"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Ratios</B></FONT></DIV></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="1">Impaired loans as a % of gross loans</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>6.2</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">7.7</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">9.9</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>4.2</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">4.2</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">3.3</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>1.4</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">3.3</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">7.1</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>5.6</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">6.5</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">8.1</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="49"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">Non-performing loans
as a % of gross loans</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>3.9</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">4.5</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">5.9</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>2.0</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">2.1</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">1.5</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>1.4</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">3.3</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">7.0</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>3.3</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">3.7</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">4.7</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="49"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">Allowances and provisions
for credit loss as a % of gross loans</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>3.1</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">4.2</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">5.5</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>3.2</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">2.8</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">3.2</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>0.8</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">0.6</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">0.7</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>3.1</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">3.7</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">4.8</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="49"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">Allocated allowances
as a % of impaired loans</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>47.7</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">53.9</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">54.9</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>57.3</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">47.3</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">61.6</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>55.6</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">19.2</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">9.4</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>49.9</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">52.4</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">55.5</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="49"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">Allocated allowances
as a % of non-performing loans</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>60.7</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">61.6</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">65.3</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>68.9</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">56.8</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">78.9</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>55.6</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">19.2</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">7.9</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>62.2</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">60.6</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">66.3</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="49"><HR size="4" noshade></TD>
</TR>
</TABLE>
</CENTER>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>1</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Includes Corporate Center and UBS Asset Management. UBS Asset Management had
no impaired or non-performing loans at 31 December&nbsp;01, 31 December&nbsp;00 and 31
December&nbsp;99.</FONT></TD>
</TR>
</TABLE>
<P align="right"><FONT size="2">71</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P><FONT size="2"><B>Capital and Risk Management<BR>
Risk Analysis</B>
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Provisions and allowances for emerging market-related exposures stood at CHF
1,006&nbsp;million at 31 December 2001, compared to CHF 1,292&nbsp;million at 31 December
2000 and 1,376&nbsp;million at 31 December 1999. The reduction is mainly a
consequence of our policy of reducing the overall size of UBS&#146;s emerging market
exposures, especially in Latin America.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Impaired loans have decreased to CHF 14,629&nbsp;million at 31 December 2001 from
CHF 18,494&nbsp;million at 31 December 2000 and CHF 22,456&nbsp;million at 31 December
1999. Over the same period, non-performing loans (a sub-set of impaired loans)
have also decreased, to CHF 8,639&nbsp;million from CHF 10,452&nbsp;million at 31 December
2000 and CHF 13,073&nbsp;million at 31 December 1999.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The ratio of impaired loans to total loans has improved over the past three
years from 8.1% at 31 December 1999 to 6.5% at 31 December 2000, reaching 5.6%
at 31 December 2001, while the non-performing loans to total loans ratio
improved to 3.3% at 31 December 2001 from 3.7% at 31 December 2000 and 4.7% at
31 December 1999. These positive results were due in part to our successful
reduction of exposures to international credit risk, which produced fewer new
impaired and non-performing loans than in previous years, and in part to
continuing efforts to conclude proceedings and reach settlement on existing
non-performing loans.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Although UBS&#146;s non-performing loans to total loans ratio is somewhat higher
than that of comparable US banks, the comparison principally reflects different
write-off procedures under Swiss regulation and practice, rather than
necessarily implying a lower underlying asset quality. In turn, this practice
causes relatively higher allowances and provisions to be kept on the balance
sheet, than if we operated under US conventions. (See Provisioning policies on
page 64).
</FONT></DIV>

<P align="left"><FONT size="2" color="#c66005"><B>Market risk</B>
</FONT>

<DIV align="left"><FONT size="2">Market risk is the risk of loss arising from movements in observable market
variables such as interest rates, exchange rates and equity markets. In addition
to these and other general market risk factors, the risk of price movements
specific to an individual issuer of securities or an individual issue (&#147;residual
risk&#148;) are included in the measurement of market risk.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Market risk is incurred in UBS primarily through trading activities which are
centered in the Corporate and Institutional Clients business of UBS Warburg. It
arises primarily from market making, client facilitation and proprietary
positions in equities, fixed income and interest rate products, foreign exchange
and, to a lesser extent, precious metals. Activity is mainly in OECD markets,
with some business in emerging markets.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Group Treasury assumes market risk in the management of the Group&#146;s balance
sheet where long-term interest rate risk is transferred from other Business
Groups, and through the Group&#146;s structural foreign exchange positions, as
described in the Group Treasury section on pages 77 to 85.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Further market risks arise, but to a much lesser extent, in other businesses,
again, primarily from the facilitation of customer business, but also in the
form of interest rate risk in the banking books of the private label banks of
UBS Switzerland (Private Banking&#146;s independently branded, but wholly owned
private banking subsidiaries).
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Market risk measures are applied to all the trading books of UBS Warburg, to
all foreign exchange and precious metals exposures of the Group, to interest
rate risk in the banking book taken by Group Treasury and the private label
banks, and to any other material market risk arising.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Risk measurement</B>
</FONT>

<DIV align="left"><FONT size="2">The expected, statistical and stress loss framework is applied to market risk as
follows:
</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2"><I>Expected loss </I>is reflected in the valuation adjustments made to the
portfolio. These cover price uncertainties resulting from a lack of market
liquidity or the absence of a reliable market price for an instrument or
position, and model risk in more complex models.</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2"><I>Statistical loss </I>is measured using a Value at Risk (VaR) methodology. VaR
expresses the potential loss on the current portfolio assuming a specified
time horizon before positions can be adjusted (holding period), and measured
to a specified level of confidence. UBS measures VaR on both a one-day and a
tenday holding period, in both cases to a 99% confidence level. Estimates are
based on historical simulation, assessing the impact of historical market
movements on today&#146;s portfolio, based on five years of historical data.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">72</FONT>

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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">One-day VaR exposure expresses the maximum daily mark-to-market loss that UBS
is likely to incur on the current portfolio under normal market conditions
with a larger loss being statistically likely only once in a hundred business
days.</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2"><I>Stress loss </I>is assessed against our standard set of forward looking
scenarios, approved by the Board of Directors, using stress moves in market
variables which are regularly reviewed and approved by the Group CRO.
Scenarios may be derived from severe historical events or based on
prospective crisis scenarios developed from the current economic situation
and perceived market trends. They are kept under continuous review and
enhanced or augmented as and when necessary to reflect changing market and
economic conditions.</FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors has set a limit on statistical loss for market risk at
the Group level in terms of ten-day VaR. This limit is allocated by the GEB
among the Business Groups, the largest allocation being to UBS Warburg. Within
the Business Groups, the limit is allocated to lower organizational levels as
necessary. The internal ten-day VaR measure is also the basis of UBS&#146;s market
risk regulatory capital requirement.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;All VaR models, while forward-looking, are based on past events and are
dependent upon the quality of available market data. The quality of
the VaR model is therefore continuously monitored by backtesting. In backtesting
we compare the actual revenues arising from the previous day&#146;s closing positions
(&#147;backtesting revenue&#148;, which excludes non-trading revenues such as commissions
and fees and revenues from intraday trading) with the one-day VaR calculated for
the previous day on these same positions. If the revenue, whether positive or
negative, exceeds the one-day VaR, a &#147;backtesting exception&#148; is considered to
have occurred. When VaR is measured at a 99% confidence level, a backtesting
exception is expected, on average, one-day in a hundred. A higher rate of
occurrence may indicate that the VaR model (the combination of the inputs and
the calculations) is not fully capturing all risks. UBS conducts backtesting
daily at a number of organizational levels down to individual trading
portfolios, and investigates all backtesting exceptions to establish their cause
and any necessary remedial action. Backtesting is also a regulatory requirement,
and negative backtesting exceptions (where revenue is negative and greater than
the previous one-day VaR) must be reported to the regulators.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors has also set a stress loss limit on market risk for
UBS Warburg.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The market risk VaR and stress loss limits are the principal controls on
UBS&#146;s exposure to dayto-day movements in market prices, but complementary
controls are also applied to prevent undue concentrations, including limits on
exposure to individual market risk variables, such as individual interest or
exchange rates, and limits on positions in the securities of individual issuers.
These controls are set at levels which reflect variations in price volatility
and market depth and liquidity.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Risk control of investment positions</B>
</FONT>

<DIV align="left"><FONT size="2">Investment positions such as private equity are, by definition, positions held
with a longer-term view than trading positions and pose difficulties for risk
quantification: liquidity may be limited, market quoted prices may not be
readily available and there may be legal or other constraints on sale. Thus,
although such positions are subject to fair value accounting, the risk measures
applied to trading positions are not appropriate to investment positions without
modification. On the other hand, there are elements of the credit risk control
approach that can usefully be applied to such positions, for example debt
capacity analysis and valuation techniques. Our risk control approach to
investment positions therefore draws on the tools of both credit and market
risk.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The approach starts with a rigorous evaluation of new investments and a
defined business plan which addresses the purpose, the likely time frame and the
expected or targeted returns. Every investment is owned by a specific business
unit, management of which is responsible for continuous monitoring against the
original plan and regular reporting to senior management at Business Group and
Group level. Where investments are made on a regular basis, limits per
investment and for the total portfolio may be applied. In other cases, case by
case approval is required.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Valuation reviews are conducted regularly for material investments -
quarterly for private equity. These reviews are a joint effort between the
relevant business unit, Financial Control, the CRO Organization and Credit Risk
Control.
</FONT></DIV>

<P align="right"><FONT size="2">73</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P><FONT size="2"><B>Capital and Risk Management<BR>
Risk Analysis</B>
</FONT>
<P align="left"><FONT size="2"><B>UBS Warburg &#151; Value at Risk (10-day 99% confidence) <SUP>1</SUP></B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
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        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="15"><FONT size="1" color="#c66005"><B>Year ended 31.12.01</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="15"><FONT size="1">Year ended 31.12.00</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="15"><FONT size="1">Year ended 31.12.99</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="15"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="15"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="7"><HR size="1" noshade></TD>
        <TD colspan="11"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="1"><I>CHF million</I></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1" color="#c66005"><B>Min.</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1" color="#c66005"><B>Max.</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1" color="#c66005"><B>Average</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1" color="#c66005"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">Min.</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">Max.</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">Average</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">31.12.00</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">Min.</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">Max.</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">Average</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">31.12.99</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="50"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1"><B>Risk type</B></FONT></DIV></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Equities</FONT></DIV></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>124.1</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>458.0</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>181.6</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>157.4</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">144.7</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">245.9</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">199.4</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">146.5</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">121.8</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">207.6</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">162.5</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">172.8</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Interest rates</FONT></DIV></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>136.6</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>318.7</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>193.3</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>239.7</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">113.8</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">202.3</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">149.8</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">132.8</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">87.7</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">187.6</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">140.2</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">140.1</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Foreign exchange</FONT></DIV></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>9.3</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>90.7</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>28.5</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>25.8</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">7.6</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">97.5</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">32.5</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">31.6</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">9.5</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">144.7</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">57.5</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">76.1</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Precious metals</FONT></DIV></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>2.2</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>14.4</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>6.1</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>5.1</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">2.1</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">27.4</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">9.7</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">5.3</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">5.3</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">35.8</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">21.0</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">27.8</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Diversification effect</FONT></DIV></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1"></FONT></TD>
        <TD><FONT size="1" color="#c66005"><B><SUP>2</SUP></B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>&nbsp;</B></FONT></TD>
        <TD><FONT size="1" color="#c66005"><B><SUP>2</SUP></B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>(148.6</B></FONT></TD>
        <TD nowrap><FONT size="1" color="#c66005"><B>)</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>(144.2</B></FONT></TD>
        <TD nowrap><FONT size="1" color="#c66005"><B>)</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1"></FONT></TD>
        <TD><FONT size="1"><SUP>2</SUP></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1"></FONT></TD>
        <TD><FONT size="1"><SUP>2</SUP></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">(148.3</FONT></TD>
        <TD nowrap><FONT size="1">)</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">(129.0</FONT></TD>
        <TD nowrap><FONT size="1">)</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1"></FONT></TD>
        <TD><FONT size="1"><SUP>2</SUP></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1"></FONT></TD>
        <TD><FONT size="1"><SUP>2</SUP></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">(168.1</FONT></TD>
        <TD nowrap><FONT size="1">)</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">(193.2</FONT></TD>
        <TD nowrap><FONT size="1">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="50"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="1">Total</FONT></DIV></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>187.2</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>479.6</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>260.9</B></FONT></TD>
        <TD nowrap><FONT size="1" color="#c66005"><B><SUP>3</SUP></B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1" color="#c66005"><B>283.8</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">186.8</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">296.1</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">243.0</FONT></TD>
        <TD nowrap><FONT size="1"><SUP>3</SUP></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">187.1</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">176.6</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">275.7</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">213.1</FONT></TD>
        <TD nowrap><FONT size="1"><SUP>3</SUP></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="1">223.6</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="50"><HR size="4" noshade></TD>
</TR>
</TABLE>
</CENTER>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>1</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Positions from PaineWebber are included from legal merger date 3 November
2000 onwards.</FONT></TD>
</TR>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>2</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">As the minimum and maximum occur on different days for different risk types,
it is not meaningful to calculate a portfolio diversification effect.</FONT></TD>
</TR>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>3</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">The corresponding figures for the Corporate and Institutional Clients
business unit of UBS Warburg were CHF 252&nbsp;million at 31 December 2001, CHF 242
million at 31 December 2000 and CHF 213&nbsp;million at 31 December 1999.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>Market risk developments</B>
</FONT>

<DIV align="left"><FONT size="2">The table above shows average, minimum, maximum and year end market risk
exposure for UBS Warburg, as measured by ten day, 99% confidence VaR exposure.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;As in 2000, the major exposures arose in the equity and interest rate risk
classes, but while average VaR for equities decreased from CHF 199.4&nbsp;million to
CHF 181.6&nbsp;million, for interest rates the average increased from CHF 149.8
million to CHF 193.3&nbsp;million. These changes reflect changing market
opportunities and, in particular, good trading opportunities in the bond markets
which resulted in interest rates being the strongest risk driver at the end of
2001. Average VaR for UBS Warburg increased only slightly from CHF 243.0&nbsp;million
in 2000 to CHF 260.9&nbsp;million in 2001 and, in general, market risk exposures have
stayed within the normal ranges. There was, however, a short-term but
significant increase in VaR in December 2001 resulting from sizeable
client-driven equity transactions. The need for a temporary increase in limits
was anticipated and pre-approved by the Group Executive Board. The trades were
successfully executed and the risk reduced to normal levels.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Market risk positions in UBS Switzerland and Corporate Center have only a
marginal impact on the total VaR at Group level as can be seen in the table
below.
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="y58380p5838055.gif">
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS has had no regulatory backtesting excep tions in 2001, as can be seen in
the backtesting revenue and VaR graph. The 10-day VaR, which is the basis of the
limits and exposures in the tables, is also shown for information. Note that the
revenues shown in this graph are &#147;backtesting revenues&#148; &#151; they exclude
non-trading revenues, such as commissions and fees, and revenues from intra-day
trading, which are not relevant in the
</FONT></DIV>

<P align="left"><FONT size="2"><B>UBS Group &#151; Value at Risk (10-day 99% confidence)</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="50%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="2">Average utilization for the year ended</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="11"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Limit</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#c66005"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="17"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Business Groups</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">UBS Warburg</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">450</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>260.9</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">243.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">213.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">UBS Switzerland <SUP>1</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">50</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>4.8</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Corporate Center <SUP>2</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">250</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>37.4</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">69.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">37.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Reserves</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">100</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Diversification effect</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">n/a</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>(37.3</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#c66005"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(68.5</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(40.5</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="17"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>UBS Group</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">600</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>265.8</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">248.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">213.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="17"><HR size="4" noshade></TD>
</TR>
</TABLE>
</CENTER>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>1</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Includes interest rate exposures in the banking books of the private label
banks.</FONT></TD>
</TR>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>2</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Includes interest exposures in the banking book of Group Treasury.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">74</FONT>

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<P><FONT size="2">context of backtesting. The first histogram below shows these backtesting
revenues, while the second shows daily revenues from all sources in Corporate
and Institutional Clients (&#147;full revenues&#148;).
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS has continued to refine its VaR model during 2001,particularly in
modeling risk on the break up of merger and acquisition deals. Following final
approval from the EBK the new methodology will be implemented in 2002 but we do
not anticipate a major impact on overall VaR exposure.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Market risk in energy trading</B>
</FONT>

<DIV align="left"><FONT size="2">In mid-February 2002, UBS Warburg established a new energy trading unit, based
on Enron&#146;s wholesale electricity and natural gas trading operations, through a
licensing agreement that will give Enron an interest in the future income of the
business. Further details of the new business are given in the UBS Warburg
business description, on pages 43 to 44.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;We estimate that the Value at Risk (VaR) for this product may reach around
CHF 100&nbsp;million initially, but that there will be an offsetting diversification
effect, which means that overall VaR usage within UBS Warburg is expected to
rise by less than this amount. Future VaR usage will be
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="y58380p5838056.gif">
</FONT>

<P align="center"><FONT size="2"><IMG src="y58380p5838065.gif">
</FONT>

<P align="right"><FONT size="2">75</FONT>

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<P><FONT size="2"><B>Capital and Risk Management<BR>
Risk Analysis</B>
</FONT>
<P><FONT size="2">reviewed later in 2002 in light of the performance of the new business.
</FONT>
<P align="left"><FONT size="2" color="#c66005"><B>Consequential risk developments</B>
</FONT>

<DIV align="left"><FONT size="2">The events of 11 September 2001 resulted in a renewed and more intensive focus
on the principle of &#147;Know your customer&#148; and on antimoney laundering activities.
UBS&#146;s involvement in the Wolfsberg Group and enhancements to our own internal
practices are discussed in the Corporate Responsibility chapter on page 111.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Information security</B>
</FONT>

<DIV align="left"><FONT size="2">Financial institutions are typically highly dependent on IT infrastructure,
which is subject to everincreasing attempted attacks. In UBS, information
security risk is subject to independent controls with multiple layers of
oversight, in the Business Groups and at Corporate Center, and within both the
IT organization and Risk Control. Corporate Security also provides an
independent view, on behalf of senior risk control management, into the complex
risk environment created by a global network of sensitive applications with
multiple attachments to the internet. The mandatory requirements of
confidentiality, integrity and availability of critical information throughout
the Group are set out in the UBS IT Security Framework, which is further
elaborated in the Business Groups to meet their specific market environment and
regulatory requirements.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;As in previous years, the frequency, scope, and severity of attempted attacks
on IT systems and information through the internet has increased. UBS is
responding to this heightened risk through a combination of human and technical
defenses.
Defensive barriers and attack detection systems are designed to combat cyber
attacks, while internal access control systems ensure that sensitive data can
only be accessed by authorized persons.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The effectiveness of our security defenses was demonstrated in our response
to global internet virus attacks, such as Nimda and Goner &#151; our e-mail servers
were immediately protected to prevent spread of the hostile code, defensive
tools were updated on all desktops and servers, and all copies of the virus were
quickly located and removed.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Basel Capital Accord</B>
</FONT>

<DIV align="left"><FONT size="2">Credit and market risk are well established risk categories for which management
and control processes, although constantly evolving, are
widely established and understood in the industry. These risks are the basis of
the current Basel Capital Accord, which determines regulatory capital
requirements for internationally active banks, including UBS.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;A new Basel Capital Accord has been under development since 1999 and
throughout 2001 UBS has been active in the ongoing discussion between the
regulators and the industry. It is hoped that the new Accord, which is currently
scheduled to be implemented from 1 January 2005, will provide a more risk
sensitive framework for credit risk than the 1988 Accord, and that any capital
requirement imposed on consequential (operational)&nbsp;risk will be responsive to
changing risk and loss experience and will promote further rational development
of risk control practice in this area.
</FONT></DIV>

<P align="left"><FONT size="2">76</FONT>

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<P><FONT size="2"><B>Capital and Risk Management<BR>
Group Treasury</B>
</FONT>
<P align="left"><FONT size="5"><B>Group Treasury</B>
</FONT>

<P><FONT size="2">Group Treasury manages the core financial positions of the Group and coordinates
and controls the corresponding processes on a Group-wide basis.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The goals of the Group Treasury processes are:
</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Efficient management of the Group&#146;s main non-trading interest rate exposures,
to immunize originating business units from interest rate risk and provide
them with an interest rate risk free margin.</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Sustainable and cost-efficient funding of the Group&#146;s balance sheet, using a
well diversified portfolio of funding sources and preserving a balanced
liability structure.</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Providing a framework for optimal liquidity management in order to generate
cash when required without compromising our ability to take advantage of
market opportunities. This includes an integrated collateral management
process, operated in conjunction with UBS Warburg&#146;s Cash and Collateral
Trading book (CCT)&nbsp;to generate revenues for both the Group and our clients.</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Efficient management of the Group&#146;s nontrading foreign exchange exposure, to
shield our equity and expected future cash flows from adverse fluctuations in
exchange rates against the Swiss franc.</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Efficient management of regulatory capital, while maintaining strategic
flexibility, sound capitalization and strong ratings.</FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Group Treasury is subject to the Group&#146;s Risk Management and Control
Principles, but also has its own specific processes and policies, tailored to
the risks for which it is responsible.
</FONT></DIV>

<P align="left"><FONT size="2" color="#c66005"><B>Interest rate risk management</B>
</FONT>

<DIV align="left"><FONT size="2">Interest rate risk is inherent in many of UBS&#146;s businesses. It arises from a
variety of factors, including differences in timing between contractual maturity
or re-pricing of assets, liabilities and derivative instruments, which impact
net interest income in the event of changes in market interest rates. In the
case of floating rate assets and liabilities, UBS is also exposed to basis risk,
which is the difference in re-pricing characteristics of floating rate indices,
such as the savings rate and six months LIBOR. These differences can result in
changes to net income and in the valuation of our assets and liabilities when
one group of assets or liabilities bears or pays interest on one basis, while
others bear or pay interest on another. In addition, certain products have
embedded options that affect their pricing and effective maturity.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Interest rate risk is segregated into trading and non-trading risk. Interest
rate risk positions which are not subject to &#147;trading book&#148; regulatory capital
treatment (and are therefore not included in our Value-at-Risk process discussed
in the Market risk section on pages 71 to 76) are reported as &#147;Bank Book&#148;
(non-trading risk) positions.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Most interest rate risks are captured at the point of business origination
and then transferred, through a Group-wide transfer pricing mechanism, to one of
the risk management units. Centralized risk management takes place within
pre-defined risk limits, either in Group Treasury or in CCT, depending on the
currency and original maturity.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;This process allows us to exploit Group-wide netting potential and to shift
the interest rate risk away from the originating business units, for
financial reporting and internal risk management purposes, providing them with
an interest rate risk-free margin. The only notable exceptions to this rule are
the five independent private banking subsidiaries of UBS Switzerland which
manage their own interest rate risk separately; however the amount of interest
rate risk involved is not material to the financial condition or results of the
Group as a whole.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Internal hedging process</B>
</FONT>

<DIV align="left"><FONT size="2">In applying our internal hedging process, a distinction is made between
transactions with fixed maturities and those without contractual maturity dates
or directly market-linked rates (such as retail products), and also between
long-term (over one year) and short-term (up to one year) Swiss franc
denominated business.
</FONT></DIV>

<P align="right"><FONT size="2">77</FONT>

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<P><FONT size="2"><B>Capital and Risk Management<BR>
Group Treasury</B>
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Transactions with fixed maturities are transferred by individual back-to-back
transactions to Group Treasury in the case of long-term Swiss franc
transactions, and to CCT in the case of short-term Swiss franc and all non-Swiss
franc transactions.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Client current and savings accounts and many other products of UBS
Switzerland have no contractual maturity date or directly market-linked rate,
and can be thought of as effectively containing embedded pre-payment/withdrawal
and re-pricing options. Their interest rate risk cannot be transferred to Group
Treasury or CCT by simple back-to-back transactions and they are therefore
transferred on a pooled basis. This entails the establishment of a &#147;replication&#148;
portfolio &#151; a portfolio of revolving transactions between the originating
business unit and Group Treasury at market rates designed to approximate the
average cash flow and re-pricing behavior of the pooled client transactions.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In both cases, risk transferred to CCT is managed by CCT within its risk
limits, according to its risk view and appetite (see also Market Risk section on
pages 71 to 76). To the extent that Group Treasury needs to hedge its positions,
it also deals with CCT, which is the sole interface to the money market.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;As a result of this process the originating business unit is &#147;immunized&#148;, for
financial reporting and risk management purposes, against market interest rate
movements, but retains the product margin, while Group Treasury acquires market
rate based positions which it can manage within the Bank Book.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;By transferring long-term Swiss franc exposures to Group Treasury, this
process also allows us to benefit directly from the netting potential between
the two types of client transactions, before the positions are transferred to
CCT, where there is further netting potential and from where the risk may be
transferred to the market.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In addition to the interest rate risk associated with client business, a
significant amount of interest rate risk arises from non-business related
balance sheet items, such as the financing of the Group&#146;s real estate and equity
investments in associated companies, and the investment of our own equity. These
are all strategic decisions, which implicitly create Bank Book interest rate
exposures. In a process similar to that used for client products that are at
non-market rates or lack contractual maturity dates, the non-business items are
represented by replicating portfolios to approximate the investment or funding
profile mandated by the Group Executive Board (GEB), and are thereby transferred
to Group Treasury.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;All replicating portfolios are updated monthly by replacing maturing tranches
with new tranches, taking into account changes in the underlying portfolios over
the period. Although the choice of monthly rollovers for each replicating
portfolio helps to minimize the volume of transactions required at any one time,
new aggregate tranches are, nevertheless, of such a size that they cannot be
laid off to the market instantly. The Bank Book therefore staggers the execution
of offsetting hedges with CCT, thereby assuming intramonth interest rate
exposure, which fluctuates somewhat during the course of each month.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Interest rate risk in the Bank Book</B>
</FONT>

<DIV align="left"><FONT size="2">The GEB has approved risk management policies, risk limits and a control
framework for the entire Bank Book interest rate risk management process.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The internal control framework includes an allocation of the Group VaR limit,
which covers both the interest rate risk and the foreign exchange risk for which
Group Treasury is responsible. (Under Swiss Banking Commission regulations, only
the foreign exchange risk is included in VaR for determination of regulatory
capital &#151; interest rate risk is included for internal risk management and
control purposes only.) Group Treasury&#146;s VaR exposure is included in the table
on page 74. UBS Warburg&#146;s central VaR Reporting unit monitors the risk in Group
Treasury on a daily basis as part of UBS&#146;s overall market risk control process.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Three key interest rate risk measures are also used:
</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2"><I>Interest rate sensitivity</I> expresses the impact of a one basis point (0.01%)
parallel rise in interest rates on the fair value (net present value) of all
Bank Book items.</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2"><I>Economic value sensitivity</I> measures the potential change in fair value of the
Bank Book resulting from a large instantaneous shock to interest rates.</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2"><I>Net interest income at risk</I> is defined as the potential change in net
interest income from the Bank Book resulting from adverse movements in
interest rates over the next twelve months. Various changes in the level of
interest rates are applied. Usually the worst case is captured by</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">78</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P align="left"><FONT size="2"><B>Interest rate sensitivity of the Bank Book</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="51%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2">As at 31.12.2001</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Within 1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">1 to 3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">3 to 12</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">1 to 5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Over 5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF thousand per basis point increase</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">month</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">months</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">months</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">years</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">years</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Total</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="25"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">CHF</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(2</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(173</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(863</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1,029</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">USD</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">35</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(113</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(157</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(274</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(15</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(524</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">EUR</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(2</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(6</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(38</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">182</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">136</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">GBP</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(7</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(57</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">175</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">624</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">735</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">JPY</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(3</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(4</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(5</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Others</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(4</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(6</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="25"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>43</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>(127</B></FONT></TD>
        <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>(257</B></FONT></TD>
        <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>(90</B></FONT></TD>
        <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>(262</B></FONT></TD>
        <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>(693</B></FONT></TD>
        <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="25"><HR size="4" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">of which equity replicating portfolio (CHF)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">24</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">364</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,483</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,167</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13,044</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="25"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Bank Book without
equity replicating portfolio (total)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">37</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(151</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(621</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(7,573</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(5,429</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(13,737</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="25"><HR size="1" noshade></TD>
</TR>
</TABLE>
</CENTER>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">using instantaneous shock scenarios. All of the scenarios are compared with a
scenario where current market rates and client behavior are held constant for
the next twelve months. This measure considers such variables as:</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Re-pricing characteristics of assets and liabilities.</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">The effect of rate barriers, such as caps and floors, on assets and
liabilities.</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Maturity effects of replicating portfolios.</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Behavior of clients.</FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The methodology is designed to highlight the effects of market changes in
interest rates on existing balance sheet positions &#151; it ignores future changes
in the asset and liability mix and therefore it is not a predictor of future net
interest income.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The interest rate sensitivity measure is a simple unit measure of
sensitivity, which does not in itself provide an indication of potential loss.
The economic value sensitivity and net interest income at risk methodologies
provide different views of potential loss from interest rate risk. The economic
value sensitivity measure provides both a longer-term view and a view of the
whole book, since it takes into account the present value of all
future cash flows generated from the existing balance sheet positions. The net
interest income at risk measure provides a shorter-term view, as it considers
only the re-pricing effect from positions maturing over the next twelve months.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In all three measures, for internal purposes we assess the exposure both
including and excluding the replication portfolio representing the Group&#146;s
equity. When this portfolio is excluded, the exposure under all three measures
increases, since the exposures on assets in which the equity is invested are no
longer netted against the benchmark for equity investment.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;At 31 December 2001, our equity was invested in a portfolio of fixed-rate CHF
assets with an average duration of three years. This is equivalent to a
sensitivity of CHF 13.0&nbsp;million per basis point, in line with the strategic
investment targets set by the GEB.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The interest rate sensitivity of these investments is directly related to the
chosen investment duration. It should be recognized that, although investing in
significantly shorter maturities would lead to a reduction in the apparent
interest rate sensitivity and economic value sensitivity of the Bank Book, it
would lead to higher net interest income at risk and to higher volatility in the
Group&#146;s interest earnings.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The table above shows the interest rate sensitivity of the Bank Book as at 31
December 2001. The first total is the sensitivity including the equity
replicating portfolio, while the final total, which is significantly larger,
excludes this portfolio.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The table below shows the change in risk under the economic value sensitivity
and net interest income at risk measures between 31 December 1999 and 31
December 2001.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Change in risk under the two methodologies</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="59%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="2">As at</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="11"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#c66005"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="14"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net interest income at risk</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>(313</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#c66005"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(247</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(355</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Economic value sensitivity</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>(1,319</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#c66005"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(908</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(555</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="14"><HR size="4" noshade></TD>
</TR>
</TABLE>
</CENTER>
<P align="right"><FONT size="2">79</FONT>

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<P><FONT size="2"><B>Capital and Risk Management<BR>
Group Treasury</B>
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The net interest income at risk figure shown is the worst case among various
interest rate scenarios that have been analyzed, and results from an assumed
downward interest rate shock (parallel shift) of 200 basis points. At 31
December 2001, the difference in the projected outcome in this scenario from
that projected in a constant market rate scenario represented a reduction of
3.9% in the year&#146;s total net interest income, compared with a reduction of 3% at
31 December 2000. In this extreme scenario, the largest part of the decrease
would result from lower margins on savings, deposit and current accounts and
lower returns on the investment of the Group&#146;s equity.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The economic value sensitivity measure shows the effect of a 100 basis point
adverse interest rate shock. At 31 December 2001 a 100 basis point upward shock
of Swiss franc rates would lead to a CHF 1,319&nbsp;million decline in fair value,
compared with an exposure of CHF 908&nbsp;million to the same scenario at 31 December
2000.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The increase in the economic value sensitivity in the course of 2001 is
mainly due to the decision to lengthen the duration of the investment of Group&#146;s
CHF equity, while maintaining shortterm refinancing of equity investments in UBS
Group companies.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Other effects of interest rate changes on UBS&#146;s profitability</B>
</FONT>

<DIV align="left"><FONT size="2">Neither of these two methodologies gives a complete picture of the potential
effect of interest rate changes on the Group&#146;s revenues and costs. In principle,
higher rates give UBS opportunities to improve loan pricing and deposit margins.
Income from invested equity also increases, particularly where the yield curve
is steep, although as it is mostly invested long-term, the average rate rises
only slowly. However, rising interest rates can also reduce income: the cost of
funding trading portfolios increases, especially if the yield curve is inverted.
Loan demand may reduce with higher rates, while the likely deterioration in
credit quality may result in increased credit loss expense, especially if rates
rise towards the bottom of the credit cycle. At the same time, increased rates
may reduce the prospects for growth in equity markets, leading to lower net new
money in our client businesses and lower transaction volumes in our wholesale
businesses, both of which would impact our fee income. Furthermore, changes in
rates in different currencies have stronger or weaker effects on different
aspects of the overall Group picture &#151; trading-related revenues are more exposed
to changes in US dollar rates, loan and deposit margins to changes in Swiss
franc rates.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;A similarly complex picture would apply to a reduction in interest rates. So,
although the sensitivity of UBS&#146;s income to changes in the rates applied to its
current balance sheet positions gives some indication of interest rate risk, the
overall effect of a change in interest rates on the whole of the Group&#146;s
business is much harder to model. It will partly depend on other factors, such
as the shape of the yield curve, the position in the credit cycle and market
perceptions of the progress of key economies.
</FONT></DIV>

<P align="left"><FONT size="2" color="#c66005"><B>Liquidity and funding management</B>
</FONT>

<DIV align="left"><FONT size="2">The GEB has approved a policy, which establishes the core principles for
liquidity management and has defined an appropriate contingency plan. A first
set of principles relates to the establishment of liquidity risk limits (for
example, a net overnight funding limit). The risk limits are set by the GEB and
monitored by the Group Treasury Committee (GTC)&nbsp;which is chaired by the Group
Treasurer and meets on a monthly basis to assess the Group&#146;s liquidity exposure.
A second set of principles concentrates on liquidity
crisis management, for which detailed contingency plans have been developed.
Regional committees monitor the markets in which UBS operates for potential
threats and regularly report their findings to the GTC. In the event of a
liquidity crisis, regional crisis task forces implement contingency plans under
the direction of senior management.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The liquidity management process is undertaken jointly by Group Treasury and
UBS Warburg&#146;s CCT unit. Group Treasury&#146;s function is to establish a
comprehensive framework of policies and risk limits, while CCT undertakes
operational cash and collateral management transactions within the established
parameters. This centralized cash and collateral management structure permits
tight control on both our global cash position and our stock of highly liquid
and rediscountable securities.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Liquidity management approach</B>
</FONT>

<DIV align="left"><FONT size="2">UBS&#146;s approach to liquidity management is to ensure, as far as possible, that
the Group will
</FONT></DIV><P align="left"><FONT size="2">80</FONT>

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<DIV align="left"><FONT size="2">always have sufficient liquidity to meet its liabilities when due, without
compromising our ability to respond quickly to strategic market opportunities.
UBS&#146;s centralized approach to liquidity management encompasses all branches and
subsidiaries and seeks to ensure that the liquidity position is more than
adequate to cover shortterm liabilities at all times. UBS&#146;s liquidity management
is based on an integrated framework that incorporates an assessment of all
expected cash flows within the Group and the availability of high-grade
collateral which could be used to secure additional funding if required. The
liquidity position is assessed and managed under a variety of potential
scenarios, giving due consideration to stress factors. The range of scenarios
analyzed encompasses both normal market conditions and stressed conditions,
including both UBS specific and general market crises. For each scenario
considered, the short-term liquidity position arising out of non-trading
activities is determined by identifying the gap between liabilities running off
and maturing assets repaid. This gap is then augmented by that of the trading
book by ascertaining the value of assets which could be liquidated as compared
to the liabilities which would have to be repaid. In assessing this gap, we take
into account both our ability to utilize collateral &#151; both our own and
collateral borrowed from customers &#151; to raise funds, which may enhance our
liquidity, and the possibility that our customers may seek to draw down
unutilized capacity under credit lines we extend them, which may place further
demands on liquidity. We also take into account the fact that, while under
normal market conditions it can be safely assumed that most maturing assets
would be repaid, trading assets successfully liquidated and maturing liabilities
replaced by creating new liabilities, this will not necessarily be the case
under stressed conditions.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The starting point for these stress analyses is the breakdown by contractual
maturity of our assets and liabilities. This is displayed as of 31 December 2001
in Note 30 to the Financial Statements, which shows the profile of UBS&#146;s overall
cash-flow ladder under a going-concern scenario. Various stress scenarios are
then simulated by adjusting this assumed cash-flow ladder according to each type
of stress event. These scenarios range from a liquidity squeeze that remains
confined to the capital and inter-bank markets (akin to the Asian crisis of 1997
and the Russian crisis of 1998) to a full-blown general market crisis that
affects all participants and spans all market sectors on a global basis.
Particular emphasis is also placed on a bank-specific crisis, where UBS alone is
affected. Once again, this crisis is assumed to occur globally across all market
sectors. In this way, varying degrees of severity are simulated and all of UBS&#146;s
funding sources and investments are assumed to be put under stress. The range of
effects evaluated encompasses the following stress factors:
</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">inability to roll over maturing unsecured debt (both long-term and short-term
debt such as UBS&#146;s commercial paper programs),</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">inability to raise new unsecured (short-term or long-term) debt,</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">increased collateral margins on the banks secured funding sources,</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">a sudden, large outflow of retail deposits (&#147;bank run&#148;),</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">a large increase in draw-downs of unutilized committed credit lines.</FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Furthermore, because of the possibility that customers will also be affected
by the liquidity crisis and thus unable to meet their obligations,
it is assumed that all core businesses and investments, such as consumer loans
and mortgages, must continue to be financed, even if they fall due during the
assumed crisis period.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS&#146;s exposure under these liquidity stress scenarios is analyzed on a
monthly basis and any ensuing liquidity gap is assessed to ascertain the ability
of the bank to bridge the gap by means of its large stock of pledged, undrawn
central bank facilities and through increased use of repurchase and similar
transactions. The assumed crisis gap is monitored monthly by Group Treasury and,
if it were to exceed a predefined trigger level, appropriate measures would be
taken to reduce the liquidity gap exposure accordingly.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The results of the liquidity stress scenario analyses are reported on a
monthly basis to the Chief Risk Officer and are presented on a quarterly basis
to the Group Executive Board.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Benefits of centralization</B>
</FONT>

<DIV align="left"><FONT size="2">Being a globally integrated financial services firm, UBS&#146;s range of business
activities naturally generates asset and liability portfolios which are highly
diversified with respect to market, product and currency. This lowers UBS&#146;s
exposure to
</FONT></DIV>

<P align="right"><FONT size="2">81</FONT>

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<P><FONT size="2"><B>Capital and Risk Management<BR>
Group Treasury</B>
</FONT>
<P><FONT size="2">individual funding sources, and also provides a broader range of investment
opportunities, which in turn reduces liquidity risk. The centralized approach to
liquidity management adopted at UBS allows these advantages to be exploited.
Group Treasury is, furthermore, instrumental in executing an integrated
collateral management process on a Group-wide basis to ensure that the large,
high-quality pool of collateral gathered across the Group is made accessible for
repurchase and securities lending transactions as part of UBS Warburg&#146;s CCT
activities. Through these securities lending transactions, CCT creates
additional revenues for both UBS Group and its clients, and also generates
substantial funding on a secured basis, providing an additional liquidity
cushion that could be crucial in crisis situations.
</FONT>
<P align="left"><FONT size="2"><B>Funding management approach</B>
</FONT>

<DIV align="left"><FONT size="2">UBS&#146;s funding strategy seeks to ensure that business activities are funded at
the lowest possible cost. With a broad diversification of funding sources (by
market, product and currency), UBS maintains a well-balanced portfolio of
liabilities which generates a stable flow of financing and provides protection
in the event of market disruptions.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In this context, UBS&#146;s strong domestic retail business is a very valuable,
cost efficient and reliable source of funding. Through the establishment of
short, medium and long-term funding programs in Europe, in the US and in Asia,
UBS can both provide specialized investments to its customers and efficiently
raise funds globally, minimizing its dependence on any particular source.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS also makes frequent use of asset-securitization structures, in particular
in connection with the sale of corporate loans and retail mortgages. However,
these securitizations do not constitute a material portion of UBS&#146;s funding
activities and our liquidity status would not be significantly affected if
capital markets were to become inaccessible for such securitization
transactions. UBS has no long-term commitments to continue to purchase the types
of assets being securitized.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The charts show a breakdown by product type and by currency of our secured
and unsecured funding as at 31 December 2001. Of our total funding, 39% was
raised on a secured basis and 61% unsecured. Most of our funding was originated
in US dollars, with major portions also being raised in Swiss francs and in
Euro, roughly mirroring the currency breakdown of our asset base. Around 12% of
our funding was denominated in other currencies (primarily GBP and JPY).
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="y58380p5838057.gif">
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In the course of 2001, UBS&#146;s long-term debt increased slightly from CHF 54.9
billion at 31 December 2000 to CHF 57.2&nbsp;billion at 31 December 2001. The
maturity profile of our long-term debt portfolio is well balanced. See Note 19
to the Financial Statements in UBS&#146;s Financial Report 2001 for further
information concerning long-term debt.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;During 2001, UBS revised and fully implemented an expanded Global Crisis
Management Concept (GCMC). The revised concept covers all types of crisis events
- including a liquidity crisis &#151; and applies to all Business Groups and
subsidiaries of the UBS Group. Within the concept, a set of Regional Task
Forces, each containing experts spanning all business areas, ensures global
coverage of any crisis. The Group Liquidity Contingency Plan has been fully
incorporated into the overall GCMC.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The market
reaction to the terrorist attacks in America on 11 September 2001 resulted in a severe liquidity squeeze in the
financial markets, in particular in the US dollar, which had come to be regarded
as a safe-haven currency. UBS&#146;s liquidity management and contingency plans
successfully overcame this severe test.
</FONT></DIV>

<P align="left"><FONT size="2">82</FONT>

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<P align="left"><FONT size="2" color="#c66005"><B>Currency management</B>
</FONT>

<DIV align="left"><FONT size="2">UBS reports its results in Swiss francs (CHF), the currency of the country in
which it is incorporated. UBS&#146;s corporate currency management activities are
designed to protect the Group&#146;s equity and expected future foreign currency cash
flows from adverse currency movements against the Swiss franc, while preserving
the option to take advantage of market opportunities which may arise.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In managing this risk, the following overarching principles are applied:
</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Equity must be invested in Swiss francs.</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Currency management processes must be designed to minimize exposures against
the Swiss franc.</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Core currency exposures must be actively managed to protect against adverse
currency movements.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>Translation (balance sheet) currency risk</B>
</FONT>

<DIV align="left"><FONT size="2">UBS aims to maintain the flexibility to allow foreign assets to be divested at
any time without adverse currency impacts. Foreign currency assets are therefore
match-funded in the relevant currency &#151; i.e. a US dollar asset is funded in US
dollars, a Euro asset in Euros. The match-funding principle is also applied to
the financing of foreign investments, including foreign equity investments. This
strategy, together with the periodic repatriation of foreign currency dividends
and retained earnings, ensures that the Group&#146;s equity is always fully invested
in Swiss francs.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Transaction (revenues/expenses) currency risk</B>
</FONT>

<DIV align="left"><FONT size="2">At each month end profits or losses are translated for financial accounting
purposes into Swiss francs from the original transaction currencies at the
prevailing month-end rate, with actual exchange into Swiss francs taking place
within a few days of month end. (Small gains or losses from these timing
differences are reported as income in Corporate Center.)
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The benefits of this transaction-currency riskmanagement process are:
</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">The monthly sell-down of foreign currency profits or losses into Swiss francs
reduces volatility in the Group&#146;s earnings from changes in exchange rates.</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">The visibility of the underlying original transaction currencies enables UBS
to manage the currency exposures inherent in the Group&#146;s cost and revenue
flows.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;While the process reduces the susceptibility of annual earnings to adverse
currency movements, it does not completely eliminate their effect. Group
Treasury therefore proactively hedges significant currency exposures (mainly
USD, EUR and GBP), in accordance with the instructions of the Group Executive
Board and subject to the VaR limit which has been established for this risk.
Economic hedging strategies employed include a cost-efficient option strategy,
providing a safety net against unfavorable currency fluctuations while
preserving upside potential.
</FONT>
<P align="left"><FONT size="2"><B>New developments</B>
</FONT>

<DIV align="left"><FONT size="2">From 1 January 2002 a rolling medium-term business planning process will replace
UBS&#146;s current annual budget process. In line with this development, the economic
hedging process for foreign currency profits and losses will be adjusted:
instead of managing this risk on a strict financial year basis (1 January until
31 December of the current year), Group Treasury will employ a rolling twelve
month hedge program. In this way, the total hedge volume is kept roughly
constant (depending on potential business plan adjustments).
</FONT></DIV>

<P align="left"><FONT size="2"><B>Non-trading currency risk VaR</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="19%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="9%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="9%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Minimum</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Maximum</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Average</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2">End of period</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="20"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1999</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">77.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">37.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">59.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2000</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">113.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">33.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2" color="#c66005"><B>2001</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>0.9</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>16.2</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>3.6</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>1.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="20"><HR size="4" noshade></TD>
</TR>
</TABLE>
</CENTER>
<P align="right"><FONT size="2">83</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><FONT size="2"><B>Capital and Risk Management<BR>
Group Treasury</B>
</FONT>
<P align="center"><FONT size="2"><IMG src="y58380p5838058.gif">
</FONT>

<P align="left"><FONT size="2" color="#c66005"><B>Capital management</B>
</FONT>

<DIV align="left"><FONT size="2">Over recent years, European companies have become increasingly active managers
of their capital, resulting in a growth of hybrid capital issuance and share
repurchase programs. UBS&#146;s capital management is driven by shareholder value
considerations, while sound capitalization and strong ratings are also key parts
of UBS&#146;s attractiveness to clients and investors. UBS&#146;s overall capital needs
are continually reviewed to ensure that our capital base can appropriately
support our business and regulatory capital requirements. The use of a variety
of instruments, such as trust preferred securities, to meet the overall capital
level is designed to help support the Group&#146;s efforts to meet its return on
equity targets and enhance shareholder value.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Sound capitalization</B>
</FONT>

<DIV align="left"><FONT size="2">The table below shows the key capital figures and ratios as of 31 December 2001,
31 December 2000 and 31 December 1999.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The ratios measure capital adequacy by comparing UBS&#146;s eligible capital with
its risk-weighted assets, which include balance sheet assets, net positions in
securities not held in the trading portfolio, off-balance sheet transactions
converted into their credit equivalents and market risk positions (based on
Value at Risk) at a weighted amount to reflect their relative risk.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The calculation of capital requirements applicable to UBS under Swiss Banking
Commission (&#147;EBK&#148;) regulations differs in certain respects from the calculation
under the Basel Capital Accord (&#147;BIS guidelines&#148;). Most importantly:
</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Where BIS guidelines apply a maximum risk weight of 100%, the EBK applies
risk weights above 100% to certain asset classes (for example real estate, bank premises, other fixed assets, intangible assets
excluding goodwill, equity securities and unconsolidated equity investments).</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Where the BIS guidelines apply a 20% risk weight to obligations of OECD
banks, the EBK applies risk weights of 25% to 75%, depending on maturity, to
such obligations.</FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;As a result of these differences, UBS&#146;s riskweighted assets are higher, and
its ratios of total capital and Tier 1 capital are lower when calculated under
the EBK regulations than they would be if calculated under the BIS guidelines.
Nevertheless, UBS and its predecessor banks have always had total capital and
Tier 1 capital in excess of the minimum requirements of both the BIS and the
EBK, since these regulations and guidelines were first implemented in 1988.
</FONT></DIV>
 <P align="left"><FONT size="2"><B>Capital adequacy</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="61%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="2">As at</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="11"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million, except ratios</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#c66005"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="13"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">BIS Tier 1 capital</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>29,322</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">31,892</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">28,952</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">BIS total capital</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>37,471</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">42,860</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">39,682</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="13"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">BIS Tier 1 capital ratio (%)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>11.6</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">BIS total capital ratio (%)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>14.8</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="13"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Balance sheet assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>214,481</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">223,528</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">214,012</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Off balance sheet and other positions</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>25,935</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">39,002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">48,282</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Market risk positions</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>13,319</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,760</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,813</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="13"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total BIS risk-weighted assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>253,735</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">273,290</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">273,107</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="13"><HR size="4" noshade></TD>
</TR>
</TABLE>
</CENTER>

<P align="left"><FONT size="2" color="#c66005"><B>Capital management in 2001</B>
</FONT>

<P align="left"><FONT size="2"><B>Share buy back and cancellation</B>
</FONT>

<DIV align="left"><FONT size="2">UBS&#146;s careful balance sheet management and strong earnings continued to generate
additional capital in 2000. This enabled us to fund part of the share issuance
for the merger with PaineWebber through a share buy-back program in late 2000
and early 2001, minimizing dilution to existing shareholders. When this had been
completed, in February 2001, we were also able to announce a further share buy
back program, intended to reduce the number of issued shares and enhance
earnings per share.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;As in 2000, this was a &#147;second line&#148; trading program, allowing for the tax
efficient cancellation of shares and aimed mainly at institutional investors.
Under Swiss regulations a company wishing to cancel shares must purchase them on
the stock exchange under a special security code which clearly identifies the
time and quantity of shares repurchased for this purpose. This separate coding
is known as a &#147;second line trading program&#148;.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;This program ran from 5 March 2001 to 5 March 2002. A total of 28,818,690
shares were repurchased at an average price of CHF 79 per
share representing a total cost of CHF 2.29&nbsp;billion and repurchase of 2.25% of
the shares issued at 31 December 2001. These shares will be cancelled in July
2002, following the approval of shareholders at the Annual General Meeting on 18
April 2002.
</FONT></DIV>

<P align="left"><FONT size="2">84</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P align="left"><FONT size="2"><B>Effect of second line trading program on basic earnings per share (EPS)</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="58%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="2">For the year ended</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="11"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#c66005"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="13"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Weighted average shares for basic EPS after treasury shares</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>1,266,038,193</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,209,087,927</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,214,227,446</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Weighted average second trading line treasury shares</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>40,116,921</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">43,261,410</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Basic EPS</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>3.93</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.44</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.07</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Impact of buy-back on basic EPS</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#c66005"><B>0.12</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.23</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="14"><HR size="1" noshade></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The number of shares bought back through the second line trading programm is
linked to the Group&#146;s ability to generate free equity while maintaining a strong
BIS Tier 1 capital ratio. The table shows the impact on basic earnings per share
of the purchase of Treasury shares through the second line trading program.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The issuance of new shares for the merger with PaineWebber in fourth quarter
2000 had its main impact on the average outstanding shares and therefore on
basic earnings per share in 2001. By 31 December 2001 the number of outstanding
shares was again below the level before the merger with PaineWebber, thanks to
the share buy-back program, and the careful structuring of the share issuance
for the merger.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Share split and par value reduction</B>
</FONT>

<DIV align="left"><FONT size="2">Under new regulations, which became effective on 1 May 2001, the minimum par
value for Swiss shares was reduced to CHF 0.01. UBS took advantage of this
change to lower its market price per share to a level more in line with that of
its global peer group, and to make a tax efficient payment to its shareholders
in the form of a CHF 1.60 reduction in the par value of its shares.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;This type of payment is treated under Swiss regulations as a return of
capital to shareholders, not as income, and is therefore tax efficient for
shareholders who pay tax in Switzerland and is also beneficial to shareholders
outside Switzerland, as it is not subject to Swiss withholding tax.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The distribution reduced the par value of the share to CHF 8.40 and was
followed by a 3 for 1 share split, resulting in a new par value of CHF 2.80.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The par value reduction took place on 16 July 2001, for payment on 18 July
2001 to holders of record on 13 July 2001. The share split was also implemented
on 16 July 2001.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Combined with the dividend paid in October 2000 in respect of the first three
quarters of 2000, the par value repayment meant that UBS distributed CHF 2.03
per share (CHF 6.10 before adjustment for the share split), compared to CHF 1.83
(CHF 5.50 before share split) the previous year.
</FONT></DIV>

<P align="left"><FONT size="2" color="#c66005"><B>Capital management plans for 2002</B>
</FONT>

<P align="left"><FONT size="2"><B>New second line buy back program</B>
</FONT>

<DIV align="left"><FONT size="2">Given our continuing strong cash flow
generation UBS intends again to repurchase shares for capital
reduction purposes under a &#147;second-line&#148; buyback program aimed at institutional
investors, allowing tax efficient cancellation of shares.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;This new second line program becomes available from 6 March 2002 and can run
until 5 March 2003. A maximum of CHF 5&nbsp;billion worth of shares may be
repurchased under the program.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The number of shares repurchased and the average number of outstanding shares
will be published weekly on the internet at www.ubs.com/investors. The
repurchased shares will be cancelled following approval by the Annual General
Meeting in April 2003.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Par value reduction</B>
</FONT>

<DIV align="left"><FONT size="2">This year we plan once again to make use of the new regulations introduced in
Switzerland in 2001 to make a tax efficient distribution of capital to our
shareholders rather than paying a dividend.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors will recommend to the Annual General Meeting on 18
April 2002 that UBS should make a par value repayment of CHF 2.00 per share.
This proposed distribution in respect of 2001 is consistent with last year,
when the total per share distribution to shareholders (adjusted for last July&#146;s
3-for-1-share split) was CHF 2.03.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;If the par value reduction is approved, it will take place on 8 July 2002,
with payment on 10 July 2002 for shareholders of record on 5 July 2002, and will
bring the par value of each UBS share down to CHF 0.80.
</FONT></DIV>


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<P align="left"><FONT size="2"><B>Corporate Governance<BR>
Corporate Organization<BR>
Corpor</B>
</FONT>

<P align="left"><FONT size="5">Corporate Organization
</FONT>

<P align="left"><FONT size="2"><B>UBS is committed to meeting the highest international standards of corporate governance in its organizational structure. Corporate and executive bodies are
organized in line with the leading codes of best practice.</B>
</FONT>

<P><FONT size="2">UBS&#146;s organizational structure, based on two separate boards having different
functions and responsibilities, provides clear controls and a balance between
the Board of Directors (Board) and the Group Executive Board (GEB).
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The functions of Chairman of the Board of Directors (Chairman) and President
of the Group Executive Board (President) are conferred on two different people,
thus providing separation of powers.
</FONT>
<P align="left"><FONT size="2" color="#0865AB"><B>Organizational principles</B>
</FONT>

<DIV align="left"><FONT size="2">The shareholders elect each member of the Board. The Board appoints the
Chairman, the Vice Chairmen and the members of the various Board committees from
among the elected Board members. It also appoints the President and members of
the GEB.
</FONT></DIV>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The Board is the highest corporate body with responsibility for the ultimate
direction of the company and the supervision of its executive management. The
Board, and in particular its Chairman, takes responsibility for the
mid and
long-term strategic direction of the Group, for appointments and dismissals at
top-management levels, for mid-term succession planning and for global
compensation principles. It defines the Group&#146;s risk appetite and risk limit
structure. A large majority of the Board members are non-executive and
independent. The Chairman and at least one Vice Chairman have executive roles
and assume supervisory and leadership responsibilities. The Chairman also
assumes a leadership role in corporate responsibility issues, public and
political affairs and developing corporate culture.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The GEB has business management responsibility for the company. Together
with the Chairman&#146;s Office (the Chairman working with the executive and
non-executive Vice Chairmen) it assumes overall responsibility for the
development of UBS&#146;s strategies. The GEB, and in particular its President, is
responsible for the implementation and results of those strategies, for the
alignment of the Business Groups to the UBS Group&#146;s integrated model and for the
exploitation of synergies across the Group. The President also assumes
responsibility for business and financial planning, financial reporting and the
definition and supervision of risk control. The President and the GEB are
accountable to the Chairman and the Board for the Group results, and the Board
in turn is accountable to UBS&#146;s shareholders.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In order to ensure that the Board and GEB are independent of each other, no
member of one board may also be a member of the other.
</FONT>
<P><FONT size="2"><B>The Board of Directors</B>
</FONT>
<DIV align="left"><FONT size="2">As at 31 December 2001, the Board consisted of nine Directors (see list on page
94). At its Annual General Meeting (AGM)&nbsp;on 26 April 2001, UBS&#146;s shareholders
elected Marcel Ospel to the Board, and the Board appointed him as its Chairman
with effect from that date. Eric Honegger, member of the Board since 1999,
resigned as of 15 October 2001, for personal reasons. Markus Kundig, Vice
Chairman since 1998, has reached retirement age and will therefore step down
at the AGM to be held on 18 April 2002. The Board will propose to the AGM that
Ernesto Bertarelli (born 1965), CEO of Serono International SA, Geneva, be
elected to the Board.
</FONT></DIV>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The Board is organized as follows:
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The Chairman operates a
<I>Chairman&#146;s Office,</I> including the Vice Chairmen,
which meets regularly with the President and his appointees drawn from the GEB
to address fundamental issues for the Group, such as overall strategy, mid-term
financial and business planning, mid-term succession plans, global compensation
principles, and the risk profile of the Group. The
</FONT>
<P align="left"><FONT size="2">88</FONT>

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<P><FONT size="2">Chairman&#146;s Office assumes special authority in the credit approval process and
is responsible for the appointment and dismissal of the members of the Group
Managing Board (GMB). It also acts as the <I>Audit Supervisory
Board</I>, with
responsibility for the supervision of Group Internal Audit, and as the
<I>Nomination Committee</I>, with responsibility for identifying and proposing
candidates for membership of the Board of Directors and for the long-term
preparation of succession planning for the Chairman and Board of Directors.
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The <I>Compensation Committee</I> has responsibility for determining the
individual compensation and bonus for the executive Directors, the President
and members of the GEB and for submitting proposals for the compensation of
non-executive Directors to the Board. The Committee is chaired by Markus
Kundig, with Rolf A. Meyer and Marcel Ospel as its additional members.
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The Board appoints an
<I>Audit Committee</I> from among its non-executive members.
The Audit Committee meets at least four times a year to oversee the performance
of the external Group and Statutory Auditors. It also monitors interaction
between Group Internal Audit and the external auditors. All three
members &#151;
Peter B&#246;ckli as Chairman, Lawrence A. Weinbach and Hans Peter Ming &#151; are fully
independent from UBS. They are financially literate and familiar with the
accounting practices of international financial services groups. The Audit
Committee does not itself perform audits, but supervises the work of the
auditors. Its primary responsibility is thereby to review the organization and
efficiency of internal control procedures and the financial reporting process.
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The <I>Corporate Responsibility Committee</I> is described in the Corporate
Responsibility section on pages 111 to 118.
</FONT>

<P><FONT size="2"><B>Changes to committee memberships following the AGM</B>
</FONT>

<DIV align="left"><FONT size="2">Following the Annual General Meeting on 18 April 2002, there will be some
changes to the membership of committees of the Board. Professor Peter B&#246;ckli
will become non-executive Vice Chairman of UBS. He will succeed Markus Kundig,
who will retire from the Board of Directors at the Annual General Meeting, after
20&nbsp;years service first as a Director and later as Vice Chairman of UBS. Lawrence
A. Weinbach will replace Peter B&#246;ckli as Chairman of the Audit Committee. Rolf
A. Meyer will replace Markus Kundig as Chairman of the Compensation Committee.
The Nomination Committee will become a separate committee, with Hans de Gier as
its Chairman.
</FONT></DIV>

<P><FONT size="2"><B>The Group Executive Board</B>
</FONT>
<DIV align="left"><FONT size="2">As at 31 December 2001, the GEB consisted of six members (see list on page 95).
</FONT></DIV>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Marcel Ospel, Chief Executive Officer, stepped down from his function after
the 2001 AGM when he was elected to the Board. At the same time, Luqman Arnold
became President of the Group Executive Board. Pierre de Weck left UBS in July
2001.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In December 2001, Luqman Arnold left UBS and was replaced as President of the
Group Executive Board by Peter Wuffli. John Costas was appointed Chief Executive
Officer of UBS Warburg and joined the Group Executive Board.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The GEB appoints the following major committees:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">The <I>Group Governance Committee</I> is responsible for the coordination of the
Group&#146;s interface with central banks and regulators, and for minimizing the
Group&#146;s reputation risks.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">The <I>Group Finance and Risk Committee</I> is responsible for coordinating the
Group&#146;s accounting, risk management and control, treasury and financial
communication processes, aiming for the long-term maximization of
shareholder value. The Group Finance and Risk Committee includes the
chairmen of the associated functional committees: Group Risk Committee,
Group Controlling Committee, and Group Treasury Committee.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">The <I>Group Communications and Marketing Committee</I> ensures that communication
to all stakeholders, internally and externally, is transparent, accurate,
concise, timely and consistent.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">The <I>Group Human Resources Committee</I> has responsibility for the definition of
human resources policies and standards which contribute to the
identification, recruitment, development and retention of high-caliber
staff.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2"><B>The Group Managing Board</B>
</FONT>
<DIV align="left"><FONT size="2">The Group Managing Board (GMB)&nbsp;consists of
</FONT></DIV>

<P align="right"><FONT size="2">89</FONT>

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<P align="left"><FONT size="2"><B>Corporate Governance<BR>
Corporate Organization</B>
</FONT>

<P><FONT size="2">the most senior managers from the Business Groups and Corporate Center, who are
not members of the GEB. The GMB meets at least once a year to discuss
fundamental Group issues.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;As of 31 December 2001 the GMB had 30 members (see list on page 98).
</FONT>
<P align="left"><FONT size="2" color="#0865AB"><B>Senior management compensation principles</B>
</FONT>

<P><FONT size="2"><B>Overall philosophy</B>
</FONT>
<DIV align="left"><FONT size="2">UBS operates in extremely competitive labor markets, around the globe and across
different sectors of the financial services industry. Accordingly, it seeks to
attract, retain, motivate and develop highly qualified employees at all levels.
In particular, it is critical to achieve this for positions with the greatest
degree of influence over the leadership and management of the firm and the
creation of shareholder value. UBS is prepared to provide its senior executives
with superior compensation in return for superior performance, and has developed
the measurement systems and decision processes necessary to ensure that pay is
tied directly to performance.
</FONT></DIV>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The performance of senior executives (executive members of the UBS Board of
Directors, members of the UBS Group Executive Board, and members of the UBS
Group Managing Board) is evaluated in the context of UBS Group, Business Group
and business area results, as appropriate to a particular executive&#146;s responsibilities.
Performance assessments consider both quantitative and qualitative
factors, and include a balanced assessment of both current financial results and
key performance indicators, which are longer-term value drivers crucial to the
Group&#146;s ability to deliver future performance and growth. This assessment
process is closely linked to the value-based management process that UBS is now
implementing.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In conducting its assessments of executive performance, UBS reviews changes
to its overall performance and the performance of its individual businesses
over time, results achieved against specifically established performance
targets, and results compared to competitor performance, to the extent that such
data are available.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Compensation levels are strongly correlated with performance assessments
and are highly variable from year to year. As such, should UBS Group and
Business Group performance decline from the prior year, lag behind established
performance targets or trail competitor trends, senior executives&#146; compensation
will clearly reflect this. The converse is also true, should performance exceed
all of these benchmarks.
</FONT>
<P><FONT size="2"><B>Components of compensation</B>
</FONT>
<DIV align="left"><FONT size="2">Compensation for senior executives consists of base salary and a discretionary
performance-based incentive component. A significant portion of the incentive
component is paid in the form of forfeitable UBS equity, which may be restricted
stock, employee stock option grants, or a combination of both. This incentive
component is determined on a discretionary basis considering the performance
data described above, and generally represents a substantial portion of total
compensation. Annual examination of competitor pay practices is conducted to
ensure that our compensation policies and practices continue to support the
objectives of attracting outstanding new executives, motivating and retaining
valuable employees, and delivering sus- tained superior returns to shareholders.
</FONT></DIV>

<P><FONT size="2"><B>Executive share ownership commitment</B>
</FONT>
<DIV align="left"><FONT size="2">It is UBS&#146;s long standing policy to strongly encourage significant levels of
stock ownership among its senior executives, aligning the interests of
management closely with those of shareholders. Share ownership is encouraged in
the following ways:
</FONT></DIV>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">A significant portion of each senior executive&#146;s annual performance-based
incentive compensation is delivered in the form of UBS shares or employee
stock options, on a mandatory basis.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Additional incentives are provided for senior executives who voluntarily
elect to take an even greater portion of their annual performance-based
incentive compensation in the form of restricted UBS shares. Executives
opting to take a greater than mandatory proportion of their annual incentive
in restricted/ deferred UBS shares will receive additional stock options.
Executives will also be eligible for additional discretionary stock option
grants made separately from the regular annual incentive awards and intended
to reward exemplary performance.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Beginning in 2002, senior executives will be required to accumulate over a
five-year period and then hold, a number of UBS shares</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">90</FONT>

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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2"><FONT size="2">&nbsp;</FONT></FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">equivalent in value to a multiple of their cash compensation earned (base
salary plus cash portion of incentive). Although the first official
measurement of stock ownership attainment will be conducted after five
years, progress reports will be provided annually in the interim and
executives will be expected to make steady progress towards attaining their
target multiple.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2"><B>Governance</B>
</FONT>
<DIV align="left"><FONT size="2">The approval of senior executive compensation recommendations and the design of
senior executive compensation systems (plan design, performance measures,
pay/performance relationship) are subject to a rigorous process which ensures
that decisions are taken at least of two organizational levels above the
executive concerned. The following is a description of the decision making
process for different senior executive populations:
</FONT></DIV>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Group Managing Board members: Compensation recommendations are developed by
the responsible member of the Group Executive Board. Recommendations are
reviewed by the President of the Group Executive Board and then final
recommendations are submitted to the Chairman of the Board for approval.
The compensation system for the Group Managing Board is subject to the
approval of the Chairman&#146;s Office.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Group Executive Board members: Compensation recommendations are developed
jointly by the President of the Group Executive Board and the Chairman of the
Board. The Compensation Committee of the Board of Directors reviews and
approves the design of the compensation system for the Group
Executive Board and all resulting compensation recommendations.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">President of the Group Executive Board and Vice Chairmen: Compensation
recommendations are developed by the Chairman of the Board. The
Compensation Committee of the Board of Directors reviews and approves the
design of the compensation system for the President of the Group Executive
Board and the Vice Chairmen and all resulting compensation recommendations.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Chairman of the Board: On behalf of the full
Board of Directors, non-executive members
of the Compensation Committee of the Board
of Directors have authority to develop and
approve the design of the compensation system for the Chairman of the Board and all
resulting compensation recommendations.
For details of membership of the Compensation Committee, please see page 89.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2"><B>Employee share ownership commitment</B>
</FONT>
<DIV align="left"><FONT size="2">Below the senior executive level, significant numbers of employees are required
to take a portion of their annual performance-based compensation in the form of
UBS shares, employee stock options, or a combination of both. Additionally, they
are provided with opportunities to own stock through various voluntary programs.
</FONT></DIV>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS also believes that broader-based employee stock ownership will further
enhance its ability to deliver superior shareholder returns by increasing the
alignment between the interests of employees and shareholders. UBS hopes to
increase its level of employee stock ownership through shares and options from
approximately 14% in 2000 to 20-25% over the next three years. Broader
employee share ownership is encouraged in the following ways:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Employee incentive awards above a certain threshold are delivered in UBS
shares, or a combination of shares and employee stock options, on a mandatory
basis. The threshold varies by business and labor market. Generally,
employees are further encouraged to voluntarily elect to defer a portion of
their incentives into UBS shares in exchange for additional stock options, or
to diversify into an array of funds including those managed by UBS fund
managers. UBS believes it is important to provide employees the opportunity
and incentive to voluntarily invest into UBS shares, but where possible also
to encourage employees to consider the same wealth management principles in
diversifying their personal portfolios as they would apply to a client.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">The highest performing and highest potential employees are also eligible for
discretionary stock option grants. These highly selective awards are intended
to provide the greatest degree of shareholder alignment among the emerging
pool of future UBS leaders, senior managers and technical experts, and to
enhance UBS&#146;s value proposition in an increasingly competitive market for the
best management, financial and technical talent.</FONT></TD>
</TR>
</TABLE>
<P align="right"><FONT size="2">91</FONT>

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<P align="left"><FONT size="2"><B>Corporate Governance<BR>
Corporate Organization</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Beginning in 2002, all UBS employees (unless prohibited by local law) are
eligible to participate in a program called Equity Plus which is a global
adaptation of a program that was implemented at PaineWebber before its merger
with UBS in November 2000. Equity Plus enables UBS employees in 48
countries to voluntarily elect to purchase a limited number of UBS shares
with after-tax funds either from their incentive awards or base salaries, and
receive two UBS stock options for every share acquired and held for two
years. The goal of this program is to build on UBS&#146;s &#147;Power of Partnership&#148;
strategy by motivating employees at all levels to become partners in UBS&#146;s
success.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2" color="#0865AB"><B>Audit</B>
</FONT>

<P><FONT size="2"><B>Group Internal Audit</B>
</FONT>
<DIV align="left"><FONT size="2">To maximize its independence from management, the head of Group Internal
Audit, Markus Ronner, reports directly to the Chairman of the Board and the
Audit Supervisory Board.
</FONT></DIV>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;With 230 professionals worldwide at 31 December 2001, Group Internal Audit
provides an independent review of the effectiveness of the system of internal
controls and compliance with key rules and regulations. All key issues raised by
Group Internal Audit are communicated to the management responsible, to the
President of the GEB and to the Chairman&#146;s Office via formal Audit Reports. The
Audit Supervisory Board and the Audit Committee of the Board are regularly
informed of important findings.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Continous coordination and close coopera- tion with the external auditors
enhances the efficiency of Group Internal Audit&#146;s work.
</FONT>
<P><FONT size="2"><B>External auditors</B>
</FONT>
<DIV align="left"><FONT size="2">Ernst &#038; Young Ltd., Basel, has been assigned the mandate of global auditors for
the UBS Group. They assume all auditing functions according to laws, regulatory
requests, and the UBS Articles of Association (see also the paragraph about
auditors responsibilities in the Regulation and supervision section, on page
105). Ernst &#038; Young Ltd. meets all independence requirements established by the
Securities and Exchange Commission (SEC). As part of its audit process, Ernst &#038;
Young Ltd. informs the Audit Committee of the measures it takes to ensure its
and its employees&#146; independence from UBS, and outlines the non-audit services
which it delivers to UBS. The Audit Committee assesses this information on
behalf of the Board and informs the Board accordingly.
</FONT></DIV>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;At the Extraordinary General Meeting on 7 September 2000, UBS shareholders
appointed Deloitte &#038; Touche Experta AG, Basel, as Special auditors according to
Article&nbsp;31 paragraph 3 of the UBS Articles of Association. The Special auditors
provide audit opinions in respect of the details of capital increases,
independently from the Group auditors.
</FONT>
<P align="left"><FONT size="2" color="#0865AB"><B>Relations with shareholders</B>
</FONT>

<DIV align="left"><FONT size="2">UBS has nearly 250,000 shareholders registered in
the Swiss or US Share Registry, ranging from large investment institutions to
individual investors. All registered shareholders receive an illustrated Annual
Review providing an overview of the Group and its activities during the year,
and a short letter each quarter outlining new initiatives and UBS&#146;s financial
performance during the quarter. More detailed financial reports are produced
each quarter and each year, and can be received on request (see page 5 for
ordering details). All registered shareholders are personally invited to
ordinary and extraordinary Shareholders&#146; Meetings and receive direct written
information in case of special events.
</FONT></DIV>

<P><FONT size="2"><B>Shareholder rights</B>
</FONT>
<DIV align="left"><FONT size="2">Shareholders, as the owners of the company, have specific rights under Swiss
law. UBS is committed to make it as easy as possible for shareholders to take
part in its decision-making processes. There are no restrictions with regard to
share ownership and voting rights, except for nominees and trustees, whose
voting rights are limited to a maximum of 5% of the outstanding shares. This
limitation exists in order to avoid the risk of unknown shareholders with
extensive holdings being entered in the share register. An exception from the
strict 5% rule exists for securities clearing organizations such as The
Depository Trust Company (DTC)&nbsp;in New York and SegaInterSettle (SIS)&nbsp;in
Switzerland, which both fulfil a special fiduciary function for UBS
shareholders.
</FONT></DIV>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS Annual General Meetings (AGMs) are open for participation to all
shareholders. Personal invitations are sent to every registered shareholder at
least 20&nbsp;days ahead of the meeting. Shareholders may, if they do not wish to
attend in
</FONT>
<P align="left"><FONT size="2">92</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><FONT size="2">person, issue instructions to accept, reject or abstain on each individual item
on the agenda. They may also appoint UBS, another bank or a person of their
choice to vote on their behalf, or appoint the Independent Proxy designated by
UBS as required under Swiss company law. AGMs offer the opportunity to
shareholders to raise any questions regarding the development of the company
and the events of the year under review. The members of the Board and Group
Executive Board as well as the internal and external auditors are present to
answer these questions. Decisions are normally taken by the majority of votes
cast and in some cases, defined by law or UBS Articles of Association, a
two-third majority of the votes represented at the AGM is required.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Shareholders representing shares with an aggregate par value of one million
Swiss francs may submit proposals for matters to be placed on the agenda for
consideration by the AGM, provided that their proposals are submitted in
writing within the deadline published by the company. Shareholders representing
at least ten percent of the share capital, may ask that an Extraordinary General
Meeting be convened to deal with a specific issue put forward by these
shareholders.
</FONT>
<P align="left"><FONT size="2" color="#0865AB"><B>UBS Group legal entity structure</B>
</FONT>

<DIV align="left"><FONT size="2">The legal entity group structure of UBS is designed to support the Group&#146;s
businesses within an efficient legal, tax, regulatory and funding framework.
Neither the Business Groups of UBS (UBS Warburg, UBS Switzerland and UBS Asset
Management) nor the Corporate Center operate through their own individual legal
entities but rather they generally operate out of the parent bank, UBS AG,
through its Swiss and foreign branches.
</FONT></DIV>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The goal of the focus on the parent bank structure is to capitalize on the
synergies offered by the use of a single legal platform, enable the flexible use
of capital in an efficient manner and to provide a structure where the
activities of the Business Groups may be carried on without the need to set up
separate subsidiaries beforehand.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Where it is either not possible or not efficient to operate out of the parent
bank, usually due to local legal, tax or regulatory rules or due to additional
legal entities joining the UBS Group via acquisition, then the businesses
operate through local subsidiary companies. The significant operating
subsidiary companies in the Group are listed in note 36 to the Financial
Statements, in our Financial Report 2001.
</FONT>
<P align="right"><FONT size="2">93</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="2"><B>Corporate Governance<BR>
Directors and Officers of UBS</B>
</FONT>

<P align="left"><FONT size="5">Directors and Officers of UBS
</FONT>

<P align="left"><FONT size="2" color="#0865AB"><B>The Board of Directors</B>
</FONT>

<DIV align="left"><FONT size="2">Each member of the Board is elected at the Annual General Meeting of
Shareholders for a four-year term. The initial term of office for each Director
is, however, planned in such a way as to ensure that about a quarter of all the
members have to be newly elected or reelected every year.
</FONT></DIV>

<P><FONT size="2">The table below shows information about the Board of Directors as at 31 December
2001.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="38%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="45%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#7F7F7F"><B>Expiration of</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right" colspan="3"><FONT size="2" color="#7F7F7F"><B>Year of initial</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right" colspan="3"><FONT size="2" color="#7F7F7F"><B>current term</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2" color="#7F7F7F"><B>Name and business address</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left"><FONT size="2" color="#7F7F7F"><B>Positions held</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right" colspan="3"><FONT size="2" color="#7F7F7F"><B>appointment</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right" colspan="3"><FONT size="2" color="#7F7F7F"><B>of office</B></FONT></TD>
</TR>

<TR valign="bottom">
        <TD colspan="11" align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><B>Marcel Ospel</B></FONT><BR>
<FONT size="2" color="#7F7F7F">UBS AG<BR>
Bahnhofstrasse 45<BR>
CH-8098 Zurich</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#7F7F7F">
Chairman
Chairman of the Corporate Responsibility
Committee
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2" color="#7F7F7F">2001
</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2" color="#7F7F7F">2005</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="11" align="center"><HR size="1" noshade></TD>
</TR>


<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><B>Alberto Togni</B></FONT><BR>
<FONT size="2" color="#7F7F7F">UBS AG<BR>
Bahnhofstrasse 45<BR>
CH-8098 Zurich</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#7F7F7F">
Executive Vice Chairman
Chairman of the Audit Supervisory Board
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2" color="#7F7F7F">1998
</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2" color="#7F7F7F">2005</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="11" align="center"><HR size="1" noshade></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><B>Johannes A. de Gier</B></FONT><BR>
<FONT size="2" color="#7F7F7F">UBS AG<BR>
Bahnhofstrasse 45<BR>
CH-8098 Zurich</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#7F7F7F">
Executive Vice Chairman
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2" color="#7F7F7F">2001
</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2" color="#7F7F7F">2003</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="11" align="center"><HR size="1" noshade></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><B>Markus Kundig</B></FONT><BR>
<FONT size="2" color="#7F7F7F">Bundesplatz 10<BR>
CH-6304 Zug</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#7F7F7F">
Vice Chairman
Chairman of the Compensation Committee
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2" color="#7F7F7F">1998
</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2" color="#7F7F7F">2002</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="11" align="center"><HR size="1" noshade></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><B>Peter B&ouml;ckli</B></FONT><BR>
<FONT size="2" color="#7F7F7F">B&#246;ckli Bodmer &#038; Partners<BR>
St. Jakobs-Strasse 41<BR>
P.O. Box 2348
CH-4002 Basel</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#7F7F7F">
Chairman of the Audit Committee
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2" color="#7F7F7F">1998
</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2" color="#7F7F7F">2003</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="11" align="center"><HR size="1" noshade></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><B>Sir Peter Davis</B></FONT><BR>
<FONT size="2" color="#7F7F7F">J. Sainsbury plc.<BR>
Stamford House, Stamford Street<BR>
London SE1 9LL</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#7F7F7F">
Board Member
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2" color="#7F7F7F">2001
</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2" color="#7F7F7F">2004</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="11" align="center"><HR size="1" noshade></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><B>Rolf A. Meyer</B></FONT><BR>
<FONT size="2" color="#7F7F7F">Heiniweidstrasse 18<BR>
CH-8806 Bach</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#7F7F7F">
Member of the Compensation Committee
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2" color="#7F7F7F">1998
</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2" color="#7F7F7F">2003</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="11" align="center"><HR size="1" noshade></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><B>Hans Peter Ming</B></FONT><BR>
<FONT size="2" color="#7F7F7F">Sika Finanz AG<BR>
Wiesenstrasse 7<BR>
CH-8008 Zurich</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#7F7F7F">
Member of the Audit Committee
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2" color="#7F7F7F">1998
</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2" color="#7F7F7F">2004</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="11" align="center"><HR size="1" noshade></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><B>Lawrence A. Weinbach</B></FONT><BR>
<FONT size="2" color="#7F7F7F">Unisys Corporation<BR>
Unisys Way<BR>
Blue Bell, PA 19424</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#7F7F7F">
Member of the Audit Committee
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2" color="#7F7F7F">2001
</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2" color="#7F7F7F">2005</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2">94</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Marcel Ospel </I>was elected to the Board at the AGM in April 2001 and thereafter
appointed as Chairman. Prior to this mandate, he served as Group Chief Executive
Officer of UBS AG. He was the President and Group Chief Executive Officer of
Swiss Bank Corporation (SBC)&nbsp;from 1996 to 1998. He was made CEO of SBC Warburg
in 1995, having been a member of the Executive Board of SBC since 1990. From
1987 to 1990 he was in charge of Securities Trading and Sales at SBC. From 1984
to 1987 Mr.&nbsp;Ospel was Managing Director with Merrill Lynch Capital Markets, and
from 1980 to 1984 he worked at SBC London and New York in the Capital Markets
division. He began his career at Swiss Bank Corporation in the Central Planning
and Marketing Division in 1977. Mr.&nbsp;Ospel was born on 8 February 1950 and is a
Swiss citizen.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Alberto Togni</I>, Vice Chairman, has been with UBS and SBC since 1959. From 1994
to 1997 he was Chief Risk Officer and a member of the Group Executive Committee
of Swiss Bank Corporation. He previously held various functions in the
Commercial division, becoming its head in 1993. In 1987 he was named General
Manager and member of the Executive Board. Prior to that, he assumed different
management roles in Zurich, New York, Tokyo and as representative for the
Middle East in Beirut. Mr.&nbsp;Togni serves as a director of Unilever (Schweiz) AG,
Zurich; Laboratories Thomson Multimedia Ltd., Zurich; and Swiss National Bank,
Zurich. Mr.&nbsp;Togni was born on 30 October 1938 and is a Swiss citizen.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Johannes A. de Gier</I>, Vice Chairman, was with UBS and SBC from 1980 until 1999.
From 1998 to 1999 he was Chairman and CEO of Warburg Dillon Read and a member of
the Group Executive Board of UBS AG. Prior to this, he served as Chairman of SBC
Warburg and as Vice President of the Executive Committee of SBC. From 1991 to
1994 Mr. de Gier was responsible for Global Corporate Finance and from 1994
for the International Finance division. From 1988 to 1991 he was Chief
Executive of SBC London. He first joined SBC International London in 1980 as
an Executive Director, after having been with ABN, Amsterdam and Amro,
Amsterdam. Mr. de Gier was born on 24 December 1944 and is a Dutch citizen.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Markus Kundig, </I>Vice Chairman of the Board and Chairman of the Compensation
Committee, is also the Chairman of the Board of Directors of LZ Medien Holding
AG and the Vice Chairman of the Board of Directors of Clariant. He is a member
of the Boards of Directors of Metro International AG, and Pelikan Holding AG.
Until 1999, Mr.&nbsp;Kundig was the proprietor of Kundig Printers Ltd. Mr.&nbsp;Kundig was
born on 12 October 1931 and is a Swiss citizen.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Peter B&#246;ckli, </I>Chairman of the Audit Committee, is a partner in the law
office of B&#246;ckli Bodmer &#038; Partners and a part-time pro- fessor of tax and
business law at the University of Basel. He is a member of the Boards of
Directors of Nestle S.A., Vevey and Firmenich International S.A., Geneva. In
addition, he is the Vice Chairman of the Board of Directors of Manufacture des
Montres Rolex S.A., Bienne. Mr.&nbsp;Bockli was born on 7 May 1936 and is a Swiss
citizen.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Sir Peter Davis</I>, a member of the Board since 2001, has been Group Chief
Executive Officer of J. Sainsbury plc, London, since 2000. He was the Group
Chief Executive of Prudential plc from 1995 to 2000 and Chief Executive and
Chairman of Reed International and Chairman of Reed Elsevier respectively
(following the merger of Reed International with Elsevier) from 1986 to 1995.
From 1976 to 1986, he had responsibility for all buying and marketing operations
at J. Sainsbury plc. Prior to that he served as Marketing and Sales Director at
Fitch Lovell Ltd., and as Marketing and Sales manager at General Foods Ltd.,
Banbury. He is also a member of the Board of Directors of Shaw&#146;s Supermarkets
Inc., Boston, USA. Sir Peter was born on 23 December 1941 and is a British
citizen.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Rolf A. Meyer</I>, a member of the Compensation Committee, was Chairman and CEO of
Ciba Specialty Chemicals until November 2000. He was with Ciba-Geigy Ltd. from
when he first joined in 1973 as a financial analyst, and subsequently became
Head of Finance and Information Systems and later Chief Financial Officer. After
the merger of Ciba-Geigy and Sandoz to create Novartis, he led the spinoff of
Ciba Specialty Chemicals. He is now a consultant and is also Vice Chairman of
the Board of Siber Hegner AG and a member of the Board of COS AG. Mr.&nbsp;Meyer was
born on 31 October 1943 and is a Swiss citizen.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Hans Peter Ming</I>, a member of the Audit Committee, is the Chairman of the
Board of
</FONT>
<P align="right"><FONT size="2">95</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="2"><B>Corporate Governance<BR>
Directors and Officers of UBS</B>
</FONT>

<P><FONT size="2">Directors of Sika Finanz AG. He has been with SIKA AG since he first joined in
1967, and assumed various management positions in this group in Germany and in
Switzerland. He was named CEO in 1986 and delegate of the Board of Directors in
1987. In 1999 he was elected as Chairman. He is also a member of the Board of
Pestalozzi AG, Dietikon, Switzerland. Mr.&nbsp;Ming was born on 12 October 1938 and
is a Swiss citizen.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Lawrence A. Weinbach</I>, a member of the Audit Committee, has been the
Chairman, President and CEO of Unisys Corporation since 1997. From 1961 to 1997
he was with Arthur Andersen / Andersen Worldwide, as Managing Partner and Chief
Executive of Andersen Worldwide from 1989 to 1997, Chief Operating Officer from
1987 to 1989, and Managing Partner of the New York office since 1983. He was
elected to partnership at Arthur Andersen in 1970 and became Managing Partner of
the Stamford, Connecticut, office in 1974 and Partner in charge of accounting
audit practice in New York. He is also a member of the Board of Directors of
Avon Products Inc., New York. Mr.&nbsp;Weinbach was born on 8 January 1940 and is a
US citizen.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Marcel Ospel, Alberto Togni and Johannes de Gier, the Chairman and the two
executive Vice Chairmen of the Board, have entered into contracts with UBS AG
in connection with their service in those capacities. The compensation payable
to them under those contracts is included in the compensation arrangements
described in Notes 33 and 34 to the Financial Statements.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;There are no service contracts with any of the other members of the Board,
although they do receive remuneration for their work for UBS. The remuneration
paid to the non-executive Directors is also included in the compensation figures
shown in Note 34 to the Financial Statements.
</FONT>
<P>
<HR size="1" noshade>

<P align="left"><FONT size="2" color="#0865AB"><B>The Group Executive Board</B>
</FONT>

<DIV align="left"><FONT size="2">The table below shows the membership of the Group Executive Board at 31 December
2001.
</FONT></DIV>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="24%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="63%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right" colspan="3"><FONT size="2" color="#7F7F7F">Year of initial</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right" colspan="3"><FONT size="2" color="#7F7F7F">appointment</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2" color="#7F7F7F">Name</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left"><FONT size="2" color="#7F7F7F">Position held</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right" colspan="3"><FONT size="2" color="#7F7F7F">to the GEB</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="7" align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><B>Peter A. Wuffli</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#7F7F7F">
President
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2" color="#7F7F7F">1998</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="7" align="center"><HR size="1" noshade></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><B>John P. Costas</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#7F7F7F">
Chief Executive Officer, UBS Warburg
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2" color="#7F7F7F">2001</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="7" align="center"><HR size="1" noshade></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><B>Georges Gagnebin</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#7F7F7F">
Chief Executive Officer, UBS Private Banking
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2" color="#7F7F7F">2000</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="7" align="center"><HR size="1" noshade></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><B>Joseph J. Grano Jr.</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#7F7F7F">
Chairman and Chief Executive Officer, UBS PaineWebber
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2" color="#7F7F7F">2001</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="7" align="center"><HR size="1" noshade></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><B>Markus Granziol</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#7F7F7F">
Chairman, UBS Warburg
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2" color="#7F7F7F">1999</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="7" align="center"><HR size="1" noshade></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><B>Stephan Haeringer</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#7F7F7F">
Chief Executive Officer, UBS Switzerland
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2" color="#7F7F7F">1998</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="7" align="center"><HR size="1" noshade></TD>
</TR>
</TABLE>
</CENTER>
<DIV align="left"><FONT size="2" color="#7F7F7F">The business address of all members of the Group Executive Board is UBS AG,
Bahnhofstrasse 45, Zurich, Switzerland. Peter Kurer, the Group General Counsel,
is an ex-officio member of the Group Executive Board.
</FONT></DIV>

<P><FONT size="2"><I>Peter A. Wuffli, </I>previously Chairman and CEO of UBS Asset Management, was named
President of the Group Executive Board on 18 December 2001. He was Group Chief
Financial Officer of UBS from 1998 to 1999. From 1994 to 1998, he was the Chief
Financial Officer at SBC and a member of SBC&#146;s Group Executive Committee. In
1984, he joined McKinsey &#038; Co as management consultant and in 1990 became a
partner of the McKinsey Switzerland senior management. Mr.&nbsp;Wuffli was born on
26 October 1957. He is a Swiss citizen.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>John P. Costas </I>is the CEO of UBS Warburg. He was President and Chief
Operating Officer of UBS Warburg from the beginning of 2001, after having been
COO and Global Head Fixed Income. Mr.&nbsp;Costas joined UBS in 1996 as Head of Fixed
Income. From 1981 to 1996 he was in charge of Global Fixed Income at Credit
Suisse First Boston. Mr.&nbsp;Costas was born on 27 January 1957. He is a US citizen.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Georges Gagnebin </I>is the CEO of the Private Banking unit of UBS Switzerland.
Before holding this function, he was the Head of the International Clients
Europe, Middle East &#038; Africa business area in the Private Banking division. In
1994, he was named General Manager and Member of the SBC Group Executive Board,
and in 1992, he became Deputy General Manager and a Member of the Executive
Board.
</FONT>
<P align="left"><FONT size="2">96</FONT>

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<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Between 1987 and 1992, he served as Head of Finance &#038; Investment at SBC in Berne
and Lausanne. In 1982, he was named Head of the Finance &#038; Investment unit of SBC
in Berne. Mr.&nbsp;Gagnebin began his career in 1969 at SBC in Berne. Mr.&nbsp;Gagnebin
was born on 3 March 1946. He is a Swiss citizen.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Joseph J. Grano, Jr.</I>, Chairman and CEO of UBS PaineWebber, joined the UBS
Group Executive Board on 1 January 2001 after the merger of PaineWebber with
UBS. In 1994, he was named President of PaineWebber Inc. He joined PaineWebber
in 1988 as President of Retail Sales and Marketing. Before working for
PaineWebber, Mr.&nbsp;Grano was with Merrill Lynch for 16&nbsp;years holding various
senior management positions including director of National Sales for Merrill
Lynch Consumer Markets. Prior to joining Merrill Lynch in 1972, Mr.&nbsp;Grano
served in the US Special Forces. Mr.&nbsp;Grano was born on 7 March 1948. He is a US
citizen.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Markus Granziol</I>, Chairman of UBS Warburg, was also CEO of this Business
Group from 1999 until 2001. From 1998 to 1999 he served as Global Head Equities
and Fixed Income at Warburg Dillon Read and was a member of the Group Managing
Board. From 1996 to 1998, he was General Manager and member of the SBC Group
Executive Board. Between 1995 and 1996 he served with SBC Warburg as the Joint
Global Head of Equities. In 1994, he became Global Head of Equities at SBC in
Hong Kong. Mr.&nbsp;Granziol joined SBC in 1987 as Head of the Securities Department
in Zurich. Prior to that, he was Chief of Staff at the Swiss National Bank, and
was also lecturer in macro-economics and financial theory at the University of
Zurich. Mr.&nbsp;Granziol was born on 21 January 1952. He is a Swiss citizen.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Stephan Haeringer, </I>CEO of UBS Switzerland and of its Private and Corporate
Clients business unit, has held several positions with UBS during the last three
decades. From 1996 to 1998, he was Chief Executive Officer Region Switzerland.
From 1991 to 1996, he served as Division Head, Private Banking and Institutional
Asset Management. In 1991, he was appointed member of the Group Executive
Board, and in 1987 he became Executive Vice President and served as Head of the
Financial division. During the years 1967 to 1988, Mr.&nbsp;Haeringer assumed various
management roles within the areas of Investment Counseling, Specialized
Investments, Portfolio Management, Securities Administration and Collateral
Loans. Mr.&nbsp;Haeringer was born on 6 December 1946. He is a Swiss citizen.
</FONT>
<P align="right"><FONT size="2">97</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="2"><B>Corporate Governance<BR>
Directors and Officers of UBS</B>
</FONT>

<P align="left"><FONT size="2" color="#0865AB"><B>Group Managing Board</B>
</FONT>

<DIV align="left"><FONT size="2">The following members belonged to the Group Managing Board as at 31 December
2001:
</FONT></DIV>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="21%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="76%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD colspan="3" align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2" color="#7F7F7F">Colin Buchan</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#7F7F7F">
Senior Advisor, UBS Warburg</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="3" align="center"><HR size="1" noshade></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2" color="#7F7F7F">Crispian Collins</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#7F7F7F">
Vice Chairman, UBS Asset Management</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="3" align="center"><HR size="1" noshade></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2" color="#7F7F7F">Arthur Decurtins</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#7F7F7F">
Head of Asia, UBS Private Banking</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="3" align="center"><HR size="1" noshade></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2" color="#7F7F7F">Jeffrey J. Diermeier</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#7F7F7F">
Chief Investment Officer, UBS Asset Management</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="3" align="center"><HR size="1" noshade></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2" color="#7F7F7F">Regina A. Dolan</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#7F7F7F">
Chief Administrative Officer, UBS PaineWebber</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="3" align="center"><HR size="1" noshade></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2" color="#7F7F7F">Thomas K. Escher</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#7F7F7F">
Head of IT, UBS Switzerland</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="3" align="center"><HR size="1" noshade></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2" color="#7F7F7F">John A. Fraser</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#7F7F7F">
Chief Executive Officer, UBS Asset Management</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="3" align="center"><HR size="1" noshade></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2" color="#7F7F7F">Robert Gillespie</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#7F7F7F">
Joint Global Head of Corporate Finance, UBS Warburg</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="3" align="center"><HR size="1" noshade></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2" color="#7F7F7F">Jurg Haller</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#7F7F7F">
Head of Risk Transformation and Capital Management, UBS Switzerland</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="3" align="center"><HR size="1" noshade></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2" color="#7F7F7F">Eugen Haltiner</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#7F7F7F">
Head of Corporate Clients, UBS Switzerland</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="3" align="center"><HR size="1" noshade></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2" color="#7F7F7F">Gabriel Herrera</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#7F7F7F">
Head of Europe, Middle East and Africa / Investment Funds, UBS Asset Management</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="3" align="center"><HR size="1" noshade></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2" color="#7F7F7F">Alan C. Hodson</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#7F7F7F">
Head of Equities, UBS Warburg</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="3" align="center"><HR size="1" noshade></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2" color="#7F7F7F">Peter Kurer</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#7F7F7F">
Group General Counsel</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="3" align="center"><HR size="1" noshade></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2" color="#7F7F7F">Benjamin F. Lenhardt, Jr.</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#7F7F7F">
Deputy Head of Business Management / Head of Americas, UBS Asset Management</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="3" align="center"><HR size="1" noshade></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2" color="#7F7F7F">Donald B. Marron</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#7F7F7F">
Chairman UBS Americas (ex officio GMB member)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="3" align="center"><HR size="1" noshade></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2" color="#7F7F7F">Urs. B. Rinderknecht</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#7F7F7F">
Group Mandates</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="3" align="center"><HR size="1" noshade></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2" color="#7F7F7F">Alain Robert</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#7F7F7F">
Head of Individual Clients, UBS Switzerland</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="3" align="center"><HR size="1" noshade></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2" color="#7F7F7F">Marcel Rohner</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#7F7F7F">
Chief Operating Officer, Deputy CEO, UBS Private Banking</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="3" align="center"><HR size="1" noshade></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2" color="#7F7F7F">Gian Pietro Rossetti</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#7F7F7F">
Head of Swiss Clients, UBS Private Banking</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="3" align="center"><HR size="1" noshade></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2" color="#7F7F7F">Hugo Schaub</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#7F7F7F">
Group Controller</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="3" align="center"><HR size="1" noshade></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2" color="#7F7F7F">Jean Francis Sierro</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#7F7F7F">
Head of Resources, UBS Switzerland</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="3" align="center"><HR size="1" noshade></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2" color="#7F7F7F">Robert H. Silver</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#7F7F7F">
HeadofOperations,Technology,andCorporateEmployeeFinancialServices,UBSPaineWebber</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="3" align="center"><HR size="1" noshade></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2" color="#7F7F7F">J. Richard Sipes</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#7F7F7F">
Joint Head of Europe, UBS Private Banking</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="3" align="center"><HR size="1" noshade></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2" color="#7F7F7F">Clive Standish</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#7F7F7F">
Chief Executive Officer Asia Pacific, UBS Warburg</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="3" align="center"><HR size="1" noshade></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2" color="#7F7F7F">Walter Sturzinger</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#7F7F7F">
Group Chief Risk Officer</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="3" align="center"><HR size="1" noshade></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2" color="#7F7F7F">Marco Suter</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#7F7F7F">
Group Chief Credit Officer</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="3" align="center"><HR size="1" noshade></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2" color="#7F7F7F">Mark B. Sutton</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#7F7F7F">
Head of US Private Clients, UBS PaineWebber</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="3" align="center"><HR size="1" noshade></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2" color="#7F7F7F">Rory Tapner</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#7F7F7F">
Joint Global Head of Corporate Finance, UBS Warburg</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="3" align="center"><HR size="1" noshade></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2" color="#7F7F7F">Raoul Weil</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#7F7F7F">
Joint Head of Europe, UBS Private Banking</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="3" align="center"><HR size="1" noshade></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2" color="#7F7F7F">Stephan Zimmermann</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#7F7F7F">
Head of Operations, UBS Switzerland</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="3" align="center"><HR size="1" noshade></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2" color="#0865AB"><B>Auditors</B>
</FONT>

<P><FONT size="2"><B>External auditors</B>
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="23%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="46%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="25%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD colspan="5" align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><B>Ernst &#038; Young Ltd.</B>,
<B>Basel</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#7F7F7F">
Auditors for the Parent Bank and for the Group
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#7F7F7F">(term expires AGM 2002,<BR>
proposed for reelection)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="5" align="center"><HR size="1" noshade></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><B>Deloitte &#038; Touche
Experta, Ltd., Basel</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#7F7F7F">
Special auditors
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#7F7F7F">(term expires AGM 2003)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="5" align="center"><HR size="1" noshade></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2"><B>Internal audit</B>
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
<TR valign="bottom">
        <TD width="23%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="46%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="25%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD colspan="5" align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><B>Markus Ronner</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#7F7F7F">
Head of Group Internal Audit</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="5" align="center"><HR size="1" noshade></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2">98</FONT>

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<P align="left"><FONT size="2"><B>Corporate Governance<BR>
Financial Disclosure Principles</B>
</FONT>

<P align="left"><FONT size="5">Financial Disclosure Principles
</FONT>

<P align="left"><FONT size="2" color="#7F7F7F"><B>UBS&#146;s
financial disclosure policies aim to achieve a fair market value for
the UBS share by communicating transparently, openly and consistently with investors and the financial markets at all times.</B>
</FONT>

<P><FONT size="2">Based on our discussions with analysts and investors, we believe that the market
accords a &#147;transparency premium&#148; to the share prices of companies who provide
clear, consistent and informative disclosure about their business. Our aim
therefore is to communicate UBS&#146;s strategy and results in such a way that
investors can gain a full and accurate understanding of how the company works,
what its growth prospects are and what risks there are that this growth will not
be realized.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;To continue to achieve these goals, we apply the following principles in our
financial reporting and disclosure:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2"><I>Transparency</I>: our disclosure is designed to enhance understanding of the
economic drivers and detailed results of the business, building trust and
credibility.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2"><I>Consistency</I>: we aim to ensure that our disclosure is consistent and
comparable within each reporting period and between reporting periods.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2"><I>Simplicity</I>: we try to disclose information in as simple a manner as possible
consistent with allowing readers to gain the appropriate level of
understanding of our businesses&#146; performance.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2"><I>Relevance</I>: we aim to avoid information overload by disclosing information
only where it is relevant to UBS&#146;s stakeholders, or required by regulation or
statute.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2"><I>Best practice</I>: we strive to ensure that our disclosure is in line with industry norms, and if
possible leads the way to improved standards.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;We report UBS&#146;s results quarterly, including a
breakdown of results by Business Groups and business units and extensive
disclosures relating to credit and market risk. The quantity of disclosure and
the quality of analysis and comment we provide put UBS&#146;s reporting among the
leaders in the banking sector, worldwide.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;We also aim to take a prominent role in developing and enhancing industry
standards for disclosure. UBS is actively represented in committees and
similar bodies helping to improve accounting standards and risk disclosure stan-
dards. Last year we took the lead in proposing a new standard for measuring and
reporting client assets. This was well received by investors, analysts and
peers.
</FONT>
<P align="left"><FONT size="2" color="#0865AB"><B>Performance measures and targets</B>
</FONT>

<P><FONT size="2"><B>Group targets</B>
</FONT>
<DIV align="left"><FONT size="2">UBS focuses on four key performance targets, designed to ensure that it delivers
continually improving returns to its shareholders. We report UBS&#146;s performance
against these targets each quarter:
</FONT></DIV>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">We seek to increase the value of the Group by achieving a sustainable,
after-tax return on equity of 15-20%, across periods of varying market
conditions.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">We aim to increase shareholder value through double-digit average annual
percentage growth in basic earnings per share (EPS), across periods of
varying market conditions.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Through cost reduction and earnings enhancement initiatives we aim to
reduce UBS&#146;s cost/income ratio, to a level that compares positively with
best-in-class competitors.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">We aim to achieve a clear growth trend in net new money in our private client
businesses.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The first three targets are all reported pre- goodwill amortization, and
adjusted for significant financial events (see below).
</FONT>
<P><FONT size="2"><B>Business Group key performance indicators</B>
</FONT>
<DIV align="left"><FONT size="2">We also report carefully chosen key performance indicators for each of UBS&#146;s
Business Groups and business units. These do not carry explicit targets, but are
indicators of the business units&#146; success in
</FONT></DIV>

<P align="right"><FONT size="2">99</FONT>

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<P align="left"><FONT size="2"><B>Corporate Governance<BR>
Financial Disclosure Principles</B>
</FONT>

<P><FONT size="2">creating value for shareholders. They include financial metrics, such as the
cost/income ratio, and non-financial metrics such as client assets.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;These key performance indicators are used for internal performance
measurement and planning as well as external reporting. This ensures that
management has a clear responsibility to lead their businesses towards achieving
success in the externally reported value drivers and avoid the risk of managing
to purely internal performance measures.
</FONT>
<P align="left"><FONT size="2" color="#0865AB"><B>Financial reporting policies</B>
</FONT>

<P><FONT size="2"><B>Accounting principles</B>
</FONT>
<DIV align="left"><FONT size="2">We prepare UBS Group&#146;s accounts according to International Accounting Standards
(IAS), and provide additional information to reconcile the Group accounts to US
Generally Accepted Accounting Principals (US GAAP). A detailed explanation of
the basis of UBS&#146;s accounting is given in Note 1 to the Financial Statements,
which is published in the Financial Report 2001.
</FONT></DIV>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In addition, the Financial Report 2001 contains the financial statements of
the UBS AG parent bank, the Swiss company, including branches worldwide,
which owns all the UBS Group companies directly or indirectly. These parent bank
financial statements exclude the results of all UBS&#146;s subsidiaries and
associated companies, and are prepared to meet Swiss regulatory requirements and
Swiss federal banking law. Major differences between Swiss federal banking law
requirements and International Accounting Standards are described in Note 39 to
the UBS Group Financial Statements.
</FONT>
<P><FONT size="2"><B>Significant financial events</B>
</FONT>
<DIV align="left"><FONT size="2">The financial targets we have set and the analysis of financial results which we
provide in quarterly and annual reports, concentrate on figures which have been
adjusted by the exclusion of what we call Significant Financial Events. This
adjustment is designed to facilitate meaningful comparisons between different
reporting periods, illustrating the underlying operational performance of the
business, insulated from the impact of one-off gains or losses outside the
normal course of business.
</FONT></DIV>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Treatment of an item as a significant financial event is at the discretion of
the Group Executive Board, but in general the item should be:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Non-recurring</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Event specific</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Material at Group level</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">UBS-specific, not industry-wide
and should not be a consequence of the normal run of business.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Examples of items that we would treat as significant financial events
include the gain or loss on the sale of a significant subsidiary or associate,
such as the divestment in 1999 of UBS&#146;s stake in Swiss Life/Rentenanstalt, or
the restructuring costs associated with a major integration, such as the
merger in 2000 with PaineWebber.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Significant financial events are not a recognized accounting concept under
International Accounting Standards or US GAAP, and are therefore not separately
reflected in our Financial Statements. The use of numbers which have been
adjusted for significant financial events is restricted to the Business Group
and business unit reporting and to the analysis of the Group results and the
accompanying illustrative tables. We clearly identify all adjusted figures, and
disclose the pre-tax amount of each individual significant financial event in
the quarter in which it is recorded, and in the annual report for that year,
together with the net tax benefit or cost associated with the significant
financial events recorded in each period.
</FONT>
<P><FONT size="2"><B>Restatement of results</B>
</FONT>
<DIV align="left"><FONT size="2">As required under IAS, we are committed to maintaining
the transparency of UBS&#146;s reported results and to ensuring that analysts and
investors can make meaningful comparisons with previous periods. If there is a
major reorganization of our business units or if changes to accounting
standards or interpretations lead to a material change in the Group&#146;s reported
results, we restate UBS&#146;s results for previous periods to show how they would
have been reported according to the new basis (except when accounting standards
prohibit us from doing so), and provide clear explanations of all changes.
</FONT></DIV>

<P align="left"><FONT size="2" color="#0865AB"><B>Disclosure channels</B>
</FONT>

<DIV align="left"><FONT size="2">We meet with UBS&#146;s institutional investors regularly throughout the year,
holding results presentations, specialist investor seminars, roadshows and
one-to-one or group meetings across the world. Where possible, these events
involve UBS senior management in addition to the UBS
</FONT></DIV><P align="left"><FONT size="2">100</FONT>

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<DIV align="left"><FONT size="2">Investor Relations team. We have also made significant progress in developing
the use of technology to further broaden access to our presentations through
webcasting, audio links and cross-location video-conferencing for external
audiences.
</FONT></DIV>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;We fully subscribe to the principle of equal treatment of all shareholders.
To ensure fair access to information, we make UBS publications available to all
shareholders at the same time and generally make key documents available in both
English and German. Letters to shareholders and media releases about results are
also translated into French and Italian. We post letters to shareholders and
material information related to corporate events direct to all shareholders,
while other information is distributed via press release and posted to UBS&#146;s
website, at www.ubs.com/investors. Our website includes comprehensive
information about UBS, including a complete set of our published reporting
documents, on demand access to recent webcast presentations and copies of
presentations that senior management have given at industry conferences.
</FONT>
<P><FONT size="2"><B>US regulatory disclosure requirements</B>
</FONT>
<DIV align="left"><FONT size="2">As a Swiss company listed on the New York Stock Exchange (NYSE), we comply with
the disclosure requirements of the Securities and Exchange Commission (SEC)&nbsp;and
the NYSE for foreign issuers. These include the requirement to make certain
filings with the SEC. As a foreign issuer, some of the SEC&#146;s regulations and
requirements which apply to domestic issuers are not applicable to UBS. We
provide UBS&#146;s regular quarterly reports to the SEC under cover of Form&nbsp;6-K, and
file an annual report on Form&nbsp;20-F. We also provide additional disclosure at
half year to meet specific SEC or US GAAP requirements, which again is provided
under cover of Form&nbsp;6-K. In addition, important corporate announcements,
including press releases, are provided under cover of Form&nbsp;6-K as they occur.
These reports, as well as materials sent to shareholders in connection with
annual and special meetings, are all available on our website, at
www.ubs.com/investors.
</FONT></DIV>

<P align="left"><FONT size="2" color="#0865AB"><B>New Basel Capital
Accord &#151; Pillar 3</B>
</FONT>

<DIV align="left"><FONT size="2">Pillar 3 of the proposed New Basel Capital
Accord will require internationally active banks
to disclose a range of information about the risks they take, the way they
assess risks and their regulatory capital position, beyond the present
financial reporting guidelines. The intention is to subject banks to &#147;market
discipline&#148; &#151; the markets would reinforce regulatory supervision by requiring
higher or lower costs of capital based on the individual bank&#146;s level of risk
and quality of risk management and control.
</FONT></DIV>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS is a supporter and exponent of transparency in banks&#146; financial
statements, and of disclosure as a means to promote market discipline. The
philosophy behind Pillar 3 is therefore close to our thinking and we fully
support it indeed, we would like to see it extended to other financial
institutions, including securities firms, insurance companies and
intermediaries.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;For a publicly quoted financial institution, we believe market discipline is
a three-step feedback loop:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">evidence of a firm&#146;s practices and their results
through disclosure</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">market reaction to the disclosure, and its
impact on shareholder value</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">change in behavior or strategy by firms seeking to maximize shareholder value.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Although the effect of market discipline is not
uniform, enhanced disclosure requirements can undoubtedly contribute to improved
risk management and control. In this we fully support the aims of Pillar 3.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS has been active in the ongoing discussion between the regulators and the
industry, and we believe that this is a unique opportunity for regulators,
accounting standard setters and industry participants to work together to
achieve a disclosure framework that meets the needs of all relevant parties.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;As a result of these discussions, we have identified areas where further
improvements to our risk disclosure can be made in future, taking into account
the needs of both equity and credit analysts. New developments and standards
in risk management and control emerge all the time, and risk disclosure is
therefore a moving target, but we are committed to developing our reporting over
coming years, with the aim of remaining at the forefront of meaningful disclosure.
</FONT>
<P align="right"><FONT size="2">101</FONT>

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<P align="left"><FONT size="2"><B>Corporate Governance<BR>
Value-based Management</B>
</FONT>

<P align="left"><FONT size="5">Value-based Management
</FONT>


<P><FONT size="2" color="#7F7F7F"><B>UBS&#146;s performance measurement framework considers the creation of long-term
value for shareholders in a more explicit way than traditional profit-based
measures. UBS believes that the measurement of value creation can only be
effective in the context of a comprehensive value-based management (VBM)&nbsp;process
which is truly embedded in its management decisions, and consistently applied
across the organization.</B>
</FONT>
<P><FONT size="2">UBS&#146;s value-based management (VBM)&nbsp;framework supports value-based decisions,
performance assessment and external communication. The heart of the framework
is a process for monitoring the development of the value of the Group and its
constituent businesses, based on the identification of the fundamental drivers
of value creation.
</FONT>
<P align="left"><FONT size="2" color="#0865AB"><B>Overview of objectives and process</B>
</FONT>

<DIV align="left"><FONT size="2">The aim of VBM is to create an understanding of the sources and drivers of value
within all of UBS&#146;s businesses, and to integrate this understanding into its
management processes and principles, translating the value creation mindset into
action. The diagram below summarizes the VBM processes.
</FONT></DIV>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Value-based business decisions: </I>To ensure that UBS&#146;s actions are
value-enhancing, the Group evaluates strategic initiatives, acquisitions and
investments on the basis of the impact of their earnings potential and inherent
risk on shareholder value. Funding and capital resources are allocated only to
business plans and projects that are expected to create value on a sustainable
basis.
</FONT>
<P align="center"><FONT size="2"><IMG src="y58380p5838061.gif" alt="picture">
</FONT>

<P align="left"><FONT size="2">102</FONT>

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<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;To help make this evaluation, UBS benchmarks the internal assessment of a
project&#146;s value creation potential against analysts&#146; and investors&#146;
expectations. The Group also assesses and manages the risk of current and
planned business strategies by analyzing the impact of long-term industry and
macro-economic trends on value.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Performance assessment</I>: Performance measures are designed to demonstrate the
extent to which value has been created: both the value derived from actual
performance during the current reporting period and the value of future growth
prospects resulting from tactical and strategic positioning.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>External communication: </I>The drivers of value creation are a focal point of our
communication to investors and analysts. The analysis and interpretation of
sources of valuation gaps provides valuable evidence of the external evaluation
of our future prospects.
</FONT>
<P align="left"><FONT size="2" color="#0865AB"><B>Measuring value creation</B>
</FONT>

<P><FONT size="2"><B>Measuring value creation at the Group level</B>
</FONT>
<DIV align="left"><FONT size="2">The fundamental assumption underlying the VBM framework is that the creation of
sustainable value is the primary objective of business activity. By emphasizing
sustainable value creation, UBS considers the interests of both its shareholders
and other important stakeholders such as employees, clients and regulators. The
framework views the management as custodians of shareholder wealth. They are
responsible for generating adequate returns on a risk-adjusted basis through
strategic decisions and their effective implementation.
</FONT></DIV>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;To be a long-term success, a company must provide its owners with a total
return greater than its risk-adjusted cost of capital. For the shareholders, the
total return on their investment is a combination of cash distributions and
share price appreciation over a specific period. Share price development is
therefore a very important indicator of value creation at the corporate level,
since it reflects the assessment by investors of current performance, of the
ability of management to define, communicate and implement innovative and
compelling strategies for the future and of the level of strategic risk those
plans involve.
</FONT>
<P><FONT size="2"><B>Measuring value creation at the
business level</B>
</FONT>
<DIV align="left"><FONT size="2">The share price is a useful indicator of the value creation performance of the
Group, but it cannot be used to evaluate the performance of business units. As
business units are not listed on any stock exchange, UBS needs a measure that
corresponds to the total return on shares but is applicable to business units.
For this, UBS has chosen <i>fair value</i> and <i>total return on
fair value</i> as the most
suitable measures of value creation.
</FONT></DIV>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The starting point in assessing value creation for a business unit is thus to
assess its <i>fair value</i>, i.e., the theoretical value of the current franchise and
associated earnings potential as well as the resources the business unit
management has been entrusted with.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;By relating realized cash earnings and the incremental fair value added by
strategic plans and investments to the initial fair value, we then calculate the
<i>total return on fair value</i> of the business unit. Actual total return is compared
to the business unit hurdle rate, which represents the minimum required return
for a given level of business risk.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;For the purposes of value-based management, fair value is calculated as the
sum of all future discounted free cash flows, which correspond to anticipated
earnings adjusted for investments and depreciation. The discount rate reflects
the financial and business risks of the unit and is also the targeted total
return on fair value (the business unit hurdle rate). Discount rates are derived
from historical market data using the capital asset pricing model (CAPM), which
yields discount rates that account for the undiversifiable (systematic)&nbsp;risk of
the business.
</FONT>
<P align="right"><FONT size="2">103</FONT>

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<P align="left"><FONT size="2"><B>Corporate Governance<BR>
Value-based Management</B>
</FONT>

<P><FONT size="2">Since our business units are not listed on any stock market, their cost of
equity is inferred from stock market data of listed competitors and peers.
</FONT>
<P><FONT size="2"><B>Generated free equity</B>
</FONT>
<DIV align="left"><FONT size="2">An important difference between a financial institution and industrial firms is
that borrowing and lending form part of everyday business activities and are not
used merely for financing and placement of excess liquidity. This makes the
traditional definition of free cash flow, as used in industrial firms, difficult
to apply to a bank. In addition, banks face regulatory constraints in the form
of capital adequacy regulation, which reduce their discretion to determine and
implement an optimal capital structure.
</FONT></DIV>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In view of these differences, free cash flow for banks is generally defined
as the change in free equity, after investments and after all claims from debt
holders (interests and principal repayments) have been serviced. UBS has
dubbed this measure &#147;Generated Free Equity&#148; (GFE)&nbsp;as it is the amount that can
be either reinvested or returned to shareholders via dividends and share
repurchases. We use GFE in the calculation of its fair value and the total
return on fair value. This method is known as the equity method of valuation,
as opposed to the enterprise method which arrives at the value of the equity by
discounting the entire cash flow and thereafter deducting the value of the debt.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;GFE is the net profit after tax adjusted for changes in the required equity.
There are many possible methods to determine the equity requirements for a
business. For the calculation of GFE, UBS uses the regulatory requirements for
each business unit as the key for determining the equity requirements of its
business units.
</FONT>
<P align="left"><FONT size="2" color="#0865AB"><B>The VBM process</B>
</FONT>

<DIV align="left"><FONT size="2">The implementation of a comprehensive VBM framework in a large organization like
UBS is a complex task and the full benefit of it will only materialize over
time. To be truly effective the VBM framework must become an integrated part of
key management processes, such as the formulation and evaluation of strategic
plans and investments, the measurement and evaluation of performance, and the
definition of criteria for performance related compensation.
</FONT></DIV>

<P><FONT size="2"><B>Value drivers</B>
</FONT>
<DIV align="left"><FONT size="2">In order to have an operational tool for analyzing the extent to which current
and projected performance contribute to sustainable value creation, UBS has
identified value drivers for each business unit, relating to revenue, cost and
investment. Net new money growth and average margins on assets are examples of
typical revenue drivers for the private banking and asset management
businesses.
</FONT></DIV>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The analysis of the future development of value drivers extends beyond the
standard business plan horizon of three years to consider the potential impact
on value of long-term industry and macro-economic trends, and constitutes an
important input in the evaluation of strategic options.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Internal value driver projections and valuations are benchmarked against
external assessments and the expectations of the stock market and leading
analysts and against performance of key competitors. They are also subjected to
a sensitivity analysis, both to understand the sensitivity of the valuation to
assumptions, and to test the impact on value of failing to meet plans. Together
these measures help to avoid the risk that over-optimistic planning might
distort the VBM process.
</FONT>
<P><FONT size="2"><B>Value-based decisions in strategic planning</B>
</FONT>
<DIV align="left"><FONT size="2">The business units of UBS complement their standard business plans with explicit
projections for key value drivers. Equity expenditures (investments and
incremental working capital), which are required to increase or sustain current
operating levels, are explicitly considered via their effect on generated free
equity.
</FONT></DIV>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The impact of business plans on valuation is analyzed on the basis of the
internal value driver targets and long-term forecasts on the development of
value drivers beyond the planning horizon. The valuation analysis considers
the views on sector and macro-economic development of neutral internal and
external experts and the impact of worst case scenarios.
</FONT>
<P><FONT size="2"><B>Value-based decisions and strategic risk</B>
</FONT>
<DIV align="left"><FONT size="2">UBS considers strategic risk, such as the failure to recognize changing customer
priorities, the failure to recognize opportunities and threats from emerging
technologies and business models or the failure to define and implement
innova-
</FONT></DIV><P align="left"><FONT size="2">104</FONT>

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<DIV align="left"><FONT size="2">tive, compelling value propositions for customers and investors, as the
major challenge in today&#146;s competitive environment.
</FONT></DIV>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In order to meet this challenge, companies need to implement systematic and
rigorous tools and processes (as has already been done in the case of market,
credit and operational risk control) to identify and manage strategic risk.
Valuebased analysis constitutes a key input for assessing and addressing
strategic risk.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS produces a Value Report, circulated quarterly to senior managers
throughout the Group. This report to management tracks the development of value
drivers and also measures total return on fair value of the Group and Business
Groups, which includes the incremental impact of new business initiatives and
the realized generated free equity. In addition, the value report contains a
section which analyzes the source of gaps between internal valuation and market
capitalization and between internal valuation of the Group and its Business
Groups and leading external analysts&#146; valuations of business units.
</FONT>
<P><FONT size="2"><B>Compensation</B>
</FONT>
<DIV align="left"><FONT size="2">A key aspect of a comprehensive VBM framework is compensation. The objective of
value-based compensation is to reward sustainable shareholder value creation.
Managers and employees should receive an appropriate share of the value created
in order to align their interests to the interests of shareholders. As with
all other professional services organizations, human resources costs in
banking are the single largest operating expense. As a result compensation is a
highly sensitive area, where market practice and cultural considerations need
to be taken into account.
</FONT></DIV>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Total return on fair value and the development of value drivers are very
powerful measures for compensation and UBS currently is in the process of
developing methods to include the VBM measures in its compensation scheme.
However, UBS believes that compensation should never be formula driven, so,
while these measures will become important inputs, they will not replace
managerial judgement in determining compensation levels.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;One of the goals of value-based compensation is the alignment of the
interests of employees and shareholders. Such alignment can also be achieved
through increased employee ownership. UBS has launched Equity Plus, a program
that aims to substantially increase employee ownership by stimulating
employees to use part of their total compensation to buy UBS shares.
</FONT>
<P><FONT size="2"><B>External communication</B>
</FONT>
<DIV align="left"><FONT size="2">Although VBM is essentially an internal management tool, it can also provide
useful information for investors and analysts. Unfortunately, as many of the
concepts in the framework are forward-looking, subject to frequent change and
contain sensitive proprietary information, they are unsuitable for public
disclosure. However, there is a strong conceptual link between the development
of value drivers and value creation. During 2002 we intend to publish further
quantitative information on the development of key value drivers as well as
guidance on how the value drivers fit into a valuation framework.
</FONT></DIV>

<P align="left"><FONT size="2" color="#0865AB"><B>Conclusion</B>
</FONT>

<DIV align="left"><FONT size="2">UBS believes that the focus on value drivers in planning and performance
tracking is the most effective and efficient way to direct the organization
towards building value. It also allows the linking of compensation to the key
drivers of sustainable profitability in a pragmatic way. Valuebased
management combines the analysis of current performance with the analysis of
future earnings potential. This increases management&#146;s focus on strategic risk
and further improves UBS&#146;s ability to create sustainable value.
</FONT></DIV>


<P align="right"><FONT size="2">105</FONT>

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<P align="left"><FONT size="2"><B>Corporate Governance<BR>
Regulation and Supervision</B>
</FONT>

<P align="left"><FONT size="5">Regulation and Supervision
</FONT>

<P><FONT size="2">As a Swiss-registered company, UBS&#146;s main regulator is the Swiss Federal Banking
Commission (Eidgenossische Bankenkommission or &#147;EBK&#148;), but we are also regulated
worldwide by supervisory agencies in the countries in which we conduct business,
most notably the US and the UK. We aim to monitor regulatory developments, to
comply with all local and regional provisions and to work closely and maintain
good relations with the regulators in all jurisdictions where we have offices,
branches and subsidiaries. The Group Governance Committee oversees the interface
with our regulators, which is coordinated by the risk control, compliance and
financial control functions at Corporate Center and in the Business Groups.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS&#146;s operations throughout the world are regulated and supervised by the
relevant central banks and regulatory authorities in each of the jurisdictions
in which we have offices, branches and subsidiaries. These authorities impose
reserve and reporting requirements and controls on banks, including those
relating to capital adequacy, depositor protection and prudential supervision.
In addition, a number of countries where UBS operates impose additional
limitations on or affecting foreign-owned or controlled banks and financial
institutions, including
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">restrictions on the opening of local offices, branches or subsidiaries and
the types of banking and non-banking activities that may be conducted by
those local offices, branches or subsidiaries;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">restrictions on the acquisition or level of ownership of local banks;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">restrictions on investment and other financial flows entering or leaving the
country.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The supervisory and regulatory regimes of the
countries where UBS operates will determine, to some degree, our ability to
expand into new markets, the services and products that we will be able to offer
in those markets and how we structure specific operations.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The following sections describe the regulation and supervision of UBS&#146;s
business in Switzerland, our home market, and in the United States and the
United Kingdom, our next two largest operations which together employ a total of
49% of our staff.
</FONT>
<P align="left"><FONT size="2" color="#0865AB"><B>Regulation and supervision in Switzerland</B>
</FONT>

<P><FONT size="2"><B>General</B>
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS is regulated in Switzerland under a system established by the Swiss Federal
Law relating to Banks and Savings Banks of 8 November 1934, as amended, and the
related Implementing Ordinance of 17 May 1972, as amended, which are together
known as the Federal Banking Law. Under this law, banks in Switzerland are
permitted to engage in a full range of financial services activities,
including commercial banking, investment banking and fund management. Banking
groups may also engage in insurance activities, but these must be undertaken
through a separate subsidiary. The Federal Banking Law establishes a framework
for supervision by the EBK.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In our capacity as a securities broker, UBS is governed by the Swiss Federal
Law on Stock Exchanges and Trading in Securities of 24 March 1995, as amended,
under which the EBK is appointed as prime regulator for these activities.
</FONT>
<P><FONT size="2"><B>Regulatory policy</B>
</FONT>
<DIV align="left"><FONT size="2">Swiss regulatory policies are formulated on three levels. The first two are the
statutory levels of primary and secondary legislation issued by Parliament and
the Swiss Federal Council. The EBK has substantial influence on the drafting of
regulatory statutes. On more technical policy, the EBK is empowered to issue
so-called circulars, 21 of which have been issued to date. In certain
fields, the EBK officially endorses self-regulatory guidelines issued by the
banking industry (through the Swiss Bankers&#146; Association), which thus become an
integral part of banking regulation. Recent examples are:
</FONT></DIV>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Guidelines concerning a Code of Conduct with regard to the Exercise of Due
Diligence by Banks, 1998.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">106</FONT>

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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Guidelines concerning the Treatment of Accounts, Custody Deposits and Safe
Deposit Boxes Remaining Dormant at Swiss Banks, 2000.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Guidelines concerning the Exercise of Asset
Management Mandates, 2000.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Certain aspects of securities broking, such as
the organization of trading, are subject to self- regulation through the SWX
Swiss Exchange and the Swiss Bankers&#146; Association, under the overall supervision
of the EBK.
</FONT>
<P><FONT size="2"><B>Role of external auditors and direct supervision of large banking groups</B>
</FONT>
<DIV align="left"><FONT size="2">The Swiss supervisory system relies on banks&#146; external auditors, who are
licensed and supervised by the EBK, and carry out official duties subject to
sanctions imposed by the EBK. The responsibility of external auditors not only
encompasses the audit of Financial Statements but also entails the review of
banks&#146; compliance with all prudential requirements.
</FONT></DIV>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In recent years, the EBK has taken on more direct responsibility for
supervision in two areas: capital requirements for market risk, for which there
is a specialist team; and the supervision of the two large Swiss banking groups,
including UBS, for which a dedicated department was created in 1998. Thus, the
supervisory strategy now entails direct supervision in the form of regular
meetings with bank management, supervisory visits, on site reviews, direct
reporting, both routine and ad hoc, and regular meetings with the host
regulators of our overseas operations. Close cooperation, including regular
trilateral meetings, has been established between the EBK and UBS&#146;s US and UK
regulators, and further links are being established by the EBK with other relevant regulators.
</FONT>
<P><FONT size="2"><B>Reporting requirements and capital requirements</B>
</FONT>
<DIV align="left"><FONT size="2">UBS reports to the EBK both
financial information and prudential information in such areas as risk
exposures, risk concentrations, liquidity, reserves and provisions. The EBK also
reviews the bank&#146;s risk management and control policies and procedures in all
areas of risk, including know your customer and anti-money laundering practices.
</FONT></DIV>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Switzerland applies the internationally accepted capital adequacy rules of
the Basel Capital Accord but the EBK implementation imposes a more
differentiated and tighter regime than the internationally agreed rules,
including a more stringent definition of capital (see Capital management on page
84.) Furthermore, the EBK expects banks to hold capital at least 20% above the
minimum that would be required under the Basel Capital Accord. A bank falling
below this level would be subject to more intense supervision. (The Basel
Capital Accord is currently in the process of being revised, as discussed below
on page 110) .
</FONT>
<P><FONT size="2"><B>Disclosures to the Swiss National Bank</B>
</FONT>
<DIV align="left"><FONT size="2">Although the primary responsibility for
supervision of banks under the Federal Banking Law lies with the EBK, UBS also
submits an annual statement of condition and detailed monthly interim balance
sheets to the Swiss National Bank, which monitors compliance with liquidity
rules. The Swiss National Bank can require UBS to supply further disclosures of
financial condition and other information relevant to its regulatory
oversight.
</FONT></DIV>

<P align="left"><FONT size="2" color="#0865AB"><B>Regulation and supervision in the<BR>
United States</B>
</FONT>

<P><FONT size="2"><B>Banking regulation</B>
</FONT>
<DIV align="left"><FONT size="2">UBS&#146;s operations in the United States are subject to a variety of regulatory
regimes. We maintain branches in California, Connecticut, Illinois and New York
and agencies in Florida and Texas. UBS&#146;s California branches are located in Los
Angeles and San Francisco and are licensed by the Office of the Comptroller of
the Currency. Each of our other US banking offices is licensed by the state
banking authority of the state in which it is located. Each US banking office is
subject to regulation and examination by its licensing authority and. In
addition, the Board of Governors of the Federal Reserve System exercises
examination and regulatory authority over our state-licensed US banking offices.
We also maintain state and federally chartered trust companies and other
limited purpose banks, which are regulated by state regulators or the Office of
the Comptroller of the Currency. None of UBS&#146;s US banking offices is insured by
the Federal Deposit Insurance Corporation. The regulation of our US banking
offices and subsidiaries imposes restrictions on the activities of those
</FONT></DIV>

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<P align="left"><FONT size="2"><B>Corporate Governance<BR>
Regulation and Supervision</B>
</FONT>

<P><FONT size="2">offices, as well as prudential restrictions, such as limits on extensions of
credit to a single borrower, including UBS subsidiaries.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The licensing authority of each US banking office has the authority to take
possession of the business and property of the office it licenses in certain
circumstances. Such circumstances generally include violations of law, unsafe
business practices and insolvency. So long as UBS maintains one or more
federal branches, such as our California branches, the Office of the Comptroller
of the Currency also has the authority to take possession of our US operations
under similar circumstances, and this federal power may preempt the state
insolvency regimes that would otherwise be applicable to our state licensed
offices. As a result, if the Office of the Comptroller of the Currency exercised
its authority over our US banking offices pursuant to federal law in the event
of a UBS insolvency, all of UBS&#146;s US assets would be applied first to satisfy
creditors of our US banking offices as a group, and then made available for
application pursuant to any Swiss insolvency proceeding.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In addition to the direct regulation of our US banking offices, operating US
banking offices subjects UBS to regulation by the Board of Governors of the
Federal Reserve System under various laws, including the International Banking
Act of 1978, as amended, the Bank Holding Company Act of 1956, as amended, and
the Gramm-Leach-Bliley Financial Modernization Act of 1999. The Bank Holding
Company Act imposes significant restrictions on UBS&#146;s US non-banking operations
and on our worldwide holdings of equity in companies operating in the United
States, as well as restrictions on transactions between our US banking offices
and our non-banking subsidiaries. On 10 April 2000, UBS AG was designated a
&#147;financial holding company&#148; under the Gramm-Leach-Bliley Act. This designation
generally permits us to exercise the new powers granted by that act, which
include the following:
</FONT>
<P>
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<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Bank holding companies meeting management and capital standards are
permitted to engage in a substantially broader range of non-banking
activities than previously was permissible, including insurance underwriting
and making merchant banking investments.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Insurers and other financial services companies are permitted to acquire banks.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Various restrictions that previously applied to
bank holding company ownership of securities firms and mutual fund advisory
companies have been removed.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">The overall regulatory structure applicable to bank holding companies,
including those that also engage in insurance and securities operations,
has been revised.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The Gramm-Leach-Bliley Act also modified other existing financial laws,
including laws related to the conduct of securities activities by US banks and
US banking offices. As a result, UBS is in the process of relocating certain
activities previously conducted by our US banking offices to a UBS subsidiary
or elsewhere.
</FONT>
<P><FONT size="2"><B>US regulation of other US operations</B>
</FONT>
<DIV align="left"><FONT size="2">In the United States, UBS Warburg LLC and
UBS PaineWebber Inc., as well as UBS&#146;s other US registered broker-dealer
entities, are subject to regulations that cover all aspects of the securities
business, including:
</FONT></DIV>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">sales methods</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">trade practices among broker-dealers</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">use and safekeeping of customers&#146; funds and
securities</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">capital structure</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">record-keeping</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">the financing of customers&#146; purchases</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">the conduct of directors, officers and employees.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;These entities are regulated by a number of different government agencies and
self-regulatory organizations, including the Securities and Exchange
Commission and the National Association of Securities Dealers. Depending upon
the specific nature of a broker-dealer&#146;s business, it may also be regulated by
some or all of the New York Stock Exchange, the Municipal Securities Rulemaking
Board, the US Department of the Treasury, the Commodities Futures Trading
Commission, and other exchanges of which it may be a member. These regulators
have available a variety of sanctions, including the authority to conduct
administrative proceedings that can result in censure, fines, the issuance of
cease-and-desist orders or the suspension or expulsion of the broker-dealer or
its directors, officers or employees.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS subsidiaries in the United States are also subject to regulation by
applicable federal and state regulators of their activities in the invest-
</FONT>
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<P><FONT size="2">ment advisory, mutual fund, trust company, mortgage lending and insurance
businesses.
</FONT>
<P><FONT size="2"><B>USA Patriot Act</B>
</FONT>
<DIV align="left"><FONT size="2">On 26 October 2001, the US adopted the USA Patriot Act in response to the events
of 11 September 2001. The Act requires US banks and foreign banks with US
operations, including UBS, to take certain steps to help prevent, detect and
prosecute international money laundering and the financing of terrorism. The
required actions include terminating correspondent accounts with &#147;shell banks&#148;
and obtaining information about the owners of foreign bank clients and the
identity of the foreign bank&#146;s agent for service of process in the US. The Act
also expands the power of the US government to subpoena foreign banks for
records relating to transactions in their US correspondent accounts, including
records kept outside the US.
</FONT></DIV>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The scope of the Act will be determined, to some degree, by the regulations
that are adopted to implement its provisions. The US Secretary of the Treasury
has published interim guidance and proposed regulations to implement some
portions of the Act, and is expected to propose additional regulations to
implement other sections. Although we cannot predict when and in what form these
regulations will be adopted, we believe that the cost of compliance with the Act
is not likely to be material to us, and that compliance with the statute will
not have a material effect on our global operations.
</FONT>
<P align="left"><FONT size="2" color="#0865AB"><B>Regulation and supervision in the<BR>
United Kingdom</B>
</FONT>

<DIV align="left"><FONT size="2">Since 1 December 2001, following the implementation of the Financial Services
and Markets Act 2000, UBS&#146;s operations in the United Kingdom have been regulated
by the Financial Services Authority (FSA), as the United Kingdom&#146;s unified
regulator. FSA assumed the responsibilities of UBS&#146;s previous UK regulators, the
Securities and Futures Authority and the Investment Management Regulatory
Organisation, with effect from this date. The Bank of England&#146;s responsibilities
for regulation of banking activities were transferred to the FSA by the Bank of
England Act 1998.
</FONT></DIV>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The FSA has established a risk-based approach to supervision and UBS is
supervised by the Major Financial Groups section of the Deposit Takers and
Markets Directorate. The FSA has a wide variety of supervisory tools available
to it, including on-site inspections by supervisors (which may relate to a
risk-based industry-wide theme or be firm-specific) and the ability to
commission reports by skilled persons (who may be the firm&#146;s auditors or IT
specialists, compliance consultants or lawyers). The FSA also has an extremely
wide set of sanctions which it may impose under the new Act, similar to those
available to US regulators.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;During most of 2001, however, UBS was regulated by the FSA in respect of its
banking activities but continued to be regulated by the Securities and Futures
Authority in respect of its investment banking, individual asset management,
brokerage and principal trading activities, and by the Investment Management
Regulatory Organisation in respect of its institutional asset management and
fund management activities.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Some of our subsidiaries and affiliates are also regulated by the London
Stock Exchange and other United Kingdom securities and commodities exchanges
of which UBS is a member.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The investment services that are subject to oversight by United Kingdom
regulators are regulated in accordance with European Union directives
requiring, among other things, compliance with certain capital adequacy
standards, customer protection requirements and conduct of business rules. These
standards, requirements and rules are similarly implemented, under the same
directives, throughout the European Union and are broadly comparable in scope
and purpose to the regulatory capital and customer protection requirements
imposed under applicable US law.
</FONT>
<P align="left"><FONT size="2" color="#0865AB"><B>Basel Committee on Banking Supervision</B>
</FONT>

<DIV align="left"><FONT size="2">In January 2001, the Basel Committee on
Banking Supervision issued &#147;A New Basel Capital Accord&#148;, a second consultative
paper in the drive to radically overhaul the way minimum regulatory capital
requirements are determined for internationally active banks, including UBS. UBS
supports the aims of the new Accord, which include increasing the risk
sensitivity of the capital measure, reducing regulatory capital arbitrage in
the area of credit risk, and promoting greater safety and soundness in the
banking system worldwide.
</FONT></DIV>

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<P align="left"><FONT size="2"><B>Corporate Governance<BR>
Regulation and Supervision</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The new Accord will introduce a capital requirement for operational
(consequential)&nbsp;risks. It is hoped that, when finally agreed, this requirement
will be responsive to changing risk and loss experience and will promote further
rational development of risk control practice in this area.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Implementation was originally scheduled for 1 January 2004, but has been
delayed to 1 January 2005 following intensive consultation with the industry.
UBS provided a comprehensive written response to the Committee, participated
actively in the development of industry group responses and contributed to the
formal quantitative impact studies conducted by the
regulators. Discussions will continue with the Committee well into 2002 when a
third quantitative impact study will be conducted and a final consultative
paper issued. The release of the final Accord will then be followed by extensive
dialogue with individual regulators as they incorporate the new Accord into
local regulations.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The new Accord has been the main focus of industry and UBS interaction with
the Committee over the last year, but the Committee continues to explore other
areas of regulatory interest and concern and to issue consultative and sound
practice papers, for example &#147;Customer Due Diligence for Banks&#148;.
</FONT>
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<P align="left"><FONT size="2"><B>Corporate Governance<BR>
Corporate Responsibility</B>
</FONT>

<P align="left"><FONT size="5">Corporate Responsibility
</FONT>

<P><FONT size="2">UBS has a strong commitment to corporate responsibility. We recognize the
demands that are placed on us by different stakeholders, and have therefore made
corporate responsibility part of our culture and our identity, integral to our
business model.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Corporate responsibility means different things to different people and
different businesses. UBS aims to build a truly responsible corporate
strategy by continuously identifying and anticipating new issues through regular
dialogues with stakeholders, outside experts and the media. Key corporate
responsibility issues for a financial institution like UBS include strengthening
corporate governance, fighting money laundering, protecting financial privacy,
being an equal opportunity employer, promoting environmental stewardship and
contributing to the communities which we are part of. At UBS, we take a
pragmatic approach, emphasizing issues that provide clear benefits for our
shareholders, clients, employees and societies in our main markets.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;We realize that simply meeting existing legal requirements is not sufficient.
Society&#146;s expectations are constantly evolving and often precede formal
legal and regulatory requirements; we find that we are being held to ever higher
standards. Globalization has added to these demands as multinationals are
accused of arbitraging social standards to boost their bottom line. However the
growing demand for more responsible corporate behavior means that firms that
meet this demand at an early stage stand to win, while laggards put themselves
at risk.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Taking our corporate responsibilities seriously can bring positive benefits
to all our stakeholders. Good corporate governance benefits our shareholders,
putting their interests first. Protecting the privacy of our clients helps win
their trust. Being recognized as a responsible employer helps increase employee
satisfaction and the retention and recruitment of the best staff.
</FONT>
<P align="left"><FONT size="2" color="#0865AB"><B>Managing our responsibilities</B>
</FONT>

<DIV align="left"><FONT size="2">Reaping the full benefits of corporate responsibility requires a formal
management process to identify and analyze the relevant topics, shape strategy,
implement guidelines in the businesses, and provide efficient control.
</FONT></DIV>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The challenge is to develop a comprehensive approach to corporate
responsibility that is Group-wide and globally consistent. The active
participation of all Business Groups and regions is critical for an effective
corporate responsibility program. Our goal is to build upon their different
areas of expertise and to ensure that corporate responsibility issues are
handled as part of regular ongoing business operations. At the same time,
implementing a corporate responsibility strategy requires sustained effort
over a number of years policies and procedures can be changed relatively
quickly, but reshaping attitudes can be much harder, and requires commitment
throughout an organization, especially at the highest levels.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In 2001, we created a Corporate Responsibility Committee to guide this
process at UBS, comprising members of the Board of Directors, the Group
Executive Board, and the Group Managing Board. This committee is chaired by
Marcel Ospel and has Hans de Gier, Vice Chairman of the Board, Peter Wuffli,
President of the Group Executive Board, Donald Marron, Chairman UBS Americas,
and Marcel Rohner, Chief Operating Officer UBS Private Banking as members. The
Committee has the following duties:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">to determine the company&#146;s policy with
respect to corporate responsibility and sustainable development;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">to support increased awareness of and moni-
tor the company&#146;s adherence to international
standards in these areas;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">to advise the Group Executive Board and
other bodies on corporate responsibility;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">to advise the Board of Directors on reporting about the Group&#146;s efforts on
corporate responsibility and sustainable development.</FONT></TD>
</TR>
</TABLE>
<P align="right"><FONT size="2">111</FONT>

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<P align="left"><FONT size="2"><B>Corporate Governance<BR>
Corporate Responsibility</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In close cooperation with the Business Groups, a specialized unit in the
Corporate Center guides the Corporate Responsibility Committee in shaping the
Group&#146;s overall strategy. The objective is to add value by combining existing,
Group-wide activities into a consistent framework, systematically identifying
and analyzing market opportunities and risks associated with society&#146;s
changing expectations of corporate behavior, and ensuring that all relevant
corporate responsibility issues are effectively covered. The following
section highlights some of the progress made in key issues of interest to our
stakeholders.
</FONT>
<P align="left"><FONT size="2" color="#0865AB"><B>Shareholders</B>
</FONT>

<P><FONT size="2"><B>Corporate governance</B>
</FONT>
<DIV align="left"><FONT size="2">The key corporate responsibility issue for shareholders is that of corporate
governance. Shareholders seek assurance that management always acts in their
best interest and that the benefits they receive from their ownership stakes are
being maximized. To this end the protection of shareholders&#146; rights, a strong
commitment to disclosure, and a clear board structure are crucial. We are
committed to meeting the highest international standards of corporate governance
in UBS&#146;s organizational structure. The organization of our corporate and
executive bodies is designed to conform to the leading codes of best practice.
For further information, please refer to the section on Corporate Organization
on pages 88 to 93 of this Handbook.
</FONT></DIV>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In 2001 a working group under the lead of Economiesuisse, the Swiss business
federation, has been involved in drafting a &#147;Swiss Code of Best Practice&#148; in
Corporate Governance, while the SWX Swiss Exchange has proposed &#147;Reporting
Guidelines on Corporate Governance&#148;, which aim to make available for investors
standardized information on the corporate governance of the companies listed
on the Swiss Exchange. UBS has contributed to the review of both proposals. It
is planned that both the Code and the Reporting Guidelines become effective
mid-2002.
</FONT>
<P align="left"><FONT size="2" color="#0865AB"><B>Clients</B>
</FONT>

<DIV align="left"><FONT size="2">Trust is critical for a global financial company like UBS. That trust is based
on our having a sensible view of future risks and returns, sound
corporate ethics (including stringent &#147;know your customer rules&#148;) and protecting
clients&#146; private information. However, due to the growing importance of
advisory-based financial services and of regulations regarding the exercise of
due diligence, financial institutions are gathering more and more information
from their clients. Unsurprisingly, public and private sector agents are showing
a strong appetite for that data, and clients are worried about its misuse. In
line with its Corporate Responsibility commitment, UBS carefully protects the
privacy of its customers.
</FONT></DIV>

<P><FONT size="2"><B>Fighting money laundering</B>
</FONT>
<DIV align="left"><FONT size="2">Over the years, UBS has established an effective internal framework to prevent
the misuse of its services by criminals, and has extended this framework as part
of the international efforts to combat terrorism. Switzerland&#146;s &#147;know your
customer rules&#148; and other regulations concerning the exercise of due diligence
are among the most stringent in the world:
</FONT></DIV>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Banks in Switzerland are not only required to verify the identity of their
clients but also have to establish the identity of the beneficial owners of
funds and assets.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">To prevent the misuse of their services for purposes of money laundering or
financing crime, banks in Switzerland must notify the authorities whenever
they have knowledge or a justified suspicion that assets are of criminal
origin or are under the control of a criminal organization. This includes
the financing of terrorist activity.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Since 11 September 2001, UBS has actively supported the investigations into
the terrorist attacks in the US, making use of the procedures already in place.
A process of gathering information from all accessible public and private
sources globally was started immediately. Based on this information, an internal
Watch List of all names of persons and companies who could be implicated in
the terrorist attacks was created and is continually updated. Currently the list
contains more than a thousand names, predominantly those published by the US
government, and it is steadily growing. UBS has searched its files and reported
a small number of possible matches which could be of help for further
investigation by the relevant local authorities.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The effectiveness of UBS&#146;s process of due diligence is further enhanced by
an internal Financial
</FONT>
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<P><FONT size="2">Intelligence Unit. Drawing on worldwide research and intelligence resources, the
unit can provide detailed information on existing and prospective clients. In
addition, it maintains a special database on politically exposed persons (and
other persons with public exposure) in order to reduce reputation and legal
risks that may arise from such client relationships.
</FONT>
<P><FONT size="2"><B>The Wolfsberg Principles</B>
</FONT>
<DIV align="left"><FONT size="2">As part of its commitment to promote stringent due diligence processes in the
financial industry, UBS was one of the driving forces behind the launch of the
Wolfsberg Anti-Money Laundering Principles for international private banks
jointly announced on 30 October 2000 by eleven of the world&#146;s largest private
banks and by Transparency International, the global anti-corruption
organization.
</FONT></DIV>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;These principles encompass &#147;know your customer&#148; policies, in particular
identification of the source of a client&#146;s wealth, and the identification and
follow-up or reporting of unusual or suspicious activities. They are designed to
ensure that private banking services are only offered to clients with legitimate
sources of wealth and that the same high standards are applied globally.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Following the attacks in the US on 11 September 2001, the Wolfsberg group
has drafted a statement on the &#147;Suppression of the Financing of Terrorism&#148; in
which the banks commit themselves to support authorities in the fight against
terrorism.
</FONT>
<P align="left"><FONT size="2" color="#0865AB"><B>Employees</B>
</FONT>

<DIV align="left"><FONT size="2">In an increasingly competitive global market for talented employees, becoming an
employer of choice allows UBS to attract and retain a top quality workforce. But
highly talented people want to work for firms that they can be proud of. An
ethical corporate culture has an impact on the behavior of every employee and
helps build such pride.
</FONT></DIV>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;An important part of developing a strong and compelling corporate culture in
the workplace is promoting diversity: accepting and valuing people from
different backgrounds and cultures, and encouraging them to bring their varied
talents and perspectives to bear on all tasks, encouraging problem-solving and
innovation.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Since the mid-1990s, we have initiated more than 200 pro-diversity activities
in UBS&#146;s different businesses across the world, designed to approach this
issue with appropriate sensitivity to local circumstances. Our efforts have
covered recruiting, education, training and development programs, but also the
creation of structures and networks to provide long-term support.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;One of our competitive strengths in many of
our businesses is the ability to leverage the skills
</FONT>

<p><hr noshade>

<P align="left"><FONT size="4" color="#7F7F7F"><B>The challenges of avoiding money laundering</B>
</FONT>

<P><FONT size="2">As part of our ongoing internal control procedures, UBS in Zurich identified a
business relationship with a suspected connection to the family of the late
Nigerian dictator Sani Abacha, and reported this suspicion to the Swiss Federal
Banking Commission and the Swiss Federal Money Laundering Reporting Office.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;This case demonstrated the challenges of preventing money laundering, but
also gave us an opportunity to publicly reaffirm the strength of our commitment
to avoiding inappropriate banking relationships.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In 1996, a British citizen resident in London who was a reputable and
longstanding UBS client, introduced to UBS a company in which he and two
Nigerian business partners held interests. When questioned by us, the client
gave a credible assurance that his business partners had no political background
or interests.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;After ascertaining one of the false names used by one of Abacha&#146;s sons, we
requested further information. When further clarifications were not
forthcoming, we conducted additional internal investigations, which led us to
suspect that at least part of the money in the accounts belongs to Abacha&#146;s
sons. At this point we reported this suspicion to the authorities and blocked the
company&#146;s accounts.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;It is our strict policy that suspect business connections of this sort are
to be avoided under all circumstances, so it was a matter of deep regret that
this relationship with UBS was not prevented at the outset and was not
discovered earlier.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS takes its responsibilities in this area extremely seriously and remains
dedicated to meeting both legal and regulatory requirements and our commitments
under the Wolfsberg principles.
</FONT>
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<P align="left"><FONT size="2"><B>Corporate Governance<BR>
Corporate Responsibility</B>
</FONT>

<P><FONT size="2">and knowledge of our staff across the 50 countries in which UBS operates. We
believe that our intercultural training program is one of the most integrated,
comprehensive and advanced in the world. Last year more than 600 new and early
career staff worldwide were involved in workshops to help them learn how to
develop cultural understanding and how to succeed in intercultural
communication and integration.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;We are increasingly coordinating our efforts on a global basis. In February
2001, a &#147;Global Diversity Steering Committee&#148; was established within UBS
Warburg, supported by a Global Diversity Manager in human resources. In November
2001, the Committee launched a Diversity intranet website which provides
detailed information about UBS Warburg&#146;s diversity initiatives and is designed
to facilitate employee involvement.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;A number of initiatives are specifically targeted to increase the
representation of women in senior management positions at UBS. For example,
UBS Warburg has increased the number of college graduate women it hires. Of some
600 hires in the latest UBS Warburg graduate intake, approximately 30 per cent
are women, even though women represented only 20 per cent of applicants. In July
2001, 375 senior female executives and financial advisors from UBS Warburg and
UBS PaineWebber offices around the globe attended the fourth annual UBS Women&#146;s
Leadership Conference in New York City to share insights and exchange ideas with
UBS&#146;s senior managers.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Valuing diversity also opens up market opportunities: a workforce that
reflects the variety of cultures where the bank does business will help identify
new markets, develop innovative products and strengthen client relationships. A
report on women and investing was commissioned as part of UBS PaineWebber&#146;s
ongoing Index of Investor Optimism Survey. It showed that the number of wealthy
women investors had increased significantly, despite the recent economic
downturn. In 2001, they represented 47% of investors with $100,000 or more in
investable assets an increase of 11% since 1999.
</FONT>
<P align="left"><FONT size="2" color="#0865AB"><B><i>Our Annual Review 2001 provides more information about how UBS recruits and<BR>
retains some of the best talent in the industry.</i></B>
</FONT>

<P align="left"><FONT size="2" color="#0865AB"><B>Society</B>
</FONT>

<P><FONT size="2"><B>Investing in the community</B>
</FONT>
<DIV align="left"><FONT size="2">UBS is committed to honoring its responsibility to the communities in which it
operates. The success of UBS depends not only on the skills and resources of
our people and the relationships we foster with our clients, but also on the
health and prosperity of the communities of which we are part. We receive very
direct benefit, for instance, from a stable political and social environment, an
advanced infrastructure and a good education system. Furthermore, community
programs create benefits for a company&#146;s reputation, and increase its appeal
to its clients.
</FONT></DIV>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS supports communities through cash donations given directly to
organizations, through employee volunteering and through matching donations made
by employees on their own initiative. We have set up several Community Affairs
programs, organized at a regional level in order to be responsive to local
expectations. Here are some examples of their activities.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;At Group level we provide regular ongoing support to UNICEF and the Theodora
Foundation, and in September 2001 we set up a special UBS Humanitarian Fund to
help the victims of the terrorist attacks in the US.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UNICEF, the United Nations Children&#146;s Fund, is dedicated to ensuring that the
basic needs of children around the world are met. UBS has been in partnership
with UNICEF Switzerland since November 1996, actively supporting the Fund in its
aid programs. One such is the &#147;Change for Good&#148; fund-raising campaign. Its aim
is to encourage people to donate any foreign currency they may have that is too
small to be changed at a bank. Donation envelopes are available throughout our
branches in Switzerland. We then convert the money into Swiss Francs for UNICEF.
In the context of the physical introduction of the Euro in January 2002, the
amounts collected by UBS massively increased towards the end of 2001: up to 2
tons of coins were collected every week in the last quarter of 2001.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The Theodora Foundation is a Swiss based charity which aims to help ease the
suffering of children in hospital by making them laugh. Specially trained Clown
Doctors entertain them with music, juggling, conjuring tricks and by telling
them stories. UBS has supported the Theodora Foundation since 1995.
</FONT>
<P align="left"><FONT size="2">114</FONT>

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<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In September 2001, following the terrorist attacks in the US, UBS set up the
UBS Humanitarian Fund to help those in need as a result of the attacks. UBS
pledged USD 5&nbsp;million towards the relief efforts, alongside many donations
from our employees. Many of our US staff, especially from our New York, New
Jersey and Stamford offices, took part in volunteer efforts in support of the
injured and bereaved.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS Warburg runs a tightly focussed program of community investment,
concentrated on education and community regeneration. In the UK, community
regeneration is targeted at the East End of London and aims to assist in the
social and economic regeneration of one of the country&#146;s most deprived
regions. For instance, UBS Warburg provides funds and expertise to assist in job
creation and business start up in the deprived boroughs adjacent to the City of
London. The bank also encourages its employees to be actively involved in the
community and to contribute time and skills to help causes they care about. One
example is the mentoring scheme run in cooperation with local schools, where UBS
Warburg employees act as mentor to a teenager, meeting regularly with them to
motivate them, to give them an idea of how business works and to help them
understand the importance of succeeding in their education. In 2001 nearly 15%
of staff in London took part in volunteering activities through UBS. For the
fourth consecutive year, UBS Warburg employees in London have won an &#096;Employee
Volunteer of the Year&#146; award by the East London Business Alliance.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In the US, UBS has also been recognized as a leader in community affairs.
Employees of UBS PaineWebber, UBS Warburg and UBS Asset Management serve as
literacy tutors and mentors in their local communities. For example, over 200
employees in New York, Stamford and Chicago volunteered in 2001 to participate
in the Everybody WINS! Power Lunch program, a lunchtime reading and mentoring
program for elementary school students.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In Switzerland, the UBS Optimus Foundation harnesses the expertise and the
capabilities of UBS as a global financial services company to support clients in
their contributions to worthy causes. The Foundation focuses on three areas -
Children, Talents and Medical Research. Another foundation, the UBS Foundation
for Social Issues and Education, contributes to various social projects in
Switzerland. Finally, the association &#147;UBS employees lend a hand&#148; in Switzerland
provides assistance through staff collection schemes to charitable institutions,
which has collected over CHF 3&nbsp;million for a great number of social projects.
</FONT>
<P><FONT size="2"><B>Promoting environmental awareness</B>
</FONT>
<DIV align="left"><FONT size="2">UBS&#146;s overall commitment to the environment, its environmental policy, has been
approved by the Group Executive Board. The following is an outline of the key
points of the policy:
</FONT></DIV>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Environmental protection is one of the most pressing issues facing our world
today. UBS is committed to continuing the integration of environmental
issues into business activities, while building shareholder value by taking
advantage of environmental market opportu- nities. We also incorporate due
consideration of environmental risks into our risk management processes,
especially in lending and investment banking.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">We actively seek ways to reduce the environmental impact to air, soil and
water from our in-house operations. The main focus is the reduction of
greenhouse gas emissions.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">We seek to ensure the efficient implementation of our environmental policy
through an environmental management system which includes sound objectives,
programs and monitoring.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">The environmental factor in asset management Studies and stock indices have
shown that there can be a positive link between environmental and social aspects
and economic performance. As a result, clients &#151; particularly institutional
investors such as pension funds &#151; increasingly demand that asset management
decisions take into account environmental and social aspects as well as economic
ones. UBS Asset Management has developed expertise in incorporating
environmental and social aspects into its investment research, looking at how
companies&#146; strategies, processes and products impact their financial success,
society and the environment.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Focusing on the concept of sustainability, UBS launched a new investment fund
in 1997, the &#147;UBS (Lux) Equity Fund &#151; Eco Performance&#148;. This fund invests
worldwide in stocks of exemplary sector leaders and forward-looking small
</FONT>
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<P align="left"><FONT size="2"><B>Corporate Governance<BR>
Corporate Responsibility</B>
</FONT>

<P><FONT size="2">and medium-sized companies with above average
financial, environmental and social performance.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Moves towards low-carbon energy production, (lower CO2 emissions per unit of
usable energy produced), continue to be supported by legislative changes and the
increasing liberalization of the energy markets. Against this background, in
July 2001 UBS launched a new energy sector fund, the UBS (Lux) Equity Fund -
Future Energy. The fund invests in carefully selected smaller and medium-sized
companies which operate in solar energy, wind energy and fuel cell technology as
well as other forward- looking research areas in the renewable energy sector.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;By 31 December 2001, the total of UBS clients&#146; invested assets managed
according to environmental and social criteria amounted to approximately CHF 776
million.
</FONT>
<P align="left"><FONT size="2" color="#7F7F7F"><B>The environmental factor in investment banking</B>
</FONT>

<DIV align="left"><FONT size="2">Adequate assessment of the risk
involved in an investment banking transaction is crucial to its success.
Although financial risks dominate, environmental aspects can also be important.
Environmental risks can become credit risks &#151; for example, if a client can no
longer repay a loan as a result of environmental problems. Furthermore,
liability risks could be incurred if, for example, UBS were to become owner of a
company or were to sit on the management board of a company which finds itself
facing environmental liabilities. Lastly, environmental risks could damage the
Group&#146;s reputation if it were to be involved in a controversial transaction.
</FONT></DIV>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Based on its Global Environmental Risk Policy, UBS Warburg has introduced
processes that allow early identification of environmental risks in
transactions. Initially, environmental factors are screened by investment
banking staff. If there are indications of increased risk, external environment
specialists are called in to investigate the issues as part of the due
diligence process.
</FONT>
<P align="left"><FONT size="2" color="#7F7F7F"><B>The environmental factor in credit business</B>
</FONT>

<DIV align="left"><FONT size="2">A prerequisite for a healthy loan
portfolio is professional risk analysis that takes account of all types of
risk, including environmental risks. Alongside traditional rating factors such
as financial data and management quality, a careful
review of financially relevant environmental aspects is an important part of
UBS&#146;s credit risk analysis. In assessing a loan application, the client advisor
uses internal guidelines and up-to- date information to assess environmental
risks, and includes environmental information in the data provided to the loan
assessor.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;During 2001 we have continued to integrate environmental risk assessment into
our loan processes. We have rolled out a comprehensive information platform for
account managers and credit officers to help identification and decision- making
in case of environmental risks.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The benefits of incorporating the &#147;environmental factor&#148; into the lending
business are threefold: UBS has a healthier loan portfolio, the client is aware
of the environmental risks and opportunities for its company, and the environ-
ment itself benefits from the resulting improvements.
</FONT>
<P align="left"><FONT size="2" color="#7F7F7F"><B>The environmental factor in-house</B>
</FONT></div>

<DIV align="left"><FONT size="2">UBS impacts the environment primarily through
its energy consumption, the running of its heating systems, its paper
consumption and business travel. The more efficiently and sparingly UBS uses its
resources and hence reduces emission levels, the less its expenses will be.
Professional know-how and an efficient environmental management system allow
the Group to use resources better and reduce these costs. Clearly, energy
management and in-house environmental initiatives enhance operating margins.
</FONT></DIV>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;During 2001, as part of our regular process of updating obsolete IT
equipment, we replaced 32,000 CRT monitors in UBS Switzerland with more
energy-efficient flat screen LCD monitors. These new displays require 75%-80%
less electrical power. We expect that as a result, UBS will save between 4 and
6 Gigawatt hours of electricity each year, representing around 2-3% of our
total electricity consumption in Switzerland.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;We have also entered into a pilot project with ATEL, our exclusive energy
supplier in Switzerland. ATEL will install monitoring devices for heating,
cooling, water and electricity consumption and UBS&#146;s building maintenance
staff will periodically receive advice on how to reduce energy consumption. ATEL
will receive a share of any profit resulting from cost and energy
saving. Finally, we have started work on integrating all of our non-Swiss locations into our formal environmental management system.
</FONT>
<P align="left"><FONT size="2">116</FONT>

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<P align="left"><FONT size="2" color="#0865AB"><B>Further details and Environmental Performance Indicators are available in<BR>
our Environmental Report, which can be found at www.ubs.com/environment.</B>
</FONT>

<P align="left"><FONT size="2" color="#0865AB"><B>Performance assessment</B>
</FONT>

<DIV align="left"><FONT size="2">A corporate responsibility strategy needs to be transparent and to show clear
results for the efforts undertaken. Measuring performance is therefore
essential, but remains a challenge. Although various organizations are
developing proposals in this area, there are currently no comprehensive and
generally accepted criteria or standards for corporate responsibility reporting
that would allow one to measure progress against objectives and make comparisons
within our industry, across the whole range of corporate responsibility
issues.
</FONT></DIV>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;We believe that corporate responsibility criteria and standards must be
industry specific, and need to be defined through consultation with key players.
An example of what can be done is the EPI-Finance 2000 standard, jointly
developed by eleven finance and insurance companies, including UBS, to measure
and report environmental
performance. Details of our performance against
EPI-Finance 2000 indicators are shown in our
Environmental Report.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;A similar process was initiated in 2001, to develop performance indicators
for the financial industry covering key areas of social performance.
</FONT>
<P><FONT size="2"><B>Third-party ratings of our corporate
responsibility programs</B>
</FONT>
<DIV align="left"><FONT size="2">Although a comprehensive framework for
assessing corporate responsibility is still to be developed, a number of
different certifying bodies and independent rating agencies that assess
corporate responsibility programs across the world have rated UBS among the
leaders in this field:
</FONT></DIV>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">In May 1999, UBS was the first bank to obtain ISO 14001 certification for its
worldwide environmental management system in its banking business. UBS also
received certification for its corporate services in Switzerland. The
certification was undertaken by an independent certification company, SGS
International Certification Services AG.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">The Dow Jones Sustainability Group Indexes (DJSGI)&nbsp;have tracked, since 1999,
the per-</FONT></TD>
</TR>
</TABLE>

<P>
<HR width="100%" noshade>

<P align="left"><FONT size="4" color="#7F7F7F"><B>Commitments and memberships</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS has undertaken to comply with the UN Global Compact principles proposed
at the 1999 World Economic Forum in Davos. These principles set out the
framework in which a company can help ensure sustainable development
worldwide. In addition to protecting the environment, the nine principles deal
with aspects such as respecting human rights and workplace rights.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In 1992, UBS was one of the first signatories to the United Nations
Environment Program&#146;s Bank Declaration and is helping to shape further
developments through its role on the Steering Committee for financial
institutions. The Statement commits UBS to integrating environmentally sound
practices into all its activities.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS is also an active member of the World Business Council for Sustainable
Development (WBCSD), a coalition of 150 international companies united by a
shared commitment to sustainable development. The WBCSD provides business
leadership as a catalyst for change toward sustainable development, and promotes
the role of eco-efficiency, innovation and corporate responsibility.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS was one of the 36 companies from around the world to sign the Statement
&#147;Global Corporate Citizenship: The Leadership Challenge for CEOs and Boards&#148;
presented at the World Economic Forum Annual Meeting in New York in January
2002. The statement recommends a framework for action that CEOs, chairmen, and
executive management teams can use to develop a strategy for managing their
company&#146;s impact on society and its relationships with stakeholders.
</FONT>
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<P align="left"><FONT size="2"><B>Corporate Governance<BR>
Corporate Responsibility</B>
</FONT>

<P><FONT size="2">
</FONT>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2"></FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">formance of companies in the Dow Jones Global Index that lead the field in
terms of corporate responsibility. UBS has been part of the DJSGI since their
inception, and has been the leader in the global banking industry since 2000.
The bank&#146;s top position in this sector of the index was last confirmed on 15
October 2001.</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>

<TR valign="top">
        <TD align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">In October 2001, UBS was selected as leader for the banking sector of the Dow
Jones STOXX Sustainability indices, that track the performance of the top
20% of sustainability leaders of the Dow Jones STOXX 600 index.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">UBS is included in the FTSE4Good Index, which measures global companies
performance in the areas of environmental sustainability, stakeholder
relations and support for human rights.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">In Spring 2001, UBS was the strongest new entrant in the Business in the
Environment Index of global corporate environmental management. This index is
designed to engage companies and drive continuous improvement in
environmental management and performance. 184 international companies were
included in this year&#146;s index.</FONT></TD>
</TR>
</TABLE>

<P align="right"><FONT size="2">118</FONT>

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<P align="center"><FONT size="2"><IMG src="y58380p5838062.gif" alt="Image">
</FONT>





<P align="left"><FONT size="2">120</FONT>
<P align="right">
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<P align="center"><FONT size="2"><IMG src="y58380p5838063.gif" alt="Image">
</FONT>



<P align="right"><FONT size="2">121</FONT>

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<P><FONT size="2"><B>UBS Share Information<BR>
The Global Registered Share</B>
</FONT>
<P><FONT size="2"><B><font size="5">The Global Registered Share</font></B> </FONT>
<P><FONT size="2">UBS ordinary shares are registered shares with a par value of CHF 2.80 per
share, fully paid up and non-assessable. As outlined in the Capital Management
section on page 85, UBS plans to reduce the par value of its shares through a
distribution of CHF 2.00 per share on 8 July 2002, to shareholders of record
on 5 July 2002. Following this distribution, the par value of the share will be
reduced to CHF 0.80.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS&#146;s ordinary shares are issued in the form of Global Registered Shares. UBS
has pioneered the use of Global Registered Shares (GRS), which allow for
cross-market portability at a minimized cost to investors. Alternatives to the
GRS involve the creation of tailor-made securities for individual unlinked
markets, following local regulations. UBS believes that, with the globalization
of financial markets, this concept is becoming less valid, and that securities
will increasingly be traded in multiple markets; such global fungible securities
can best track the changing patterns of liquidity across the world.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS also believes that regulatory structures of different markets will
continue to align, reducing the need to have individual securities in each mar-
ket to comply with different local regulations.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;A Global Registered Share is a security that provides direct and equal
ownership for all shareholders. It can be traded and transferred across
applicable borders without the need for conversion, with identical shares
traded on different stock exchanges in different currencies. For example, the
same share purchased on the New York Stock Exchange (NYSE)&nbsp;can be sold on
virt-x, the pan-European stock exchange where Swiss-listed blue chip stocks are
traded, or vice versa. The UBS GRS is listed on the Swiss, New York and Tokyo
stock exchanges. All members of the SMI Swiss Market Index listed on the Swiss
stock exchange are now traded on virt-x, a joint venture between the SWX Swiss
Exchange and Tradepoint.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The UBS ADR (American Depositary Receipt) program was terminated at the time
of the listing of the GRS on the New York Stock Exchange (NYSE)&nbsp;16 May 2000.
</FONT>
<P align="left"><FONT size="2"><B>Registration</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;A single register exists for UBS ordinary shares, split into two parts a Swiss
register, which is maintained by UBS acting as Swiss transfer agent, and a US
register, which is maintained by Mellon Investor Services, as US transfer agent.
A shareholder is entitled to hold shares registered in their name on either
register and transfer shares from one register to the other upon giving proper
instruction to the transfer agents.
</FONT>
<P align="left"><FONT size="2"><B>Share liquidity and currency effects</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;For the foreseeable future, because of the greater volume of UBS shares traded
on virt-x, trading on this exchange is expected to be the primary determinant
of the share price, and liquidity on virt-x is expected to be higher than on the
NYSE. During 2001, daily trading volume in UBS shares on the NYSE represented an
average of just 5.19% of the total daily trading volume in UBS shares.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;During the hours in which both virt-x and NYSE are simultaneously open for
trading (currently 15.30 to 17.30 CET), price differences are likely to be
arbitraged away by professional market makers. The NYSE price will therefore
typically be expected to depend on both the virt-x price and the prevailing
USD/CHF exchange rate. When virt-x is closed for trading, traded volumes will
typically be lower, however the specialist firm making a market in UBS shares
on the NYSE, Van der Moolen, is required to facilitate sufficient liquidity
and an orderly market in the UBS share.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;As a global financial services firm, UBS earns profits in many currencies.
Since UBS prepares its accounts in CHF, changes in currency exchange rates,
particularly CHF/USD and CHF/EUR may have an effect on reported earnings.
</FONT>
<P align="left"><FONT size="2"><B><font color="#c66005">Dividends</font></B> </FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS normally pays a regular annual dividend to shareholders registered as of the
date of the Annual General Meeting (the record date). Payment is usually
scheduled three business days thereafter.
</FONT>
<P align="left"><FONT size="2">122</FONT>
<P align="right">
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<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Following an AGM, UBS shares typically begin trading ex-dividend. As a result
of this structure, shareholders that sell shares on virt-x two business days
prior to the payment date are required to compensate the purchaser for the
amount of the dividend. An automated compensation system properly allocates
the dividend for those transactions and allows SIS SegaInterSettle participants
to execute transactions between the record date and the payment date.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;These practices differ from the US norm of declaring dividends at least ten
days in advance of the applicable record date and the commencement of
ex-dividend trading two days before the record date. To ensure that shareholders
on the Swiss and US registers are similarly treated in connection with dividend
payments, and to avoid disparities between the two markets, NYSE trading will be
with due bills for the two business day period preceding the dividend record
date.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS pays dividends in CHF (Swiss francs). For UBS ordinary shares held in
street name through The Depository Trust Company, any dividend will be converted
into USD (US dollars). Holders of UBS ordinary shares registered on the US reg-
ister will receive dividend payments in USD unless they provide notice to Mellon
Investor Services, UBS&#146;s US transfer agent, that they wish to receive dividend
payments in CHF.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS will fix the USD dividend amount on the basis of the DJ Interbank Foreign
Exchange rate for sale of CHF against USD. The date for this fixing will be
set at the same time as the respective ex-dividend, record and payment dates are
set.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Holders of UBS shares who are US taxpayers are normally subject to 35%
withholding tax on dividends they receive from UBS, although they can normally
reclaim part of this, bringing their withholding tax rate down to 15%. UBS is
currently in discussions with the Swiss tax authorities to change the
withholding tax treatment of Global Registered Shares, so that either tax is
only withheld at 15% for US tax payers, or to allow approved processors to file
bulk reclamations on behalf of qualified UBS shareholders. Despite our
efforts, there can be no assurance that this withholding tax will be reduced or
eliminated. Further disclosure relating to the taxation of US holders of UBS
shares can be found in our Form&nbsp;20-F, in section E of item 10.
</FONT>
<P align="left"><FONT size="2"><B>Dividends in 2001</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In 2001 UBS departed from its normal process for paying dividends. Initially, as
part of the process for the acquisition of Paine Webber Group, Inc., we paid a
dividend in respect of the first three quarters of 2000 in October 2000. In 2001
we then took advantage of Swiss regulations which allow a company to reduce
the par value of its shares by returning capital to shareholders, to make a
distribution in this form in respect of the last quarter of 2000, instead of
paying a dividend.
</FONT>
<P align="left"><FONT size="2"><B>Par value distribution July 2002</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;As outlined in the Capital management section on page 85, UBS again plans to
reduce the par value of its shares through a distribution of CHF 2.00 on 8 July
2002. This will be done instead of paying a dividend in respect of the year
ended 31 December 2001.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;This will generally follow the principles described in the preceding section
with respect to dividends. The record date for the distribution has been set for
the close of business on 5 July 2002. NYSE trades on 8 and 9 July will be with
due bills. The CHF/USD exchange rate for the distribution will be fixed on 8
July 2002 the day on which the par value reduction itself takes place. The
distribution will be paid for value on 10 July 2002.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The par value distribution in July 2002 will not be subject to the 35%
withholding tax on dividends.
</FONT>
<P align="left"><FONT size="2"><B>Ticker symbols</B>
</FONT>

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        <DIV style="margin-left:10px; text-indent:-10px"><b><FONT size="2">Trading
          exchange</FONT></b></DIV>
      </TD>
      <TD><b><FONT size="2">&nbsp;</FONT></b></TD>
      <TD colspan="3" align="center"><b><FONT size="2">Bloomberg</FONT></b></TD>
      <TD><b><FONT size="2">&nbsp;</FONT></b></TD>
      <TD colspan="3" align="center"><b><FONT size="2">Reuters</FONT></b></TD>
      <TD><b><FONT size="2">&nbsp;</FONT></b></TD>
      <TD colspan="3" align="center"><b><FONT size="2">Telekurs</FONT></b></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD colspan="13">
        <hr size="1" noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"> virt-x</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD colspan="3" align="center"><FONT size="2">UBSN VX</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD colspan="3" align="center"><FONT size="2">UBSZn.VX</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD colspan="3" align="center"><FONT size="2">UBSN, 004</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD colspan="13">
        <hr size="1" noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"> New York
          Stock Exchange</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD colspan="3" align="center"><FONT size="2">UBS US</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD colspan="3" align="center"><FONT size="2">UBS.N</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD colspan="3" align="center"><FONT size="2">UBS, 65</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD colspan="13">
        <hr size="1" noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"> Tokyo
          Stock Exchange</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD colspan="3" align="center"><FONT size="2">8657 JP</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD colspan="3" align="center"><FONT size="2">UBS.T</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">N16631,&nbsp;106</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD colspan="13">
        <hr size="1" noshade>
      </TD>
    </TR>
  </TABLE>
</CENTER>
<P align="right"><FONT size="2">123</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><FONT size="2"><B>UBS Share Information<BR>
UBS Shares 2001</B>
</FONT>
<P align="left"><FONT size="2"><B><font size="5">UBS Shares 2001</font></B> </FONT>
<P align="center"><FONT size="2"><IMG src="y58380p5838064.gif" alt="Graph">
</FONT>

<P align="left"><FONT size="2"><B><font color="#c66005">UBS share price performance
  in 2001</font></B> </FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The UBS share price performed well during 2001, in the context of weak European
bank stocks in general (as measured by the DJ Europe Stoxx Europe Banks index).
The UBS share fell 5.0% through the year, and generated a total pre-tax return
of -4.4% to investors over the year if distributions are included.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The year began well for European banking stocks, rising approximately 4% by 6
February. In the same period, UBS rose 10% to the year&#146;s high of CHF 96.83. By
22 March, however, the index had fallen 18% from these levels with rising
investor fears over a sharp economic downturn, and a related decline in
investment banking profits, combined with increased credit losses. The UBS share
fell to a first-quarter low of CHF 72.33 on this date.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Sentiment improved during April and May 2001, and by 1 June the index had
recovered to the level at the start of the year. UBS outperformed European
banks during this period, rising to a mid-year high of CHF 91.17 on 5 June.
From this date, pessimistic economic data, and poor second quarter financial
results, caused European bank stock prices to decline slowly, falling 9% by end
August 2001. The UBS share fell to CHF 81.40.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;As September 2001 began, bank stocks fell 7% in the first 10&nbsp;days of
September, as fears rapidly escalated over further economic downturn. In the
three days following the US terrorist attacks on 11 September bank stocks fell a
further 10% from their 10 September close. The UBS share price fell to a year
low of CHF 62.10 on 21 September. However, during the first week in December
2001, European bank stocks were once again nearing their end-August levels. UBS
reached a fourth quarter high of CHF 86.85 on 10 December. Our share price then
declined, ending the year down 5.0% from the level on 1 January 2001 at CHF
83.80, although outperforming the DJ Europe Stoxx Banks index by 5.1% over the
year.
</FONT>
<P align="left"><FONT size="2">124</FONT>
<P align="right">
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="2"><B>UBS share data<sup>1</sup></B>
</FONT>

<CENTER>
  <TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
    <TR valign="bottom">
      <TD width="64%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="11"><FONT size="2">As at</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD colspan="11">
        <HR size="1" noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD nowrap align="center">
        <div align="left"><FONT size="2"><i>Registered shares in 1000 units</i></FONT></div>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><b><font size="2" color="#c66005">31.12.01</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD nowrap align="center" colspan="13">
        <hr size="1" noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total
          shares outstanding</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">1,281,717</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">1,333,139</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">1,292,679</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total
          shares ranking for dividend</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">1,258,653</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">1,277,874</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">1,292,679</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Treasury
          shares (average)</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">47,244</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">97,545</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">77,264</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Treasury
          shares (year end)</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">41,255</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">55,265</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">110,621</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Weighted
          average shares (for basic EPS calculations)</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">1,266,038</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">1,209,088</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">1,214,227</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Weighted
          average shares (for diluted EPS calculations)</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">1,288,578</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">1,225,578</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">1,225,125</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD colspan="13">
        <hr size="1" noshade>
      </TD>
    </TR>
  </TABLE>
</CENTER>
<CENTER>
  <TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
    <TR valign="bottom">
      <TD width="76%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="11"><FONT size="2">For the year ended</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD colspan="11">
        <HR size="1" noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD nowrap align="center">
        <div align="left"><FONT size="2"><i>CHF</i></FONT></div>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><b><font size="2" color="#c66005">31.12.01</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD nowrap align="center" colspan="13">
        <hr size="1" noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <FONT size="2"><b>Earnings
          per share </b></font></td>
</tr>


<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Basic EPS</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">3.93</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">6.44</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">5.07</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Basic
          EPS before goodwill amortization<sup>2</sup></FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">4.97</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">7.00</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">5.35</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Diluted
          EPS</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">3.78</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">6.35</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">5.02</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Diluted
          EPS before goodwill amortization<sup>2</sup></FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">4.81</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">6.89</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">5.30</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD colspan="13">
        <hr size="1" noshade>
      </TD>
    </TR>
  </TABLE>
</CENTER>
<CENTER>
  <TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
    <TR valign="bottom">
      <TD width="70%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="11"><FONT size="2">As at</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD colspan="11">
        <HR size="1" noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD nowrap align="center">
        <div align="left"><FONT size="2"><i>CHF billions</i></FONT></div>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><b><font size="2" color="#c66005">31.12.01</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD nowrap align="center" colspan="13">
        <hr size="1" noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><b>Market
          capitalization</b></FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">105.5</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">112.7</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">92.6</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">% change
          year-on-year</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="right"><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">(6</font></b></TD>
      <TD nowrap><b><font size="2" color="#c66005">)</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">22</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">2</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">As a %
          of the Swiss Market Index (SMI)</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">13.80</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">10.80</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">10.62</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">As a %
          of the Swiss Performance Index (SPI)</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">12.48</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">9.08</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">8.51</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD colspan="13">
        <hr size="1" noshade>
      </TD>
    </TR>
  </TABLE>
</CENTER>
<CENTER>
  <TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
    <TR valign="bottom">
      <TD width="46%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="11"><FONT size="2">For the year ended</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD colspan="11">
        <HR size="1" noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD nowrap align="center">
        <div align="left"><FONT size="2"><i>1000 shares</i></FONT></div>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><b><font size="2" color="#c66005">31.12.01</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD nowrap align="center" colspan="13">
        <hr size="1" noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <FONT size="2"><b>Trading
          volumes<br>
          </b>virt-x/SWX total</FONT>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">1,000,402</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">1,211,446</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">1,068,732</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">virt-x/SWX
          daily average</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">4,002</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">4,826</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">4,224</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">NYSE total</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">54,768</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">83,032</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">&#151;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">NYSE daily
          average</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">221</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">522</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">&#151;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
  </TABLE>
</CENTER>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
  <TR valign="top">
    <TD colspan="3" align="left" nowrap>
      <hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="1"><sup>1</sup></FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">All share and earnings per share figures have
      been restated for the 3 for 1 share split which took place on 16 July 2001.
      <sup>2</sup>Excludes the amortization of goodwill and other intangible assets.</FONT></TD>
  </TR>
</TABLE>
<P align="right"><FONT size="2">125</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P><FONT size="2"><B>UBS Share Information<BR>
UBS Shares 2001</B>
</FONT>
<P><FONT size="2"><B>Stock exchange prices<sup>1</sup></B>
</FONT>
<CENTER>
  <TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
    <TR valign="bottom">
      <TD width="38%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="11"><FONT size="2">virt-x/SWX Swiss Exchange</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="11"><FONT size="2">New York Stock Exchange<sup>2</sup></FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD colspan="11">
        <HR size="1" noshade>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD colspan="11">
        <HR size="1" noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="2">High</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="2">Low</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="2">Period end</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="2">High</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="2">Low</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="2">Period end</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="2">(CHF)</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="2">(CHF)</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="2">(CHF)</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="2">(USD)</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="2">(USD)</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="2">(USD)</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD nowrap align="center" colspan="25">
        <hr size="1" noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><b><font size="2" color="#c66005">2001</font></b></DIV>
      </TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">96.83</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">62.10</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">83.80</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">58.49</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">40.12</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">50.00</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><b>Fourth
          quarter 2001</b></FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">86.85</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">69.70</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">83.80</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">52.83</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">43.23</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">50.00</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">December</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">86.85</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">80.90</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">83.80</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">52.83</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">49.18</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">50.00</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">November</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">86.15</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">76.55</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">81.75</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">51.80</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">47.52</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">49.86</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">October</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">79.05</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">69.70</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">75.95</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">47.60</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">43.23</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">46.37</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><b>Third
          quarter 2001</b></FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">86.33</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">62.10</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">75.60</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">49.73</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">40.12</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">46.15</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">September</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">81.20</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">62.10</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">75.60</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">47.70</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">40.12</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">46.15</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">August</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">82.80</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">74.30</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">81.40</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">49.73</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">44.36</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">48.82</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">July</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">86.33</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">75.00</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">78.35</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">47.09</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">43.41</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">45.15</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><b>Second
          quarter 2001</b></FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">92.00</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">77.50</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">85.83</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">51.47</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">44.87</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">47.02</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">June</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">91.17</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">83.17</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">85.83</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">50.69</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">46.33</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">47.02</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">May</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">92.00</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">82.50</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">89.33</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">51.47</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">47.35</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">49.62</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">April</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">88.33</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">77.50</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">88.00</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">51.16</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">44.87</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">50.26</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><b>First
          quarter 2001</b></FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">96.83</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">72.33</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">83.17</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">58.49</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">43.02</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">47.68</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">March</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">90.83</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">72.33</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">83.17</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">54.57</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">43.02</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">47.68</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">February</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">96.83</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">86.33</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">88.67</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">58.32</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">50.96</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">52.85</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">January</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">96.67</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">86.67</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">96.67</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">58.49</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">53.24</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">58.49</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD colspan="25">
        <hr size="1" noshade>
      </TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><b>2000</b></FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">88.17</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">63.58</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">88.17</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">54.10</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">40.18</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">54.10</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Fourth
          quarter 2000</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">88.17</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">71.17</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">88.17</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">54.10</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">40.18</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">54.10</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Third
          quarter 2000</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">88.00</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">74.67</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">76.67</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">50.74</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">44.76</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">44.85</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Second
          quarter 2000</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">83.33</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">69.83</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">79.67</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">50.66</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">42.99</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">48.67</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">First
          quarter 2000</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">72.83</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">63.58</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">72.83</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD colspan="25">
        <hr size="1" noshade>
      </TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><b>1999</b></FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">80.00</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">67.50</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">71.67</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Fourth
          quarter 1999</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">79.92</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">67.50</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">71.67</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Third
          quarter 1999</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">82.25</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">67.50</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">70.50</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Second
          quarter 1999</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">88.00</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">73.67</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">77.33</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">First
          quarter 1999</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">82.00</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">69.08</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">77.50</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD colspan="25">
        <hr size="1" noshade>
      </TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><b>1998<sup>3</sup></b></FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">108.83</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">45.00</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">70.33</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD colspan="25">
        <hr size="1" noshade>
      </TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD colspan="25">
        <hr size="1" noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><b>1997<sup>3</sup>
          </b></FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
  </TABLE>
</CENTER>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>1</sup></FONT></TD>
      <TD width="99%"><FONT size="1">The share prices and volumes have been adjusted for the two-for-one share
split that became effective on 8 May 2000 and for the three-for-one share split
effective 16 July 2001.</FONT></TD>
</TR>

<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>2</sup></FONT></TD>
      <TD width="99%"><FONT size="1">UBS was listed on 16 May 2000, therefore there are no
NYSE figures for periods prior to May 2000. NYSEfigures for second quarter
2000 are for 16 May 2000 to 30 June 2000 only, and NYSE figures for full year
2000 are for 16 May 2000 to 31 December 2000 only.</FONT></TD>
</TR>

<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>3</sup></FONT></TD>
      <TD width="99%"><FONT size="1">UBS was created by the
merger of Union Bank of Switzerland and Swiss Bank Corporation, on 29 June 1998.
1998 figures are therefore for the period 29 June 1998 to 31 December 1998 only.
There are no figures for 1997.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">126</FONT>
<P align="right">
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="2"><B>UBS Shares and market capitalization</B>
</FONT>

<CENTER>
  <TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
    <TR valign="bottom">
      <TD width="40%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="7"><FONT size="2">% change from</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD nowrap align="center">
        <div align="left"><FONT size="2"><i>Number of shares, except where indicated</i></FONT></div>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD colspan="7">
        <HR size="1" noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD nowrap align="center">
        <div align="left"><FONT size="2">As at</FONT></div>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="2"><B>31.12.01</B></FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD nowrap align="center" colspan="21">
        <hr size="1" noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><b>Total
          ordinary shares issued</b></FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">1,281,717,499</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">1,333,139,187</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">1,292,679,486</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">(4</FONT></TD>
      <TD nowrap><FONT size="2">)</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">(1</FONT></TD>
      <TD nowrap><FONT size="2">)</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <FONT size="2">Second
          trading line treasury shares (2000 program)</FONT>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">(55,265,349</FONT></TD>
      <TD nowrap><FONT size="2">)</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <FONT size="2">Second
          trading line treasury shares (2001 program)</FONT>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="right"><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">(23,064,356</font></b></TD>
      <TD nowrap><b><font size="2" color="#c66005">)</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD colspan="21">
        <hr size="1" noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"> <b>Shares
          outstanding for market capitalization</b></FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">1,258,653,143</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">1,277,873,838</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">1,292,679,486</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">(2</FONT></TD>
      <TD nowrap><FONT size="2">)</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">(3</FONT></TD>
      <TD nowrap><FONT size="2">)</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD colspan="21">
        <hr size="1" noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"> <b>Share
          Price (CHF)</b></FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">83.80</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">88.17</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">71.67</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">(5</FONT></TD>
      <TD nowrap><FONT size="2">)</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">17</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD colspan="21">
        <hr size="1" noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"> <b>Market
          Capitalization (CHF million)</b></FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">105,475</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">112,666</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">92,642</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">(6</FONT></TD>
      <TD nowrap><FONT size="2">)</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">14</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD colspan="21">
        <hr size="1" noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>

<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><I>Total
          treasury shares</I></FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>

<TD align="right"><font size="2" color="#c66005"><B><I>41,254,951</I></B></font></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2"><I>55,265,349</I></FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2"><I>110,621,142</I></FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2"><I>(25</I></FONT></TD>
      <TD nowrap><FONT size="2"><I>)</I></FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2"><I>(63</I></FONT></TD>
      <TD nowrap><FONT size="2"><I>)</I></FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD colspan="21">
        <hr size="1" noshade>
      </TD>
    </TR>
  </TABLE>
</CENTER>
<P align="left"><FONT size="2"><B>Distribution of UBS Shares</B>
</FONT>

<CENTER>
  <TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
    <TR valign="bottom">
      <TD width="45%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="7"><FONT size="2">Shareholders registered</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="7"><FONT size="2">Shares registered</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD nowrap align="center">
        <div align="left"><FONT size="2">As at 31.12.01</FONT></div>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD colspan="7">
        <HR size="1" noshade>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD colspan="7">
        <HR size="1" noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD nowrap align="center">
        <div align="left"><FONT size="2"><i>Number of shares registered</i></FONT></div>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="2">Number</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="2">%</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="2">Number</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="2">% of shares issued</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD nowrap align="center" colspan="17">
        <hr size="1" noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1-100</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">43,268</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">19.7</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">2,211,404</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">0.2</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">101-1,000</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">134,713</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">61.3</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">52,016,145</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">4.1</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1,001-10,000</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">38,414</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">17.5</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">95,134,124</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">7.4</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">10,001-100,000</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">2,905</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">1.3</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">71,936,991</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">5.6</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">100,001-1,000,000</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">338</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">0.2</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">94,420,825</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">7.4</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1,000,001-5,000,000</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">61</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">127,656,380</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">10.0</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">5,000,001-12,817,174
          (1%)</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">14</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">108,210,291</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">8.4</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1-2%</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">2</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">28,812,592</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">2.2</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2-3%</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">0</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">0</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">3-4%</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">1</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">40,834,352</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">3.2</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">4-5%</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">1</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">54,816,479</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">4.3</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Over 5%</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">1</FONT></TD>
      <TD nowrap><FONT size="2"><sup>1</sup></FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">88,946,417</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">6.9</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD colspan="17">
        <hr size="1" noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"> Total
          registered</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">219,718</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">100</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">764,996,000</FONT></TD>
      <TD nowrap><FONT size="2"><sup>3</sup></FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">59.7</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Unregistered<sup>2</sup></FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">516,721,499</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">40.3</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD colspan="17">
        <hr size="1" noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><b><font size="2" color="#c66005">
          Total shares issued</font></b></DIV>
      </TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">1,281,717,499</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">100</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD colspan="17">
        <hr size="1" noshade>
      </TD>
    </TR>
  </TABLE>
</CENTER>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>1</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">As at 31.12.2001, Chase Nominees Ltd., London, was entered as a
trustee/nominee holding 6.94% of all shares issued. <sup>2</sup>Shares not entered in the
share register at 31 December 2001. <sup>3</sup>154,153,201 shares registered do not
carry voting rights.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">As far as UBS is aware, UBS is neither directly nor indirectly owned or
controlled by another corporation or government, there are no arrangements in
place, the operation of which may result in a change in control and UBS has no
shareholders whose beneficial ownership exceeds 5% of the total shares issued.
</FONT>
<P align="right"><FONT size="2">127</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><FONT size="2"><B>UBS Share Information<BR>
UBS Shares 2001</B>
</FONT>
<P align="left"><FONT size="2"><B>Registered shareholders: type and distribution</B>
</FONT>

<CENTER>
  <TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
    <TR valign="bottom">
      <TD width="44%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="8%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="7"><FONT size="2">Shareholders</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="7"><FONT size="2">Shares</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD colspan="7">
        <HR size="1" noshade>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD colspan="7">
        <HR size="1" noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD nowrap align="center">
        <div align="left"><FONT size="2">As at 31.12.2001</FONT></div>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="2">Number</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="2">%</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="2">Number</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD nowrap align="center" colspan="3"><FONT size="2">%</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD nowrap align="center" colspan="17">
        <hr size="1" noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Individual
          shareholders</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">210,463</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">95.8</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">182,196,910</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">23.8</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Legal
          entities</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">8,610</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">3.9</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">235,014,128</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">30.7</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Nominees,
          fiduciaries</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">645</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">0.3</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">347,784,962</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">45.5</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD colspan="17">
        <hr size="1" noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><font color="#c66005"><b><FONT size="2">
          Total</FONT></b></font></DIV>
      </TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">219,718</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">100.0</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">764,996,000</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">100.0</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD colspan="17">
        <hr size="1" noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"> </DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Switzerland</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">204,582</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">93.1</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">396,665,957</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">51.9</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Europe</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">9,612</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">4.4</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">227,465,501</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">29.7</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">North
          America</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">2,995</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">1.4</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">59,904,634</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">7.8</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other
          Countries</FONT></DIV>
      </TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">2,529</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">1.1</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">80,959,908</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
      <TD align="right"><FONT size="2">10.6</FONT></TD>
      <TD><FONT size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD colspan="17">
        <hr size="1" noshade>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD>
        <DIV style="margin-left:10px; text-indent:-10px"><font color="#c66005"><b><FONT size="2">
          Total</FONT></b></font></DIV>
      </TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">219,718</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">100.0</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">764,996,000</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
      <TD align="right"><b><font size="2" color="#c66005">100.0</font></b></TD>
      <TD><b><font size="2" color="#c66005">&nbsp;</font></b></TD>
    </TR>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR>
      <TD>
    <TR valign="bottom">
      <TD colspan="17">
        <hr size="1" noshade>
      </TD>
    </TR>
  </TABLE>
</CENTER>
<P><FONT size="2">At 31 December 2001,UBS employees held approximately 8% of all shares issued,
and options equivalent to about a further 6%.
</FONT>

<P align="left"><FONT size="2">128</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left">

<IMG src="y58380y5838071.gif" alt="LOGO">


<P align="left">
<B><FONT size="5">Financial Report 2001</FONT></B>

<P align="right">
<IMG src="y58380y5838067.gif" alt="(GRAPHIC)">

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="right">
<IMG src="y58380y5838068.gif" alt="(GRAPHIC)">
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><FONT size="2" color="#0865AB"><B>Contents</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="90%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Profile</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Introduction</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>1</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">UBS Group Financial Highlights</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>2</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">UBS Group</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>3</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Our Business Groups</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>4</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Sources of Information about UBS</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>5</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Information for Readers</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>8</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Group Financial Review</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>17</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Group Results</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>18</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Review of Business</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Group Performance</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>31</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Introduction</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>32</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">UBS Switzerland</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>38</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">UBS Asset Management</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>50</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">UBS Warburg</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>56</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Corporate Center</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>70</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>UBS Group
Financial Statements</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>75</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>UBS AG (Parent Bank)</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>171</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Additional Disclosure
Required under
SEC Regulations</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>183</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<!-- link2 "Introduction" -->
<DIV align="left"><A NAME="017"></A></DIV>
<P align="left"><FONT size="5"><B>Introduction</B>
</FONT>

<P><FONT size="2">The Financial Report 2001 forms an essential part of our reporting portfolio.
It includes the audited Financial Statements of UBS Group for 2001 and 2000,
prepared according to International Accounting Standards (IAS)&nbsp;and reconciled
to United States Generally Accepted Accounting Principles (US GAAP), and the
audited financial statements of UBS AG (the Parent Bank) for 2001, prepared
according to Swiss Banking Law requirements. It also contains a discussion and
analysis of the financial and business performance of UBS Group and its
Business Groups, and some additional disclosures required under Swiss and US
regulations.
</FONT>
<P><FONT size="2">The Financial Report should be read in conjunction with the other information
published by UBS described on page 5.
</FONT>
<P><FONT size="2">We hope that you will find the information in these documents useful and
informative. We believe that UBS is among the leaders in corporate disclosure,
but we would be very interested to hear your views on how we might improve the
content and presentation of our information portfolio.
</FONT>
<P><FONT size="2">Mark Branson<BR>
Head of Group Communications<BR>
UBS AG
</FONT>
<P align="right"><FONT size="2">1</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<FONT size="2"><B>Profile</B>
</FONT>

<!-- link2 "UBS Group Financial Highlights" -->
<DIV align="left"><A NAME="018"></A></DIV>
<div align="left"><FONT size="5"><B>UBS Group Financial Highlights</B>
</FONT></div>

<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>1</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Operating expenses / operating income before credit loss expense.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>2</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Excludes the amortization of goodwill and other intangible assets.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>3</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">For EPS calculation, see Note 9 to the Financial Statements.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>4</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Net profit / average shareholders&#146; equity excluding dividends.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>5</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Includes hybrid tier 1 capital, please refer to Note 30e in the Notes to the Financial Statements.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>6</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Calculated using the former definition of assets under management.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>7</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">The Group headcount does not include the Klinik Hirslanden AG headcount
of 2,450, 1,839 and 1,853 for 31 December 2001, 31 December 2000 and 31
December 1999, respectively.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>8</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">See the Capital strength section on pages 10 to 11 of the UBS Handbook
2001/2002.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>9</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Details of significant financial events can be found in the Group
Financial Review.</FONT></TD>
</TR>
</TABLE>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
<TR valign="top">
      <TD width="100%" align="left" nowrap><FONT size="1">All earnings per share figures have been restated for the 3 for 1 share split
which took place on 16 July 2001.</FONT></TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="100%" align="left" nowrap><FONT size="1">Except where otherwise stated, all 31 December 2001 and 31 December 2000
figures throughout this report include the impact of the acquisition of
PaineWebber, which occurred on<br> 3 November 2000.</FONT></TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="100%" align="left" nowrap><FONT size="1">All invested assets figures for 31 December 2000 have been restated to reflect
the new definition.</FONT></TD>
</TR>
</TABLE>


<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="67%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="2"><B>CHF million, except where indicated</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>% change from</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="2"><B>For the year ended</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Income statement key figures</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Operating income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>37,114</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">36,402</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">28,425</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Operating expenses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>30,396</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">26,203</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">20,532</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Operating profit before tax</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"  color="#0865AB"><B>6,718</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,199</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,893</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(34</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net profit</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"  color="#0865AB"><B>4,973</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,792</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,153</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(36</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cost / income ratio (%)<SUP>1</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"  color="#0865AB"><B>80.8</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">72.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">69.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cost / income ratio before goodwill (%) <SUP>1,2</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"  color="#0865AB"><B>77.3</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">70.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">68.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Per share data (CHF)</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Basic earnings per share <SUP>3</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3.93</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.44</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.07</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(39</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Basic earnings per share before goodwill <SUP>2,3</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4.97</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.35</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(29</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Diluted earnings per share <B><SUP>3</SUP></B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3.78</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.35</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.02</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(40</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Diluted earnings per share before goodwill <SUP>2,3</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4.81</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.89</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.30</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(30</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Return on shareholders&#146; equity (%)</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Return on shareholders&#146; equity <SUP>4</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>11.7</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">21.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">22.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Return on shareholders&#146; equity before goodwill <SUP>2,4</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>14.8</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">23.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">23.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="4" noshade></B></FONT></DIV></TD>
</TR>
</TABLE>
</CENTER>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="67%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="2"><B>CHF million, except where indicated</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>% change from</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="2"><B>As at</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Balance sheet key figures</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,253,297</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,087,552</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">896,556</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Shareholders&#146; equity</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>43,530</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">44,833</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">30,608</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(3</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Market capitalization</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>105,475</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">112,666</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">92,642</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(6</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>BIS capital ratios</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Tier 1 (%)<SUP>5</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>11.6</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total BIS (%)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>14.8</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(6</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Risk-weighted assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>253,735</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">273,290</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">273,107</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(7</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Invested assets (CHF billion)</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,457</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,452</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,744</FONT></TD>
        <TD nowrap><FONT size="2"><SUP>6</SUP></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Headcount (full time equivalents)</B><SUP><B>7</B></SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>69,985</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">71,076</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">49,058</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(2</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Long-term ratings</B><SUP><B>8</B></SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Fitch, London</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2" color="#0865AB"><B>AAA</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">AAA</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">AAA</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Moody&#146;s, New York</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2" color="#0865AB"><B>Aa2</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">Aa1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">Aa1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Standard &#038; Poor&#146;s, New York</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2" color="#0865AB"><B>AA&#043;</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">AA&#043;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">AA&#043;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="4" noshade></B></FONT></DIV></TD>
</TR>
</TABLE>
</CENTER>
<div align="left"><FONT size="2"><B>Earnings adjusted for significant
financial events and pre-goodwill<SUP>2, 9</SUP></B>
</FONT></div>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="67%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="2"><B>CHF million, except where indicated</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>% change from</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="2"><B>For the year ended</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
                <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Operating income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>37,114</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">36,402</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">26,587</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Operating expenses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>29,073</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">25,096</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">20,194</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Operating profit before tax</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8,041</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11,306</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,393</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(29</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net profit</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6,296</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,799</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,005</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(28</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cost / income ratio (%)<SUP>1</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>77.3</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">69.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">73.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Basic earnings per share (CHF)<SUP>3</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4.97</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7.28</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.12</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(32</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Diluted earnings per share (CHF)<SUP>3</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4.81</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7.17</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.09</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(33</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Return on shareholders&#146; equity (%)<SUP>4</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>14.8</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">24.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="4" noshade></B></FONT></DIV></TD>
</TR>
</TABLE>
</CENTER>
<div align="left"><FONT size="2">2</FONT></div>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<!-- link2 "UBS Group" -->
<DIV align="left"><A NAME="019"></A></DIV>
<P align="left"><FONT size="5"><B>UBS Group</B>
</FONT>

<P><FONT size="2">UBS is one of the world&#146;s leading financial firms, serving a discerning global
client base. As an organization, we combine financial strength with a
reputation for innovation and a global culture which embraces change. Our
vision is to be the pre-eminent global integrated investment services firm and
the leading bank in Switzerland. We are the world&#146;s leading provider of private
banking services and one of the largest asset managers globally. In the
investment banking and securities businesses we are among the select bracket of
major global houses. In Switzerland, we are the clear market leader in
corporate and retail banking. As an integrated group, not merely a holding
company, we create added value for our clients by drawing on the combined
resources and expertise of all our businesses.
</FONT>
<P><FONT size="2">Our client philosophy puts advice at the heart of relationships. Our priority
is to provide premium-quality services to our clients, giving them the best
possible choice by supplementing best-in-class products we develop ourselves
with a quality-screened selection of products from others.
</FONT>
<P><FONT size="2">With head offices in Zurich and Basel, we operate in over 50 countries and from
all major international financial centers. Our global physical presence is
complemented by leading edge on-line services. All our clients can benefit from
our technology &#150; it complements our advisory services and allows us to deliver
our services faster, more widely and more cost-effectively than ever before.
</FONT>
<P align="right"><FONT size="2">3</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><FONT size="2"><B>Profile</B>
</FONT>
<!-- link2 "Our Business Groups" -->
<DIV align="left"><A NAME="020"></A></DIV>
<P align="left"><FONT size="5"><B>Our Business Groups</B>
</FONT>

<P><FONT size="2">All our Business Groups are in the top echelons of their sectors globally and
are committed to vigorously growing their franchises.
</FONT>
<P align="left"><FONT size="2"><B>UBS Switzerland</B>
</FONT>

<DIV align="left"><FONT size="2">UBS Switzerland includes the world&#146;s leading private banking business, with CHF
682&nbsp;billion of invested assets at 31 December 2001. UBS Private Banking
provides a comprehensive range of products and services individually tailored
for wealthy clients, through offices around the world.
UBS Switzerland also provides a complete set of banking and securities services
for some four million individual and corporate clients in Switzerland. Its CHF
182&nbsp;billion of outstanding loans at
31 December 2001 give it around a quarter of the Swiss lending market.
</FONT></DIV>

<P align="left"><FONT size="2"><B>UBS Asset Management</B>
</FONT>

<DIV align="left"><FONT size="2">UBS Asset Management is a leading institutional asset manager and mutual fund
provider, with invested assets of CHF 672&nbsp;billion at 31 December 2001, offering
a broad range of asset management services and products for institutional and
individual clients across the world.
</FONT></DIV>

<P align="left"><FONT size="2"><B>UBS Warburg</B>
</FONT>

<DIV align="left"><FONT size="2">UBS Warburg operates globally as a client-driven securities, investment banking
and wealth management firm. UBS Warburg provides innovative products,
top-quality research and advice, and comprehensive access to the world&#146;s
capital markets, for both its own corporate and institutional clients and for
the other parts of the UBS Group. UBS PaineWebber, one of the top US wealth
managers, became part of UBS Warburg in November 2000. Its distribution network
of 8,870 financial advisors manages over CHF 782&nbsp;billion of invested assets at
31 December 2001. On 1 January 2002, UBS PaineWebber was separated from UBS
Warburg to form a new Business Group within UBS.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Corporate Center</B>
</FONT>

<DIV align="left"><FONT size="2">Our portfolio of businesses is planned and managed for the long-term
maximization of shareholder value. The role of the Corporate Center is to
ensure that the Business Groups operate as a coherent and effective whole, in
alignment with UBS&#146;s overall corporate goals.
</FONT></DIV>

<P><FONT size="2">4</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<!-- link2 "Sources of Information about UBS" -->
<DIV align="left"><A NAME="021"></A></DIV>
<P align="left"><FONT size="5"><B>Sources of Information about UBS</B>
</FONT>

<P align="left"><FONT size="2" color="#7F7F7F">This Financial Report contains our audited Financial Statements for the year
2001 and accompanying detailed analysis. You can find out more about UBS from
the sources shown below.
</FONT>

<P align="left"><FONT size="2" color="#0865AB"><B>Publications</B>
</FONT>

<DIV align="left"><FONT size="2">This Financial Report is available in English and German. (SAP-R/3 80531-0201)
</FONT></DIV>

<P align="left"><FONT size="2"><B>Annual Review 2001</B>
</FONT>

<DIV align="left"><FONT size="2">Our Annual Review contains a short description of UBS, and a summary review of
our performance in the year 2001. It is available in English, German, French,
Italian and Spanish. (SAP-R/3 80530-0201)
</FONT></DIV>

<P align="left"><FONT size="2"><B>Handbook 2001/2002</B>
</FONT>

<DIV align="left"><FONT size="2">Our Handbook 2001/2002 contains a detailed description of UBS, its strategy,
its organization and the businesses that make it up. It is available in English
and German. (SAP-R/3 80532-0201)
</FONT></DIV>

<P align="left"><FONT size="2"><B>Quarterly reports</B>
</FONT>

<DIV align="left"><FONT size="2">We provide detailed quarterly financial reporting and analysis, including
comment on the progress of our businesses and key strategic initiatives. These
reports are available in English.
</FONT></DIV>

<P align="left"><FONT size="2"><B>How to order reports</B>
</FONT>

<DIV align="left"><FONT size="2">Each of these reports is available on the internet at: www.ubs.com/investors,
in the Financials section. Alternatively, printed copies can be ordered,
quoting the SAP number and the language preference where applicable, from UBS
AG, Information Center, CA50-XMB, P.O. Box, CH-8098 Zurich, Switzerland.
</FONT></DIV>

<P align="left"><FONT size="2" color="#0865AB"><B>E-information tools for investors</B>
</FONT>

<P align="left"><FONT size="2"><B>Website</B>
</FONT>

<DIV align="left"><FONT size="2">Our Investors and Analysts website at www.ubs.com/investors offers a wide range
of information about UBS, including our financial reporting, media releases,
UBS share price graphs and data, corporate calendar and dividend information
and copies of recent presentations given by members of senior management to
investors at external conferences.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Our internet-based information is available in English and German, with
some sections also in French and Italian.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Messenger service</B>
</FONT>

<DIV align="left"><FONT size="2">On the Investors and Analysts website, you can register to receive news alerts
about UBS via SMS or e-mail. Messages are sent in either English or German and
users are able to state their preferences for the theme of the alerts received,
e.g. SEC filings or webcasts.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Results presentations</B>
</FONT>

<DIV align="left"><FONT size="2">Senior management presents UBS&#146;s quarterly results every quarter on publication
date. These presentations are broadcast live over the internet, and can be
downloaded on demand. The most recent results webcasts can also be found in the
Financials section of our Investors and Analysts website.
</FONT></DIV>

<P align="left"><FONT size="2"><B>UBS and the Environment</B>
</FONT>

<DIV align="left"><FONT size="2">The Handbook 2001/2002 contains a summary of UBS environmental policies. More
detailed information is available at www.ubs.com/environment.
</FONT></DIV>

<P align="left"><FONT size="2" color="#0865AB"><B>Form&nbsp;20-F and other submissions to the US Securities and Exchange Commission</B>
</FONT>

<DIV align="left"><FONT size="2">We file periodic reports and other information about UBS with the US Securities
and Exchange Commission (SEC). Principal among these filings is the Form&nbsp;20-F,
our Annual Report filed pursuant to the US Securities Exchange Act of 1934.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Our Form&nbsp;20-F filing is structured as a &#147;wrap-around&#148; document. Most
sections of the filing are satisfied by referring to part of the Handbook or to
part of this Financial Report
</FONT></DIV>

<P align="right"><FONT size="2">5</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P><FONT size="2"><B>Profile</B>
</FONT>
<P><FONT size="2">2001.&nbsp;&nbsp;However, there is a small amount of additional information in the Form
20-F which is not presented elsewhere, and is particularly targeted at readers
from the US. You are encouraged to refer to this additional disclosure.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;You may read and copy any document that we file with the SEC on the SEC&#146;s
website, www.sec.gov, or at the SEC&#146;s public reference room at 450 Fifth Street
NW, Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 (in the US)
for further information on the operation of its public reference room. You may
also inspect our SEC reports and other information at the New York Stock
Exchange, Inc., 20 Broad Street, New York, NY 10005 and the American Stock
Exchange LLC, 86 Trinity Place, New York, NY 10006. Much of this additional
information may also be found on the UBS website at www.ubs.com/investors, and
copies of documents filed with the SEC may be obtained from UBS&#146;s Investor
Relations team, at the addresses shown below.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;
&nbsp;
&nbsp;
&nbsp;
</FONT></DIV>

<P align="left"><FONT size="4" color="#7F7F7F"><B>Corporate information</B>
</FONT>

<P><FONT size="2">The legal and commercial name of the company is UBS AG. The company was
formed on 29 June 1998, when Union Bank of Switzerland (founded 1862) and Swiss
Bank Corporation (founded 1872) merged to form UBS.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS AG is incorporated and domiciled in Switzerland and operates under
Swiss Company Law and Swiss Federal Banking Law as an Aktiengesellschaft, a
corporation that has issued shares of common stock to investors.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The address and telephone number of our two registered offices and
principal places of business are:
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Bahnhofstrasse 45, CH-8098 Zurich, Switzerland, telephone &#043;41-1-234 11 11;
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;and Aeschenvorstadt 1, CH-4051 Basel, Switzerland, telephone &#043;41-61-288 20
20.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS AG shares are listed on the SWX Swiss Exchange and traded through
virt-x (a joint venture between Tradepoint and the SWX Swiss Exchange). They
are also listed on the New York Stock Exchange and on the Tokyo Stock Exchange.
</FONT></DIV>

<P><FONT size="2">6</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="21%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="18%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="17%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="16%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="24%">&nbsp;</TD>
</TR>
<TR>
        <TD colspan="9" valign="top" align="left"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2" color="#0865AB"><B>UBS Investor Relations<br></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" valign="top" align="left"><FONT size="2">E-mail: sh-investorrelations@ubs.com</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" valign="top" align="left"><FONT size="2">Web: www.ubs.com/investors</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">Our Investor Relations team</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD valign="top"><FONT size="2">supports institutional,
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7" valign="top" align="left"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">professional and retail
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
<B>Zurich</B>
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2"><B>New York</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD valign="top"><FONT size="2">investors from offices</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7" valign="top" align="left"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">in Zurich and New York.</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
<B>Hotline Zurich:</B>
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2"><B>&#043;41 1 234 4100</B>
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2"><B>Hotline New York:</B>
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2"><B>&#043;1 212 713 3641</B></FONT></TD>
</TR>
<TR>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7" valign="top" align="left"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Christian Gruetter
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&#043;41 1 234 4360
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Richard Feder
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&#043;1 212 713 6142</FONT></TD>
</TR>
<TR>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7" valign="top" align="left"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Mark Hengel
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&#043;41 1 234 8439
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Christopher McNamee
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&#043;1 212 713 3091</FONT></TD>
</TR>
<TR>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7" valign="top" align="left"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Charles Gorman
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&#043;41 1 234 2733</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7" valign="top" align="left"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Catherine Lybrook
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&#043;41 1 234 2281</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7" valign="top" align="left"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Fax
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&#043;41 1 234 3415
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Fax
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&#043;1 212 713 1381</FONT></TD>
</TR>
<TR>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7" valign="top" align="left"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" valign="top" align="left"><FONT size="2">UBS AG<BR>
Investor Relations G41B<BR>
P.O. Box<BR>
CH-8098 Zurich, Switzerland</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" valign="top" align="left"><FONT size="2">UBS Americas Inc.<BR>
Investor Relations<BR>
1285 Avenue of the Americas, 14th Floor<BR>
New York, NY 10019, USA</FONT></TD>
</TR>
<TR>
        <TD colspan="9" valign="top" align="left"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2" color="#0865AB"><B>UBS Group Media Relations</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Telephone
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Fax
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">E-mail</FONT></TD>
</TR>
<TR>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7" valign="top" align="left"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
<B>Zurich</B>
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&#043;41 1 234 8500
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&#043;41 1 234 8561
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">sh-gpr@ubs.com</FONT></TD>
</TR>
<TR>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7" valign="top" align="left"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
<B>London</B>
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&#043;44 20 7567 4714
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&#043;44 20 7568 0955
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">sh-mr-london@ubsw.com</FONT></TD>
</TR>
<TR>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7" valign="top" align="left"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
<B>New York</B>
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&#043;1 212 713 8391
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&#043;1 212 713 9818
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">mediarelations-ny@ubsw.com</FONT></TD>
</TR>
<TR>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7" valign="top" align="left"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
<B>Tokyo</B>
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&#043;81 3 5208 6275
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&#043;81 3 52 08 69 51
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">sh-comms-mktg-tokyo@ubs.com</FONT></TD>
</TR>
<TR>
        <TD colspan="9" valign="top" align="left"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>

<TR valign="bottom">
        <TD valign="top"><FONT size="2" color="#0865AB"><B>Other useful contacts</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2"></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD colspan="9" valign="top" align="left"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><B>Switchboards</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Telephone</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7" valign="top" align="left"><HR size="1" noshade></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">For all general queries.</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
<B>Zurich</B>
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&#043;41 1 234 1111</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7" valign="top" align="left"><HR size="1" noshade></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
<B>London</B>
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&#043;44 20 7568 0000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR>
        <TD valign="top"><FONT size="2"></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7" valign="top" align="left"><HR size="1" noshade></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
<B>New York</B>
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&#043;1 212 821 3000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR>
        <TD valign="top"><FONT size="2"></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7" valign="top" align="left"><HR size="1" noshade></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
<B>Tokyo</B>
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&#043;81 3 5293 3000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD colspan="9" valign="top" align="left"><HR size="1" noshade></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2"><B>UBS Shareholder Services<BR></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Telephone
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Fax
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">E-mail</FONT></TD>
</TR>
<TR>
        <TD valign="top"><FONT size="2">UBS Shareholder Services,
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7" valign="top" align="left"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">a unit of the Company<BR>
Secretary, is responsible for
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
<B>Zurich</B>
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&#043;41 1 235 6202
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&#043;41 1 235 3154
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">sh-shareholder-service@ubs.com</FONT></TD>
</TR>
<TR>
        <TD valign="top"><FONT size="2">Global Registered Shares. It
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7" valign="top" align="left"><HR size="1" noshade></TD>
</TR>

<TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">the registration of the</FONT></TD>
        <TD valign="top" align="left">&nbsp;</TD>
        <TD colspan="7" valign="top" align="left">&nbsp;</TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">is split into two parts &#150;
a Swiss register, which is
maintained by UBS acting
as Swiss transfer agent,
and a US register, which
is maintained by Mellon
Investor Services as US
transfer agent (see below).</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="left" valign="top"><FONT size="2">UBS AG<br>
Shareholder Services<br>
P.O. Box<br>
CH-8098 Zurich, Switzerland</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD colspan="9" valign="top" align="left"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><B>UBS Transfer Agent</B><br>For all Global Registered<BR>
Share related queries in<BR>
the USA.</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" valign="top" align="left"><FONT size="2">Mellon Investor Services<br>
Overpeck Center<br>
85 Challenger Road<br>
Ridgefield Park, NJ 07660, USA.</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" valign="top" align="left"><FONT size="2">Telephone: &#043;1 866 541 9689<br>
Fax: &#043;1 201 296 4801<br>
Web: http://www.melloninvestor.com</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7" valign="top" align="left"><FONT size="2">UBS listed its Global Registered Shares on the New York Stock Exchange on 16
May 2000. Prior to that date UBS operated an ADR program. See the Frequently
Asked Questions (FAQs) section at www.ubs.com/investors for further details
about the UBS share.</FONT></TD>
</TR>
<TR>
        <TD colspan="9" valign="top" align="left"><HR size="1" noshade></TD>
</TR>
</TABLE>
</CENTER>
<P align="right"><FONT size="2">7</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><FONT size="2"><B>Profile</B>
</FONT>
<!-- link2 "Information for Readers" -->
<DIV align="left"><A NAME="022"></A></DIV>
<P align="left"><FONT size="5"><B>Information for Readers</B>
</FONT>

<P><FONT size="2">You should read the discussion and analysis in the Group Financial Review and
Review of Business Group Performance in conjunction with the UBS Group
Financial Statements and the related notes, which are shown in pages 75 to 169
of this document.
</FONT>
<P align="left"><FONT size="2" color="#0865AB"><B>Parent Bank</B>
</FONT>

<DIV align="left"><FONT size="2">Pages 171 to 181 contain the financial statements for the UBS AG Parent Bank &#150;
the Swiss company, including branches worldwide, which owns all the UBS Group
companies, directly or indirectly. Except in those pages, or where otherwise
explicitly stated, all references to &#147;UBS&#148; refer to the UBS Group and not to
the Parent Bank.
</FONT></DIV>

<P align="left"><FONT size="2" color="#0865AB"><B>Accounting standards</B>
</FONT>

<DIV align="left"><FONT size="2">The UBS Group Financial Statements have been prepared in accordance with
International Accounting Standards (IAS). As a US listed company, UBS Group
provides a description in Note 40 of its Financial Statements of the
significant differences which would arise were our accounts to be presented
under United States Generally Accepted Accounting Principles (US GAAP), and a
detailed reconciliation of IAS shareholders&#146; equity and net profit to US GAAP.
Major differences between Swiss federal banking law requirements and IAS are
described in Note 39 to the UBS Group Financial Statements.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Except where clearly identified otherwise, all of UBS Group&#146;s financial
information presented in this document is presented on a consolidated basis
under IAS.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The Parent Bank&#146;s financial statements are prepared in order to meet Swiss
regulatory requirements and in compliance with Swiss federal banking law.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;All references to 2001, 2000 and 1999 refer to the UBS Group and the
Parent Bank&#146;s fiscal years ended 31 December 2001, 2000, and 1999,
respectively. The Financial Statements for the UBS Group and the Parent Bank
for each of these periods have been audited by Ernst &#038; Young Ltd., as described
in the Report of the Independent Auditors on page 169 and the Report of the
Statutory Auditors on page 181.
</FONT></DIV>

<P align="left"><FONT size="2" color="#0865AB"><B>Implementation of IAS 39</B>
</FONT>

<DIV align="left"><FONT size="2">On 1 January 2001, UBS Group adopted the new accounting standard IAS 39:
<I>Recognition and measurement of financial instruments.</I> The principal effects on
our accounts are outlined below.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Profit and loss impact</B>
</FONT>

<DIV align="left"><FONT size="2">UBS&#146;s strategy has always been to minimize the profit and loss volatility that
can be caused by &#147;non-qualifying&#148; hedges. As a result, implementation of IAS 39
has not had any significant effects on UBS&#146;s net profit, and is not expected to
do so in the foreseeable future.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Changes to shareholders&#146; equity</B>
</FONT>

<DIV align="left"><FONT size="2">For the first time this year we identify &#147;Gains/Losses not recognized in the
income statement&#148; as a separate section within shareholders&#146; equity. Within
this we show three sub-sections, Foreign currency translation (which was an
existing line in shareholders&#146; equity, reported in previous years) and two new
sub-sections introduced as a result of the adoption of IAS 39 on 1 January
2001: Unrealized gains/losses on available for sale investments and Changes in
fair value of derivative instruments designated as cash flows hedges. Both
sub-sections had opening balances:
</FONT></DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="98%"><FONT size="2">The opening balance of Unrealized gains/losses on available-for-sale
investments was a net gain of CHF 1,577&nbsp;million, net of taxes, due to
unrealized mark-to-market gains on financial investments classified as
available for sale which were principally attributable to private
equity investments, but also included other financial investments held
by the Group.</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="98%"><FONT size="2">The opening balance of Changes in fair value of derivative instruments
designated as cash flows hedges was a net loss of CHF 380&nbsp;million, net
of taxes, due to unrealized mark-to-market losses on derivatives
designated as cash flow hedges. These losses were previously</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">8</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="2"><B>UBS / SBC merger restructuring provision used</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="52%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="2">For the year ended</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="11"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Personnel</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">IT</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Premises</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Other</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
</TR>
<TR>
        <TD colspan="29" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">UBS Switzerland</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">361</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">23</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">35</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><b>419</b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">228</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">916</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">UBS Asset Management</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><b>2</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">UBS Warburg</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><b>0</b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">348</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Corporate Center</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">267</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><b>288</b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">464</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">565</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="29" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Group total</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>370</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>23</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>302</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>14</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>709</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>699</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"  color="#0865AB"><B>1,844</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="29" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR>
        <TD colspan="29" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Initial restructuring provision in 1997</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>7,000</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Additional provision in 1999</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>300</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="29" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Used in 1998</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,027</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Used in 1999</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,844</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Used in 2000</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>699</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Used in 2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>709</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="29" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total used up to 31.12.2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>7,279</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="29" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Released to the income statement</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>21</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="29" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Restructuring provision at 31.12.2001</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="29" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="98%"><FONT size="2">recorded in the balance sheet as a part of deferred losses.</FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;All movements within these categories are now recorded each year in the
Statement of changes in equity.
</FONT></DIV>

<P align="left"><FONT size="2" color="#0865AB"><B>Other changes to accounting presentation</B>
</FONT>

<DIV align="left"><FONT size="2">For comparative purposes, UBS Group&#146;s 2000 and 1999 figures have been restated
to conform to the presentation used in 2001, reflecting changes in methods of
presentation, including the reclassification of Money market paper held as
Trading portfolio assets or Financial Investments, as appropriate, and of Money
market paper issued as Debt issued.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Note 1 to the UBS Group Financial Statements includes a detailed
explanation of these and other accounting changes.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The segment reporting shown in Note 2 to UBS Group Financial Statements
has been restated to reflect the organization of the Group during 2001. See the
Review of Business Group performance for details of changes since the 2000
presentation.
</FONT></DIV>

<P align="left"><FONT size="2" color="#0865AB"><B>PaineWebber merger</B>
</FONT>

<DIV align="left"><FONT size="2">Except where otherwise stated, all 2000 figures for UBS Group throughout this
report, include the impact of the merger with Paine Webber Group, Inc., which
was completed on 3 November 2000. Under purchase accounting rules, the results
for 2000 reflect PaineWebber&#146;s income and expenses for two months only, from 3
November 2000 until 31 December 2000. Results for 2001 include PaineWebber for
the full year, while results for 1999 contain no contribution from PaineWebber.
</FONT></DIV>

<P align="left"><FONT size="2" color="#0865AB"><B>Restructuring provision</B>
</FONT>

<DIV align="left"><FONT size="2">The 1998 merger of Swiss Bank Corporation and Union Bank of Switzerland, which
was completed on 29 June 1998, was accounted for under the
&#147;pooling-of-interests&#148; method of accounting, referred to in IAS as &#147;uniting of
interests&#148;. Under this method, a single uniform set of accounting policies was
adopted and applied retrospectively for the restatement of comparative
information.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;After the merger was effected, we began integrating the operations of the
two predecessor banks. This process included streamlining operations,
eliminating duplicate information technology infrastructure, and consolidating
banking premises. At the time of the merger, we established a restructuring
provision of CHF 7&nbsp;billion to cover UBS&#146;s expected costs associated with the
integration process.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In December 1999, we recognized an additional pre-tax restructuring charge
of CHF 300&nbsp;million in respect of the merger. The majority of the additional
provision was due to revised estimates of the cost of lease breaks and property
disposals.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;We have now completed the integration and restructuring process relating
to the merger. At
</FONT></DIV>

<P align="right"><FONT size="2">9</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P align="left"><FONT size="2"><B>Profile</B>
</FONT>

<P><FONT size="2">31 December 2001, CHF 21&nbsp;million of the restructuring provision remained and
was released to the income statement.
</FONT>
<P align="left"><FONT size="2" color="#0865AB"><B>Critical accounting policies</B>
</FONT>

<DIV align="left"><FONT size="2">We prepare our Financial Statements in accordance with IAS, and provide a
reconciliation to US GAAP. When feasible, we try to reduce the differences
between our Financial Statements under the two standards by applying accounting
policies that are in accordance with both sets of standards. This approach
limits (but does not completely eliminate) the range of elective accounting
treatments available to us, but there are still rules under both standards
which require us to apply judgment and make estimates in preparing our
Financial Statements. The more significant of these accounting treatments are
discussed in this section, as a guide to better understanding how their
application affects our reported results and our disclosure. A broader
description of the accounting policies we employ is shown in Note 1 to the UBS
Group Financial Statements.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The existence of alternatives and the application of judgment mean that
any selection of different alternatives or estimates would cause our reported
results to differ. We believe that the choices we have made are appropriate,
and that our Financial Statements therefore present our financial position and
results fairly, in all material respects. The alternative outcomes discussed
below are presented solely to assist the reader to understand our Financial
Statements, and are not intended to suggest that other alternatives or
estimates would be more appropriate.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Many of the judgments which we make in applying accounting principles
depend on an assumption, which we believe to be correct, that UBS maintains
sufficient liquidity to hold positions or investments until a particular
trading strategy matures &#150; i.e. that we do not need to realize positions at
unfavorable prices in order to fund immediate cash needs. Liquidity is
discussed in more detail on pages 80 to 83 of the UBS Handbook 2001/2002.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Financial instruments &#150; fair value</B>
</FONT>

<DIV align="left"><FONT size="2">Our <I>trading portfolio </I>assets and liabilities are recorded at fair value. As
such, they must be recorded at fair value at each balance sheet date, with
changes in fair value recorded as trading income in the income statement. Key
judgments affecting this accounting policy relate to how we determine fair
value for such assets and liabilities.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Where liquid markets exist, fair value is based on quoted market prices.
However, for certain complex or illiquid financial instruments, we have to use
projections, estimates and models to determine fair value. In addition,
judgmental factors such as the need for credit adjustments, liquidity
adjustments and other valuation adjustments affect the reported fair value
amounts of many assets and liabilities. Further details of our valuation
policies, including stress loss scenarios and interest rate risks, are given in
the Risk Analysis section of the UBS Handbook 2001/2002, on pages 61 to 76.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;We believe the assumptions and estimates we have used are reasonable and
supportable in the existing market environment. Because of the range of
assumptions and estimates that could be used and the number of different sorts
of products covered, it is not possible to quantify or meaningfully disclose
the impact of using different assumptions and estimates that would also be
supportable.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Hedge accounting</I>. IAS 39 allows a company to apply hedge accounting if it
fully complies with the specified hedge criteria. We have chosen to apply hedge
accounting whenever we meet these criteria so that our Financial Statements
clearly reflect the economic hedge effect obtained from the use of these
instruments.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Over the entire life of an effective hedging instrument, changes in the
fair value or cash flows of the hedged item can be expected to be almost fully
offset by changes in the fair value or cash flows of the hedging instrument, so
the net impact on profit over time is relatively small. However, if the hedged
item is one that would normally not be recorded at fair value (for instance if
it is held at cost less impairment), but the hedging instrument is of a sort
that would normally be accounted for at fair value, there could be substantial
differences in the profit and loss effect for the two items during specific
accounting periods, although over the whole life of the instrument these would
be expected to balance out.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Applying hedge accounting means that changes in the fair values of
designated hedging instruments affect reported net profit in a period <I>only to
the extent that each hedge is ineffective</I>.
</FONT></DIV>

<P><FONT size="2">10</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
</FONT></DIV>

<P><FONT size="2">Alternatively, if we were to choose not to apply hedge accounting, the entire
change in fair value of the designated hedging instruments in each individual
reporting period would be reported in net income for that period, regardless of
the economic effectiveness of the hedge. For 2001, this would have resulted in
a pre-tax gain of CHF 240&nbsp;million. We believe that not applying hedge
accounting could lead to misinterpretations of our results and financial
position, since hedging transactions could have a material impact on reported
net profit in a particular period, although over the total life of a hedge the
net effect of the two treatments is identical.
</FONT>
<P align="left"><FONT size="2"><B>Financial investments &#150; available for sale</B>
</FONT>

<DIV align="left"><FONT size="2">UBS has classified some of its financial assets, including investments not held
for trading purposes, as available-for-sale. This classification is based on
our determination that these assets are not held for the purpose of generating
short-term trading gains. Upon adoption of IAS 39 at 1 January 2001, we elected
to record changes in the fair value of available-for-sale assets in a separate
component of shareholders&#146; equity rather than in income. Had we made a
different election, any changes in the fair value of these assets (i.e.
unrealized gains or losses) would be reflected in the income statement.
Similarly, if we had originally decided that these were trading assets, or if
we were to reclassify these assets as trading assets, changes in fair value
would then have to be reflected in income rather than shareholders&#146; equity. The
amount of unrealized gains or losses on the balance sheet date is disclosed in
the statement of changes in equity in the UBS Group Financial Statements.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Companies held in our private equity portfolio are not consolidated in
UBS&#146;s Financial Statements. This treatment has been determined after
considering such matters as liquidity, exit strategies and degree and timing of
our influence and control over these investments.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;We classify our private equity investments as financial investments
available-for-sale, and carry them on the balance sheet at fair value, with
changes in fair value being recorded directly in equity, while unrealized
losses which are determined to be permanent are recorded in our income
statement as impairment charges. Since quoted market prices are generally
unavailable for these companies, fair value is determined by applying
recognized valuation techniques, which require the use of assumptions and
estimates. While we believe that the assumptions and estimates we use to
determine fair value are reasonable and supportable, different assumptions and
estimates could be used, which would lead to different results. In addition,
the determination of when a decline in fair value below cost is permanent is
judgmental by nature, so profit and loss would be affected by differences in
this judgment.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Goodwill and other intangible assets</B>
</FONT>

<DIV align="left"><FONT size="2">We regularly review assets that are not carried at fair value for possible
impairment indications. If impairment indicators are identified we make an
assessment about whether the carrying value of such assets remains fully
recoverable. When making this assessment we compare the carrying value to the
market value, if available, or the value in use. Value in use is determined by
discounting expected future net cash flows generated by an asset or group of
assets to its present value. Determination of the value in use requires
management to make assumptions and use estimates. We believe that our
assumptions and estimates used are reasonable and supportable in the existing
market environment, but different ones could be used which would lead to
different results.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The single most significant amount of goodwill relates to the acquisition
of PaineWebber. The valuation model used to determine the fair value of UBS
PaineWebber is sensitive to changes in the assumptions about the discount rate,
growth rate and expected cash flows (i.e., assumptions about the future
performance of the business). Adverse changes in any of these factors could
lead us to record a goodwill impairment charge.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Allowances and provisions for credit losses</B>
</FONT>

<DIV align="left"><FONT size="2">UBS has an extensive loan portfolio which is exposed to credit risk. These
loans are initially recorded at cost (i.e., at the net amount of proceeds
lent), and then held at amortized cost reduced for credit reserves. Credit
reserves are based upon management&#146;s assessment of the likelihood that the
borrower will not repay principal and interest according to the contractually
agreed terms. Had we made different judgments about the need for credit
reserves and their amounts, our credit loss expense charge would have been
different.
</FONT></DIV>

<P align="right"><FONT size="2">11</FONT>

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<P><FONT size="2"><B>Profile</B>
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Further details of our policies in this area are given in the Risk Analysis
section of the UBS Handbook 2001/2002, on pages 61 to 76.
</FONT>
<P align="left"><FONT size="2"><B>Securitizations and Special Purpose Entities</B>
</FONT>

<DIV align="left"><FONT size="2">UBS sponsors the formation of Special Purpose Entities (SPEs) primarily for the
purpose of allowing clients to hold investments, for asset securitization
transactions, and for credit protection. In accordance with IAS we do not
consolidate those SPEs that we do not control. Under applicable accounting
standards, determining the existence of control of an SPE is a complex matter
and often requires judgments to be made about risks and rewards and the ability
to make operating decisions for the SPE.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The main difference to our financial statements between consolidation and
non-consolidation of SPEs is generally that only in the latter case can we
recognize gains arising on securitization of assets and other transactions.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS has a comprehensive process for monitoring and controlling the
creation and running of SPEs, designed to ensure that they are only created for
purposes connected with our business, that any change of status, such as the
activation of a dormant SPE, is appropriate and that the SPEs and their assets
and liabilities are correctly accounted for.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS manages the risk of consolidated SPEs in the same way as for any other
subsidiary. Unconsolidated SPEs are treated like any other unaffiliated
counterparty, under normal credit risk principles.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Principal types of SPE used by UBS</B>
</FONT>

<DIV align="left"><FONT size="2"><I>SPEs used to allow clients to hold investments </I>are structures that allow one or
more clients to invest in an asset or set of assets which are purchased by the
SPE in the open market and not transferred from UBS. The risk or reward of the
assets held by the SPE resides with the customer &#150; UBS has no exposure to them.
Typically, UBS will receive service and commission fees for creation of the
SPE, or because it acts as investment manager, custodian or in some other
function.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;These SPEs range from mutual funds to trusts investing in real estate, for
example UBS Alternative Portfolio AG, which provides a vehicle for investors to
invest in a diversified range of alternative investments through a single
share. The majority of our SPEs fall into this category. SPEs created for
client investment purposes are generally not consolidated.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>SPEs used for securitization</I>. SPEs for securitization are created when UBS
has an asset (for example a portfolio of loans) which it sells to an SPE. The
SPE in turn sells interests in the asset as securities to investors.
Consolidation of these SPEs depends on whether UBS retains the risks and
rewards of the assets in the SPE.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;We do not consolidate SPEs for securitization if UBS no longer retains any
significant exposure (gain or loss) to the returns, including liquidation, on
the assets sold to the SPE. This type of SPE is a bankruptcy remote entity &#150; if
UBS were to go bankrupt the holders of the securities would clearly be owners
of the asset, while if the SPE were to go bankrupt the securities holders would
have no recourse to UBS.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;However, in some cases UBS does retain exposure to some of the returns
from the assets sold to the SPE &#150; for example first loss on a loan portfolio.
In these cases we consolidate the SPE and then derecognize the assets to the
extent that we do not have exposure.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;SPEs for credit protection are set up to allow UBS to sell the credit risk
on portfolios to investors. They are primarily to allow UBS to have a single
counterparty (the SPE) which sells credit protection to UBS. The SPE in turn
has a large number of investors who provide it with capital and participate in
the risks and rewards of the credit events that it insures. SPEs for credit
protection are generally consolidated.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Equity compensation</B>
</FONT>

<DIV align="left"><FONT size="2">IAS does not specifically address the recognition and measurement of
equity-based compensation plans, including employee option plans. Extensive
literature on accounting for options granted to employees exists under US GAAP,
which permits a
company to elect either the intrinsic value method or the fair value method.
Under the intrinsic value method, if the exercise price of options granted is
equal to or greater than the fair value of the underlying equity at grant date,
no compensation expense need be recorded. Under the fair value method, an
amount would be computed for such options and charged to compensation expense.
For IAS, UBS records as compensation expense only the intrinsic value at grant
date, if any, of options</FONT></DIV>


<P><FONT size="2">12</FONT>

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<DIV align="left"><FONT size="2">granted to employees. Subsequent changes in value are
not recognized. Further information on UBS equity compensation plans is
disclosed in Note 33 to the Financial Statements.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Deferred tax</B>
</FONT>

<DIV align="left"><FONT size="2">UBS records a valuation allowance to reduce its deferred tax assets to the
amount that we believe can be realized in our future tax returns. Our valuation
allowance is based on the assessment of future taxable income and our tax
planning strategies. At each balance sheet date, existing assessments are
reviewed and, if necessary, revised to reflect changed circumstances. Changes
in circumstances may result in either an increase or reduction of the valuation
allowance, and therefore net income, depending on an adverse or favorable
change of the factors that impact the recognized deferred tax assets. See Note
22 to the Financial Statements for further details.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Segment reporting</B>
</FONT>

<DIV align="left"><FONT size="2">The policies used in preparation of our segment reporting affect the split of
our income and expenses between the different Business Groups. Applying
different rules would lead to different net profit in the different Business
Groups, but would have no effect on the total Group profits.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The most significant of these policies is the treatment of credit loss
expense. If we had not applied the concept of adjusted expected loss in
calculating the credit loss expense for each Business Group, Corporate Center
would have incurred a significantly higher loss, UBS Warburg would have
achieved a slightly lower profit and UBS Switzerland a significantly higher
profit, in both 2001 and 2000. The concept of adjusted expected credit loss is
explained in more detail in the Management Accounting section of this report on
pages 32 to 36, which includes a table which reconciles the adjusted expected
credit loss amount charged to the Business Groups with the actual IAS credit
loss.
</FONT></DIV>

<P align="left"><FONT size="2" color="#0865AB"><B>Significant financial events</B>
</FONT>

<DIV align="left"><FONT size="2">We analyze UBS&#146;s performance on a reported basis determined in accordance with
IAS, and on a normalized basis which excludes from the reported amounts certain
items we term significant financial events.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;We use figures adjusted for significant financial events to illustrate the
underlying operational performance of our business, insulated from the impact
of one off gains or losses outside the normal run of business. In particular,
our financial targets have been set in terms of adjusted results, excluding
significant financial events. A policy approved by the Group Executive Board
defines which items may be classified as significant financial events. In
general an item that is treated as a significant financial event should be:
</FONT></DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150; </FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="98%"><FONT size="2">Non-recurring</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="98%"><FONT size="2">Event specific</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150; </FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="98%"><FONT size="2">Material at Group level</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150; </FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="98%"><FONT size="2">UBS-specific, not industry-wide</FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="2">and should not be a consequence of the normal run of business.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Examples of items that we would treat as significant financial events
include the gain or loss on the sale of a significant subsidiary or associate,
such as the divestment in 1999 of UBS&#146;s stake in Swiss Life/Rentenanstalt, or
the restructuring costs associated with a major integration, such as the merger
with PaineWebber.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Significant financial events are not a recognized accounting concept under
IAS or US GAAP, and are therefore not separately reflected in the UBS Group
Financial Statements. We restrict the use of numbers which have been adjusted
for significant financial events to UBS&#146;s business unit reporting and to the
discussion and analysis of the Group&#146;s results and the accompanying
illustrative tables. Where tables in the Business Group reporting show adjusted
figures, we also include a table showing the reported figures.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;We clearly identify all adjusted figures as such, and clearly disclose
both the pre-tax amount of each individual significant financial event, and the
net tax benefit or loss associated with all the significant financial events in
each period.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;We have not declared any significant financial events in 2001.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Significant financial events during 1999 and 2000 are shown in the table
on page 14 and described in more detail below.
</FONT></DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="98%"><FONT size="2">During 2000, we recorded restructuring charges and provisions of CHF
290&nbsp;million pre-tax relating to the integration of PaineWebber into
UBS.</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="98%"><FONT size="2">During 1999, we recognized pre-tax gains of CHF 1,490&nbsp;million on the
sale of our 25% stake in Swiss Life/Rentenanstalt; CHF 110</FONT></TD>
</TR>
</TABLE>
<P align="right"><FONT size="2">13</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P><FONT size="2"><B>Profile</B>
</FONT>
<P align="left"><FONT size="2"><B>Significant Financial Events</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="65%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="2"><B>CHF million</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>%changefrom</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="2"><B>For the year ended</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Operating income as reported</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>37,114</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">36,402</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">28,425</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Julius Baer registered shares divestment</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(110</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">International Global Trade Finance divestment</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(200</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Swiss Life / Rentenanstalt divestment</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1,490</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">LTCM gain</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(38</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Adjusted operating income</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>37,114</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">36,402</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">26,587</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Operating expenses as reported</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>30,396</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">26,203</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">20,532</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">US Global Settlement Fund provision</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(150</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(154</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Pension Fund Accounting credit</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">456</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">UBS / SBC Restructuring provision</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(300</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">PaineWebber integration costs</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(290</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Adjusted operating expenses</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>30,396</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">25,763</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">20,534</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Adjusted operating profit before tax
and minority interests</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6,718</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,639</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,053</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(37</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="4" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Tax expense</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,401</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,320</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,686</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(40</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Tax effect of significant financial events</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">100</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(352</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Adjusted tax expense</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,401</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,420</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,334</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(42</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Minority interests</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(344</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(87</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(54</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">295</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="4" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Adjusted net profit</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,973</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,132</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,665</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(39</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><I>Adjusted net profit before goodwill</I></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6,296</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,799</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,005</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(28</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="98%"><FONT size="2">million on the disposal of Julius Baer registered shares; CHF 200&nbsp;million on
the sale of our international Global Trade Finance business; and CHF 38
million from our residual holding in Long Term Capital Management.</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="98%"><FONT size="2">In fourth quarter 1999, we recognized a one-time credit of CHF 456&nbsp;million in connection with excess employer pre-payments
to staff pension funds.</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="98%"><FONT size="2">In fourth quarter 1999, UBS recognized an additional pre-tax restructuring charge of CHF 300&nbsp;million in respect of the 1998
merger between Union Bank of Switzerland and Swiss Bank Corporation.</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150; </FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="98%"><FONT size="2">During 1998, we established a provision of CHF 842&nbsp;million in connection with the
US Global Settlement of World War II related claims. We recognized additional
pre-tax provisions relating to this claim of CHF 154&nbsp;million in 1999 and CHF
150&nbsp;million in 2000.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2" color="#0865AB"><B>Risk factors</B>
</FONT>

<DIV align="left"><FONT size="2">As a global financial services firm, UBS&#146;s businesses are affected by the
external environment in the markets in which UBS operates. In particular, the
results of our business in Switzerland, and notably the results of our
credit-related activities, would be adversely affected by any deterioration in
the state of the Swiss economy because of the impact this would have on our
customers&#146; creditworthiness. More generally, global economic and political
conditions can impact UBS&#146;s results and financial position by affecting the
demand for our products and services, and the credit quality of our borrowers
and counterparties. Similarly, any continued prolonged weakness in
international securities markets would affect our business revenues through its
effect on our clients&#146; investment activity and the value of their invested
assets, which would in turn reduce our revenues from wealth management
businesses.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Competitive forces</B>
</FONT>

<DIV align="left"><FONT size="2">UBS faces intense competition in all aspects of its business. We compete with
asset managers, retail and commercial banks, private banking firms, investment
banking firms, brokerage firms and other investment services firms. In
addition, the trend toward consolidation in the global financial services
industry is creating competitors with broader ranges of product and service
offerings, increased access to capital, and greater efficiency and pricing
power.
</FONT></DIV>

<P><FONT size="2">14</FONT>

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<P align="left"><FONT size="2"><B>Fluctuations in currency exchange rates and interest rates</B>
</FONT>

<DIV align="left"><FONT size="2">Because UBS prepares its accounts in Swiss francs, changes in currency exchange
rates, particularly between the Swiss franc and the US dollar, may have an
effect on the earnings that UBS reports. (Revenues in US dollars represent the
major part of our non-Swiss franc earnings). Our approach to managing this risk
is explained in the Currency management section of the Group Treasury chapter
in the UBS Handbook 2001/2002.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In addition, changes in financial market structures can affect our
earnings. For example, the establishment of the euro during 1999 affected
foreign exchange markets in Europe by reducing the extent of foreign exchange
dealings among member countries and generating more harmonized financial
products. Movements in interest rates can also affect our results. Our interest
income is affected by changes in interest rates, although the precise
mechanisms are complicated. Interest rate movements can also affect our fixed
income trading portfolio and the investment performance of our asset management
businesses. For further discussion of the effect of interest rate changes on
our business see the Interest rate risk management section of the discussion of
the Group Treasury chapter in the UBS Handbook 2001/2002.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Operational risks</B>
</FONT>

<DIV align="left"><FONT size="2">All our businesses are dependent on our ability to process a large number of
complex transactions across numerous and diverse markets in different
currencies and subject to many different legal and regulatory regimes. UBS&#146;s
systems and processes are designed to ensure that the risks associated with our
activities are appropriately controlled, but we recognize that any weaknesses
in these systems could have a negative impact on the results of our operations.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;As a result of these and other factors beyond our control, UBS&#146;s revenues
and operating profit have been and are likely to continue to be subject to a
measure of variability from period to period. Therefore UBS&#146;s revenues and
operating profit for any particular fiscal period may not be indicative of
sustainable results, may vary from year to year and may impact our ability to
achieve UBS&#146;s strategic objectives.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;For a discussion of UBS&#146;s risk management and control procedures see the
Risk Management and Control section of the UBS Handbook 2001/2002.
</FONT></DIV>


<P align="right"><FONT size="2">15</FONT>


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<P align="center"><FONT size="2"><IMG src="y58380y58380p1.gif" alt="(IMAGE)">
</FONT>

<P><FONT size="2">16</FONT>

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<P align="center"><FONT size="2"><IMG src="y58380y58380p2.gif" alt="(IMAGE)">
</FONT>

<P align="right"><FONT size="2">17</FONT>

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<P><FONT size="2"><B>Group Financial Review<BR>
Group Results</B>
</FONT>
<!-- link2 "Group Results" -->
<DIV align="left"><A NAME="023"></A></DIV>
<P align="left"><FONT size="5"><B>Group Results</B>
</FONT>

<P align="left"><FONT size="4" color="#7F7F7F"><B>2001</B>
</FONT>

<P align="left"><FONT size="2">UBS made significant progress in 2001, successfully integrating UBS
PaineWebber, building our European wealth management business and expanding our
presence in corporate finance, particularly in the US. Our clients invested
substantial net new money through our private client and asset management
businesses, and we significantly improved our investment banking market share.
It has been a challenging year for us financially, with a difficult market
environment depressing trading returns, transaction volumes, and private equity
valuations, in stark contrast to the buoyant climate in 2000. Despite the
markets, relative operational performance in our core businesses has remained
strong and we have benefited from our prudent attitude to risk and careful cost
control.
</FONT>

<P align="left"><FONT size="2"><B>Group targets</B>
</FONT>

<DIV align="left"><FONT size="2">We focus on four key performance targets, designed to ensure that UBS delivers
continually improving returns to its shareholders.
</FONT></DIV>

<DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;&nbsp;</FONT></TD>
        <TD width="99%"><FONT size="2">We seek to increase the value of UBS by achieving a sustainable,
after-tax return on equity of 15&#150;20%, across periods of varying market
conditions.</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;&nbsp;</FONT></TD>
        <TD width="99%"><FONT size="2">We aim to increase shareholder value through double-digit average
annual percentage growth of basic earnings per share (EPS), across
periods of varying market conditions.</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;&nbsp;</FONT></TD>
        <TD width="99%"><FONT size="2">Through cost reduction and earnings enhancement initiatives, we aim to
reduce UBS&#146;s cost/income ratio to a level that compares positively
with best-in-class competitors.</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;&nbsp;</FONT></TD>
        <TD width="99%"><FONT size="2">We aim to achieve a clear growth trend in net new money in the private
client businesses (Private Banking and Private Clients).</FONT></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The first three targets are all measured pre-goodwill amortization, and
adjusted for significant financial events.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Our performance against these targets in 2001 reflects the extremely
difficult market conditions we have faced. Before goodwill and adjusted for
significant financial events:
</FONT></DIV>

<DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;&nbsp;</FONT></TD>
        <TD width="99%"><FONT size="2">Our return on equity for 2001 was 14.8%, only just below our target range
of 15&#150;20%.</FONT></TD>
</TR>
</TABLE>
</DIV>
<P align="left"><FONT size="2"><B>UBS Group Performance against Targets</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="67%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">For the year ended</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center"><FONT size="2">31.12.99</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>RoE (%)</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">as reported</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>11.7</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">21.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">22.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">before goodwill and adjusted for significant financial
events<SUP>1</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>14.8</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">24.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Basic EPS (CHF)</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">as reported</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3.93</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.44</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.07</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">before goodwill and adjusted for significant financial
events<SUP>1</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4.97</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7.28</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.12</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Cost / income ratio (%)</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">as reported</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>80.8</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">72.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">69.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">before goodwill and adjusted for significant financial
events<SUP>1</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>77.3</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">69.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">73.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net new money, private client units
(CHF bn)</B><SUP><B>2,3</B></SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">UBS Switzerland &#150; Private Banking</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>22.5</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">UBS Warburg &#150; Private Clients</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>36.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>58.5</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="4" noshade></B></FONT></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>1</sup></FONT></TD>
        <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="98%"><FONT size="1">Excludes the amortization of goodwill and other intangible assets.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>2</sup></FONT></TD>
        <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="98%"><FONT size="1">Excludes interest and dividend income.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>3</sup></FONT></TD>
        <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="98%"><FONT size="1">Calculated using the former definition of assets under management in 2000 and 1999.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">18</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><FONT size="2">Although this is lower than the 24.3% that we achieved in 2000, it represents a
solid performance when set in the context of the trading environment. Our
return on equity in 2000 was boosted by extremely high returns in the exuberant
markets of the first half-year, while this year has seen much weaker economic
and stock market performance combined with higher average equity resulting from
the acquisition of PaineWebber in fourth quarter 2000.</FONT>

<P align="center"><FONT size="2"><IMG src="y58380y58380g1.gif" alt="(BAR GRAPH)">
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;&nbsp;</FONT></TD>
        <TD width="99%"><FONT size="2">Basic earnings per share fell 32% to CHF 4.97, a level still 21%
higher than we achieved in 1999. Outstanding shares started 2001
higher than in most of 2000, as a result of issuance to fund the
merger with PaineWebber, but our continued buy-back program meant that
by 31 December 2001 they were again below the pre-merger level.</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;&nbsp;</FONT></TD>
        <TD width="99%"><FONT size="2">The cost/income ratio for the year rose from 69.2% to 77.3%,
reflecting lower revenues, the poor performance of our private equity
portfolio this year and the influence of the relatively high
cost/income ratio typical of</FONT></TD>
</TR>
</TABLE>

<P align="center"><FONT size="2"><IMG src="y58380y58380g2.gif" alt="(BAR GRAPH)">
</FONT>

<P><FONT size="2">UBS PaineWebber&#146;s business. Despite this
rise, operating expenses remained under tight control, with decreases
from 2000 levels in UBS Switzerland&#146;s Private Banking and Private and
Corporate Clients business units and UBS Warburg&#146;s Corporate and
Institutional Clients business unit, and a clear reduction through the
year in UBS Warburg&#146;s Private Clients business unit.</FONT>

<P align="center"><FONT size="2"><IMG src="y58380y58380g3.gif" alt="(BAR GRAPH)">
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Our disciplined approach to both compensation and non-personnel costs
allows us to continue investing in the future growth of our key businesses. The
percentage of revenue which we dedicate to rewarding our staff has remained
almost unchanged since last year in our most important businesses, reflecting a
substantial decrease in bonus payments.
</FONT>

<P align="center"><FONT size="2"><IMG src="y58380y58380g4.gif" alt="(BAR GRAPH)">
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Our asset gathering activities have delivered very strong results this
year, with inflows in the private client units (Private Banking and Private
Clients) of CHF 58.5&nbsp;billion during 2001, compared to CHF 18.0&nbsp;billion in 2000.
Over the whole Group, we attracted a total of
</FONT>

<P align="right"><FONT size="2">19</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P><FONT size="2"><B>Group Financial Review<BR>
Group Results</B>
</FONT>
<P align="left"><FONT size="2"><B>Invested Assets</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="56%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>Net new</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Net new</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>money<SUP>2</SUP></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">money<SUP>2,3</SUP></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF billion</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00<SUP>1</SUP></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>2001</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">2000</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>UBS Group</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,457</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,452</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>UBS Switzerland</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Private and Corporate Clients</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>320</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">345</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8.5</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Private Banking</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>682</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">691</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>22.5</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>UBS Asset Management</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Institutional</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>328</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">323</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6.2</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(70.8</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Mutual funds</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>344</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">319</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>28.7</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>UBS Warburg</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Private Clients</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>782</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">773</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>36.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">UBS Capital</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0.1</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>1</sup></FONT></TD>
        <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="98%"><FONT size="1">Calculated using the new definition of invested assets.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>2</sup></FONT></TD>
        <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="98%"><FONT size="1">Excludes interest and dividend income.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>3</sup></FONT></TD>
        <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="98%"><FONT size="1">Calculated using the former definition of assets under management.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">CHF 102.0&nbsp;billion in net new money, as clients increasingly value the quality
of our advice and the breadth and depth of our wealth management capabilities.
</FONT>
<P align="center"><FONT size="2"><IMG src="y58380y58380g5.gif" alt="(BAR GRAPH)">
</FONT>

<P align="left"><FONT size="2"><B>Net profit</B>
</FONT>

<DIV align="left"><FONT size="2">Our net profit for the year 2001 was CHF 4,973&nbsp;million, 36% less than the CHF
7,792&nbsp;million achieved in 2000, reflecting the much more difficult market
environment in 2001.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The merger with PaineWebber resulted in much higher goodwill amortization
expense in 2001 than in 2000. Pre-goodwill, net profit for the year was CHF
6,296&nbsp;million, 26% lower than we achieved in the much stronger markets of 2000
and 28% lower if adjusted for significant financial events.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Operating income</B>
</FONT>

<DIV align="left"><FONT size="2">Operating income was 2% higher in 2001 than in 2000, at CHF 37,114&nbsp;million,
with the effect of much more difficult market conditions offset by the addition
of UBS PaineWebber&#146;s businesses.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;There were no significant financial events that affected operating income
in either 2001 or 2000.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Net interest income</I> was 1% lower than in 2000, at CHF 8,041&nbsp;million,
compared to CHF 8,130&nbsp;million in 2000, and <I>net trading income</I> was 12% lower
than in 2000 at CHF 8,802&nbsp;million, compared to CHF 9,953&nbsp;million in 2000.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Various factors can alter the mix between net interest income and net
trading income between periods.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;As well as income from interest margin based activities (for example loans
and deposits), net interest income includes some income earned as a result of
trading activities (such as coupon and dividend income). This component is
volatile from period to period, depending on the composition of the trading
portfolio.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Furthermore, the classification of income arising from positions and their
offsetting economic hedging transactions may be different. In fourth quarter
2001 this effect was particularly pronounced, as a result of the significant
fall in short term USD interest rates which substantially reduced our borrowing
costs, so boosting net interest income for the quarter. Our overall interest
rate exposures are limited by hedging transactions using derivative
instruments. As the USD rates fell, these economic hedges generated
mark-to-market losses recorded in fixed income net trading income, offsetting a
portion of the gains in net interest income.
</FONT></DIV>

<P><FONT size="2">20</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="2"><B>Net Interest and Trading Income</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="60%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">% change from</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><i>For the year
ended</i></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net interest income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8,041</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,130</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,909</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net trading income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8,802</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9,953</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,719</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(12</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total net interest and trading income</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>16,843</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18,083</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13,628</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(7</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Breakdown by business activity:</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net income from interest margin products</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>5,694</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,430</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,139</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net income from trading activities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>11,529</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12,642</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,200</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(9</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net income from treasury activities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,424</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">762</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">628</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">87</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other<SUP>1</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(1,804</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(751</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(339</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(140</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total net interest and trading income</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>16,843</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18,083</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13,628</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(7</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>1</sup></FONT></TD>
        <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="98%"><FONT size="1">Principally goodwill funding costs.</FONT></TD>
</TR>
</TABLE>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In order to provide a better explanation of the movements in net interest
income and net trading income, we produce the disclosure shown above which sums
net interest income and net trading income, and then analyzes the total
according to the business activities which gave rise to the income, rather than
by the type of income generated.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<i>Net income from interest margin products</i> increased 5% from CHF 5,430
million to CHF 5,694&nbsp;million, driven by the inclusion of UBS PaineWebber.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<i>Net income from trading activities</i> was CHF 11,529&nbsp;million, 9% lower than
the CHF 12,642&nbsp;million achieved in 2000. Falling interest rates and increased
volatility in debt markets led to a very strong year for fixed income and
foreign exchange trading, but equity trading revenues suffered from much lower
market volumes, increased volatility and reduced arbitrage opportunities.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<i>Net income from treasury activities</i> was 87% higher than in 2000, at CHF
1,424&nbsp;million, reflecting two main factors:
</FONT></DIV>

<DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;&nbsp;</FONT></TD>
        <TD width="99%"><FONT size="2">increased income from our invested equity, as a result of the
expansion of our capital base since the PaineWebber merger, and
changes in the investment portfolio&#146;s maturity structure leading to an
increase in average interest rates;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;&nbsp;</FONT></TD>
        <TD width="99%"><FONT size="2">and improved currency management results due to introduction of a new
economic hedging strategy and some one-off gains.</FONT></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<i>Other net trading and interest income</i> principally reflects the costs of
goodwill funding, with the CHF 1,053&nbsp;million increase in cost from CHF 751
million in 2000 to CHF 1,804&nbsp;million in 2001 mainly due to goodwill funding
costs arising from the acquisition of PaineWebber.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Credit loss expense</I>. In 2001 credit loss expenses amounted to CHF 498
million, compared to a net recovery of CHF 130&nbsp;million in 2000 but down from an
expense of CHF 956&nbsp;million in 1999.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The global credit environment declined rapidly throughout 2001, with
overall default rates as high as during the last major global recession in
1991. The phenomenon of investment grade companies falling into restructuring
and default within a very short period of time became very prominent in the
United States during 2001, and subsequently spread to Europe. In this difficult
</FONT></DIV>

<P align="left"><FONT size="2"><B>Actual IAS Credit Loss Expense (Recovery)</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="63%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><i>For the year
ended</i></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">UBS Switzerland</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>123</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(695</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">965</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">UBS Asset Management</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">UBS Warburg</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>375</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">565</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Corporate Center</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(9</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>498</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(130</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">956</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P align="right"><FONT size="2">21</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><FONT size="2"><B>Group Financial Review<BR>
Group Results</B>
</FONT>
<P align="left"><FONT size="2"><B>Net Fee and Commission Income</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="67%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">% change from</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2">For the year ended</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Underwriting fees</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,158</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,434</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">905</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">50</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Corporate finance fees</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,339</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,772</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,298</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(24</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Brokerage fees<SUP>1</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6,445</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,742</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,934</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Investment fund fees</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,276</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,821</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,915</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">52</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Fiduciary fees</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>355</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">351</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">317</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Custodian fees</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,356</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,439</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,583</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(6</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Portfolio and other management and advisory
fees<SUP>1</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,650</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,666</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,612</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">27</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Insurance-related and other fees<SUP>1</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>538</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">111</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">57</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">385</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total security trading and investment activity fees</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>21,117</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">17,336</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12,621</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">22</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Credit-related fees and commissions</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>307</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">310</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">372</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Commission income from other services</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>946</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">802</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">765</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total fee and commission income</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>22,370</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18,448</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13,758</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">21</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Brokerage fees paid</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,281</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,084</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">795</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>878</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">661</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">356</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">33</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total fee and commission expense</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,159</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,745</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,151</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">24</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net fee and commission income</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>20,211</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16,703</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12,607</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">21</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>1</sup></FONT></TD>
        <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="98%"><FONT size="1">Fee and commission income from insurance products now reported in
Insurance-related and other fees was previously reported in Brokerage fees and
in Portfolio and other management and advisory fees. Prior years have been
restated.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">and challenging environment we have focused on ensuring that our counterparty
ratings are rapidly adjusted to reflect the changing economic situation. At the
same time, we have increased the frequency of sector and geographic rating
reviews.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In UBS Warburg, the ongoing strategy of actively hedging credit exposure
has kept new provisions to a relatively low level, resulting in a credit loss
expense of CHF 375&nbsp;million in 2001, compared to CHF 565&nbsp;million in 2000.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Corporate bankruptcies in Switzerland have now reached their lowest level
since the early 1990s, and we have successfully improved the credit quality of
our domestic portfolio over recent years. The level of recoveries of previously
existing provisions has, however, declined compared to the somewhat exceptional
levels of 2000, reflecting less robust growth in the Swiss economy towards the
end of 2001, following the global economic slowdown. As a result, the trend of
net recoveries of loan loss provisions observed in the previous year was
reversed and credit loss expenses increased accordingly during 2001, although
remaining below the long-term trend. Credit loss expense in UBS Switzerland in
2001 was CHF 123&nbsp;million, compared to a net recovery of CHF 695&nbsp;million in
2000.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;For further details on our risk management approach, how we measure credit
risk and the development of our credit risk exposures, please see the Capital
and Risk Management chapter of our Handbook 2001/2002.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Net fee and commission income</I> was CHF 20,211&nbsp;million, up 21% from 2000 and
at a record level, reflecting the inclusion of UBS PaineWebber and the
introduction of higher fees for investment funds. Without UBS PaineWebber, net
fee and commission income would have dropped 7%, driven by much lower brokerage
fees and a reduction in corporate finance fees, with increases in market share
during the year achieved against a background of much reduced market activity.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Underwriting fees increased 50%, from CHF 1,434&nbsp;million in 2000 to CHF
2,158&nbsp;million in 2001. The majority of this increase was due to UBS
PaineWebber, whose extensive retail network in the US provides a strong
platform for distribution of both bonds and equities.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS PaineWebber has a significant US municipal securities business, which
completed the largest deal in its history in fourth quarter, raising USD 1.9
billion for the New Jersey Transit Trust Fund Authority, and helping to push it
into first place
in the league table rankings for fourth quarter, and second place for the
</FONT></DIV>

<P><FONT size="2">22</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P><FONT size="2">whole of 2001. The mortgage-backed securities business in the US has also
benefited from the combination of UBS&#146;s franchise and capital strength with
existing PaineWebber expertise. UBS Warburg ranked first in US residential
mortgage-backed securities in 2001, according to Thomson Financial Data.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Equity underwriting was depressed in 2001, as volatile and uncertain
markets reduced issuance. However, UBS&#146;s league table rankings improved, from
seventh in international equity new issues in 2000 to second in 2001, according
to Capital Data Bondware. Even excluding the contribution from UBS PaineWebber,
equity underwriting revenues increased by CHF 77&nbsp;million, or 7%, from 2000.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Although our corporate finance league table rankings were disappointing,
down from sixth in 2000 for completed global mergers and acquisitions to eighth
in 2001, we outperformed 2000 in terms of market share, with full year analysis
showing us with a 4.5% share of fees, compared to 3.6% in 2000. Despite this,
Corporate Finance fees were down 24%, from CHF 1,772&nbsp;million in 2000 to CHF
1,339&nbsp;million in 2001, reflecting the much more difficult market environment
this year.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Net brokerage fees rose 11% from CHF 4,658&nbsp;million in 2000 to CHF 5,164
million in 2001, driven by the inclusion of UBS PaineWebber. Without the
contribution from UBS PaineWebber, net brokerage fees would have fallen by
about 17% compared to 2000, reflecting the much lower trading volumes
experienced in almost all major markets world wide in 2001. The level of net
brokerage fees is closely linked to transaction volumes, and performance in
2002 will largely depend on whether markets improve and investor confidence
returns.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Investment fund fees rose 52% from CHF 2,821&nbsp;million in 2000 to CHF 4,276
million in 2001, driven by the inclusion of UBS PaineWebber. Excluding UBS
PaineWebber, investment fund fees would have increased by CHF 268&nbsp;million,
mainly reflecting a change in the pricing structure for UBS Investment Funds,
introduced in January 2001, which brought charges up to market levels.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Custodian fees, at CHF 1,356&nbsp;million in 2001 were down 6% from 2000&#146;s
level of CHF 1,439&nbsp;million, principally reflecting lower average assets in
Private Banking in Switzerland.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Portfolio and other management and advisory fees increased 27% from CHF
3,666&nbsp;million in 2000 to CHF 4,650&nbsp;million in 2001, due to the addition of UBS
PaineWebber. Excluding UBS PaineWebber, there would have been a slight decline
from 2000, as a full year&#146;s contribution from the O&#146;Connor business in UBS
Asset Management (created in June 2000) was more than offset by the effect of
lower average assets on managed account fees.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Insurance related and other fees increased substantially from CHF 111
million in 2000 to CHF 538&nbsp;million in 2001, with almost all this increase due
to UBS PaineWebber, where the biggest contribution came from the deferred
annuities business.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Other income fell</I> 62% from CHF 1,486&nbsp;million in 2000 to CHF 558&nbsp;million in
2001, reflecting the very difficult conditions in the private equity market
this year, which led to minimal opportunities for divestment and much greater
levels of write-downs than last year.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Operating expenses</B>
</FONT>

<DIV align="left"><FONT size="2">In light of lower revenues in 2001, cost control was a key focus of all our
management teams, as we maintained strong discipline on both personnel and
non-personnel costs, particularly in the Corporate and Institutional Clients
and Private and Corporate Clients business units, bringing their operating
expenses to record low levels.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Total operating expenses</I> increased 16% from CHF 26,203&nbsp;million in 2000 to
CHF 30,396&nbsp;million in 2001, driven by the inclusion of UBS PaineWebber.
Excluding significant financial events in 2000 and UBS PaineWebber, costs
fell 7%, as performance-related compensation reduced, and non-personnel
costs were carefully restricted.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The principal significant financial events affecting the comparison of
operating expenses are the CHF 150&nbsp;million additional provision for the US
Global Settlement of World War II related claims, recorded in 2000 in General
and administrative expenses, and CHF 290&nbsp;million of costs from the integration
of PaineWebber, also recorded in 2000. Of this CHF 290&nbsp;million, CHF 118&nbsp;million
was charged to Personnel expenses, CHF 93&nbsp;million to General and administrative
expenses and CHF 79&nbsp;million to Depreciation.
</FONT></DIV>

<P align="right"><FONT size="2">23</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><FONT size="2"><B>Group Financial Review<BR>
Group Results</B>
</FONT>
<P align="left"><FONT size="2"><B>Headcount<SUP>1</SUP></B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="66%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>(full time equivalents)</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Change in %</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>UBS Switzerland</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>29,204</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">30,025</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(3</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Private and Corporate Clients</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>19,938</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">21,100</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(6</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Private Banking</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>9,266</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,925</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>UBS Asset Management</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3,281</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,860</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>UBS Warburg</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>36,368</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">37,205</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(2</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Corporate and Institutional Clients</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>15,562</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15,262</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">UBS Capital</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>128</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">129</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Private Clients</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>20,678</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">21,814</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(5</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Corporate Center</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,132</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">986</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Group total</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>69,985</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">71,076</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(2</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><I>thereof: Switzerland</I></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B><I>29,163</I></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">30,095</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(3</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="4" noshade></B></FONT></DIV></TD>
</TR>
</TABLE>
</CENTER>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>1</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">The Group headcount does not include the Klinik Hirslanden AG headcount of
2,450 at 31 December 2001 and 1,839 at 31 December 2000.</FONT></TD>
</TR>
</TABLE>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Personnel expenses</I> in 2001 reflect considerable reductions in bonus and
performance-related compensation, with average variable compensation per head
down 23%, ensuring that overall compensation ratios for the year were kept in
line with 2000&#146;s ratio in our core businesses. However, the inclusion of CHF
5,178&nbsp;million of PaineWebber personnel expenses more than offset the reduction
in performance-related pay, bringing the total to CHF 19,828&nbsp;million, 16% up
from 2000. Approximately 43% of this year&#146;s personnel expenses were bonus or
other variable compensation, down from 48% last year.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS Group <I>headcount</I> fell by 2% from 71,076 at 31 December 2000 to 69,985
at 31 December 2001, principally reflecting the effect of successful cost
control efforts at UBS Switzerland&#146;s Private and Corporate Clients business
unit and UBS Warburg&#146;s Private Clients business unit, slightly offset by the
effect of acquisitions in UBS Asset Management and the expansion in Europe of
UBS Switzerland&#146;s Private Banking business unit.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>General and administrative expenses</I> increased by 13% from CHF 6,765
million in 2000 to CHF 7,631&nbsp;million in 2001 reflecting a full year&#146;s costs for
UBS PaineWebber, which more than offset the absence of the one-off charges and
provisions recorded in 2000.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses in 2000 included a final provision of
CHF 150&nbsp;million related to the US Global Settlement of World War II related
claims, and CHF 93&nbsp;million of PaineWebber integration costs, which were both
treated as significant financial events. Excluding these provisions and the
extra costs in 2001 due to the inclusion of UBS PaineWebber, general and
administrative costs would have been almost unchanged in 2001 compared to 2000.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Depreciation and amortization</I> increased 29% from CHF 2,275&nbsp;million in 2000
to CHF 2,937&nbsp;million in 2001, driven primarily by the goodwill amortization
resulting from the merger with PaineWebber.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS Group
incurred a <I>tax expense</I> of CHF 1,401&nbsp;million in 2001, down from
CHF 2,320&nbsp;million in 2000. This corresponds to an effective tax rate of 21% in
2001, compared to 23% in 2000. This relatively low rate results from
significantly lower tax in Switzerland, reflecting the effect of lower profits
triggering lower progressive tax rates, and a change in geographical earnings
mix of the Group. We believe that this year&#146;s tax rate of 21% is also a
reasonable indicator for 2002.
</FONT></DIV>

<P align="left"><FONT size="2"><B>PaineWebber merger-related costs</B>
</FONT>

<DIV align="left"><FONT size="2">In 2001, UBS incurred amortization costs of CHF 846&nbsp;million on goodwill and
intangible assets resulting from the acquisition of UBS PaineWebber, while
goodwill funding costs amounted to CHF 763&nbsp;million.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;As part of the merger, UBS agreed to make retention payments to
PaineWebber financial advisors, senior executives and other staff, subject to
these employees&#146; continued employment and other restrictions. The payments vest
over periods of up to four years from the merger and the vast majority of them
will be paid in the form of UBS shares. Because these payments are
a regular and continuing cost of the business, they are not treated as
significant financial events. Personnel expenses in 2001 include retention
payments for key PaineWebber staff of USD 284&nbsp;million (CHF 482&nbsp;million) for the
full year.
</FONT></DIV>

<P><FONT size="2">24</FONT>

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<P align="left"><FONT size="2"><B>Dividend</B>
</FONT>

<DIV align="left"><FONT size="2">This year we plan once again to make a tax efficient distribution of capital to
our shareholders rather than paying a dividend. The Board of Directors will
recommend to the Annual General Meeting on 18 April 2002 that UBS make a par
value repayment of CHF 2.00 per share, consistent with last year&#146;s total per
share distribution to shareholders of CHF 2.03.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Balance sheet</B>
</FONT>

<DIV align="left"><FONT size="2">Total assets increased CHF 165&nbsp;billion, or 15%, from CHF 1,088&nbsp;billion at 31
December 2000, to CHF 1,253&nbsp;billion at 31 December 2001. The balance sheet
growth mostly occurred during the first half of the year, with a contraction
following the terrorist attacks in the US on 11 September 2001, although this
reduction was reversed during fourth quarter.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Cash and balances with central banks rose from CHF 3&nbsp;billion at 31
December 2000 to 21&nbsp;billion at 31 December 2001, of which the overwhelming part
stemmed from increased deposits with the Bank of Japan. This build-up relates
to a change in the structure of our Japanese financial assets triggered by the
regime of negative short-term interest rates in Japan.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Trading related assets (cash collateral on securities borrowed, trading
portfolio assets and reverse repurchase agreements), grew by CHF 143&nbsp;billion
from 31 December 2000 to 31 December 2001. A significant part of this change
reflects an increase in collateralized positions, which grew by CHF 61&nbsp;billion,
due to increased client demand for collateralized funding in uncertain markets.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Loans, net of allowances for credit losses declined from CHF 245&nbsp;billion
at 31 December 2000 to CHF 227&nbsp;billion at 31 December 2001 as a result of
reduced lending to corporate customers and public authorities.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities increased 16%, from CHF 1,040&nbsp;billion at 31 December
2000 to CHF 1,206&nbsp;billion at 31 December 2001, principally reflecting expansion
of trading related liabilities (cash collateral on securities lent, repurchase
agreements and trading portfolio liabilities) which together increased by CHF
103&nbsp;billion during 2001. Amounts due to customers rose CHF 23&nbsp;billion to CHF
334&nbsp;billion at 31 December 2001 due to an increase in time deposits originated
with our retail and institutional customer base in Switzerland. Debt issued
increased CHF 26.6&nbsp;billion largely due to increased issuance of money market
paper in support of the Principal Finance business in the US.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS&#146;s long-term debt portfolio increased from CHF 55&nbsp;billion at 31
December 2000 to CHF 57&nbsp;billion at 31 December 2001, driven by increased sales
of retail structured products in the US and Europe, as clients sought ways to
compensate for higher market volatility. During this year CHF 18.2&nbsp;billion of
long-term debt were issued while CHF 18.5&nbsp;billion matured. UBS believes the
maturity profile of the long-term debt portfolio is well balanced to match the
maturity profile of UBS&#146;s assets.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Shareholders&#146; equity decreased CHF 1.3&nbsp;billion, or 3%, from 31 December
2000 to 31 December 2001. The increase in retained earnings was more than
offset by the effect of the repurchase of own shares in 2001. Shares were
repurchased under UBS&#146; second trading line buy-back program, for employee share
schemes and in order to repay the shares borrowed to pay the PaineWebber merger
consideration.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS maintains a significant percentage of liquid assets, including
collateralized receivables and trading portfolios that can be converted into
cash on relatively short notice and without adversely affecting UBS&#146;s ability
to conduct its ongoing businesses, in order to meet short-term funding needs.
Collateralized receivables include reverse repurchase agreements and cash
collateral on securities borrowed, and marketable corporate debt and equity
securities and a portion of UBS&#146;s loans and amounts due from banks which are
secured primarily by real estate. The value of UBS&#146;s collateralized receivables
and trading portfolio will fluctuate depending on market conditions and client
business. The individual components of UBS&#146;s total assets, including the
proportion of liquid assets, may vary significantly from period to period due
to changing client needs, economic and market conditions and trading
strategies.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Cash flows</B>
</FONT>

<DIV align="left"><FONT size="2">In the twelve-month period to December 2001, cash equivalents increased by CHF
22,889&nbsp;million, principally as a result of financing activities, which
generated positive cash flow of CHF 18,103&nbsp;million. CHF 24,226&nbsp;million from the
issuance of money market paper was offset by
</FONT></DIV>

<P align="right"><FONT size="2">25</FONT>

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<P><FONT size="2"><B>Group Financial Review<BR>
Group Results</B>
</FONT>
<P><FONT size="2">CHF 6,038&nbsp;million for treasury shares and treasury share contract activity as
well as CHF 683&nbsp;million for capital repayment.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Operating activities generated positive cash flow of CHF 12,873&nbsp;million.
Of this amount, CHF 4,973&nbsp;million resulted from net profit, CHF 27,306&nbsp;million
from a net increase in amounts due to and from banks, a net increase in amounts
due to customers and loans of CHF 42,813&nbsp;million and a net cash inflow of CHF
19,470&nbsp;million from repurchase and reverse repurchase agreements and cash
collateral on securities borrowed and lent. These were offset by CHF 78,456
million from an increase in the size of the trading portfolio.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Investing activities generated negative cash flow of CHF 7,783&nbsp;million.
CHF 5,770&nbsp;million from the purchase of financial investments and CHF 2,021
million from the purchase of property and equipment.
</FONT></DIV>

<P align="left"><FONT size="2" color="#0865AB"><B>Outlook 2002</B>
</FONT>

<DIV align="left"><FONT size="2">UBS&#146;s core businesses have performed relatively strongly in 2001, demonstrating
their ability to enhance market share in a challenging environment. As 2002
begins, markets remain difficult, with uncertainty and volatility continuing to
affect transaction levels and corporate activity. In the face of this
challenging environment, we will continue to assess our cost base carefully,
investing where strategically most important. Our prudent resource management
over the last two years means that we do not believe that significant staff
reductions are likely to be necessary, unless markets stagnate. With
prospects for an economic recovery receding into the latter part of
the year, potential for this year to outperform 2001 is limited.
However, our businesses have shown themselves to be increasingly
competitive and we are confident that we can continue the progress we
have made in the past year, expanding in corporate finance, further
developing our European wealth management initiative and ensuring
that all the strengths of our integrated group are focused on
building the world's leading wealth management and investment banking
businesses.
</FONT></DIV>

<P align="left"><FONT size="4" color="#7F7F7F"><B>2000</B>
</FONT>

<P align="left"><FONT size="2"><B>Group targets</B>
</FONT>

<DIV align="left"><FONT size="2">Adjusted for significant financial events, our pre-goodwill return on equity
for the year 2000 was 24.3%, clearly above our target range of 15&#150;20%.
Pre-goodwill earnings per share, again on an adjusted basis, were CHF 7.28 in
2000, representing an increase of 77% over 1999, well in excess of our target
of double-digit growth over the cycle. Continued focus on cost control brought
the pre-goodwill cost/income ratio, adjusted for significant financial events,
down to 69.2% in 2000, from 73.3% in 1999.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Net new money in the private client businesses (Private Banking and
Private Clients) was CHF 18.0&nbsp;billion for the year, compared to CHF 4.3&nbsp;billion
in 1999, and including CHF 8.3&nbsp;billion of net new money in UBS PaineWebber in
the last two months of 2000. UBS PaineWebber&#146;s net new money growth since
completion of the merger demonstrates the strength of its franchise and the
momentum that it brings to UBS&#146;s asset gathering performance.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Net profit</B>
</FONT>

<DIV align="left"><FONT size="2">Full year net profit was CHF 7,792&nbsp;million, up 27% from the CHF 6,153&nbsp;million
reported in 1999. When adjusted for significant financial events, net profit
for 2000 was CHF 8,132&nbsp;million, up 74% from the CHF 4,665&nbsp;million achieved in
1999. These results reflect the very strong and consistent performance recorded
by the Group in every quarter of 2000.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Operating income and expense includes income and expense of the former
PaineWebber businesses from 3 November 2000, the date of the completion of the
merger with PaineWebber.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Operating income</B>
</FONT>

<DIV align="left"><FONT size="2">Total operating income increased 28% from 1999, to CHF 36,402&nbsp;million, from CHF
28,425&nbsp;million. Adjusted for significant financial events, total operating
income increased 37%, to CHF 36,402&nbsp;million, from CHF 26,587&nbsp;million in 1999.
This strong performance relative to 1999 was driven by excellent trading
results, improved credit conditions in the Swiss market, much higher fee and
commission income, and a successful year for the Group&#146;s investment banking
business.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The principal significant financial events affecting the income comparison
were from the one-off sales of businesses and investments in 1999, including
pre-tax gains of CHF 1,490&nbsp;million on the sale of UBS&#146;s 25% stake in Swiss
Life/Rentenanstalt, CHF 110&nbsp;million on the disposal of Julius Baer registered
shares, and
</FONT></DIV>

<P><FONT size="2">26</FONT>

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<DIV align="left"><FONT size="2">CHF 200&nbsp;million on the sale of UBS&#146;s international Global Trade
Finance business, which were all recorded in Other income. In addition UBS
recognized a CHF 38&nbsp;million gain in 1999 from its residual holdings in Long
Term Capital Management, L.P., which was also recorded in Other income.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Net interest income</I> before credit loss increased by CHF 2,221&nbsp;million, or 38%,
from CHF 5,909&nbsp;million in 1999 to CHF 8,130&nbsp;million in 2000. This was
principally the result of much stronger trading-related performance, as a
result of buoyant markets, and the return of the balance sheet to more normal
proportions after the contraction implemented as part of the Group&#146;s
precautions against potential Year 2000 related problems.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Net trading income</I> increased CHF 2,234&nbsp;million, or 29%, to CHF 9,953
million for 2000, compared to CHF 7,719&nbsp;million for 1999, driven by strong
growth in equity trading income as a result of increased global market
activity, especially in the first quarter of 2000, and the increasing strength
of UBS Warburg&#146;s secondary client franchise.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Net income from interest margin products</I> increased 6% from 1999 to CHF
5,430&nbsp;million in 2000, driven by the addition of UBS PaineWebber. In the main
lending and deposit taking business in Switzerland, a reduction in loan volumes
was more than offset by a slight improvement in margins, reflecting a change in
product mix.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Net income from trading activities</I> in 2000 was CHF 12,642&nbsp;million, 54%
higher than in 1999, driven by the exceptionally strong performance of the
equity business in first half 2000, reflecting increased trading volumes,
higher market share and record levels of mergers and acquisitions activity.
Fixed income and foreign exchange trading income also improved compared to
1999, driven by improved markets, a strong government bond and derivatives
business and higher client flow in treasury products.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Net income from treasury activities</I> was CHF 762&nbsp;million in 2000, 21%
higher than in 1999, reflecting better results from the hedging of foreign
currency revenues and higher income from the investment of equity. Income from
invested equity increased due to the higher average equity following the
issuance of trust preferred securities in September 2000 and the merger with
PaineWebber.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Other net trading and interest income</I> principally reflects the costs of
goodwill funding, with the increase since 2000 mainly due to goodwill funding
costs arising from the acquisition of PaineWebber in November 2000 and the
acquisition of Global Asset Management (GAM)&nbsp;at the end of 1999.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Credit loss expense.</I> As a result of the significant recovery of the Swiss
economy in 2000 and especially its effect on the real estate and construction
markets, UBS was able to write back CHF 695&nbsp;million of credit loss provisions
in UBS Switzerland in 2000. These write-backs were only partly offset by
additional provisions for the UBS Warburg portfolio of CHF 565&nbsp;million, leading
to an overall net credit recovery of CHF 130&nbsp;million for 2000, compared to an
expense of CHF 956&nbsp;million in 1999.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Net fee and commission income</I> increased by CHF 4,096&nbsp;million, or 32%, from
CHF 12,607&nbsp;million in 1999 to CHF 16,703&nbsp;million in 2000. This was principally
the result of high levels of brokerage fees, due to increased client activity
in strong markets, especially in the first quarter of 2000, and the addition of
PaineWebber. In addition, two other new businesses, GAM, acquired at the end of
1999, and O&#146;Connor, created in June 2000, contributed to the increase, as did
the strong performance of UBS&#146;s investment banking business during 2000.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Credit-related fees and commissions decreased by CHF 62&nbsp;million in 2000
mainly as a result of the sale of UBS&#146;s international Global Trade Finance
business in 1999.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Underwriting fees increased by 58% over 1999 with strong results in both
fixed income and equity underwriting, despite UBS&#146;s relatively limited
involvement in the Technology, Media and Telecoms (TMT)&nbsp;sector, which led to
lower equity league table rankings in 2000 than in 1999. Corporate Finance fees
grew 37%, or CHF 474&nbsp;million, from CHF 1,298&nbsp;million in 1999 to CHF 1,772
million in 2000, reflecting good results in Europe and a strong performance in
mergers and acquisitions, where our league table rankings improved compared to
1999.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Net brokerage fees were 48% higher in 2000 than in 1999 as a result of
high levels of client activity in the exuberant markets of the early part of
the year, and the inclusion of two months of results from PaineWebber. The
increase of
</FONT></DIV>

<P align="right"><FONT size="2">27</FONT>

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<DIV align="left"><FONT size="2">47% in Investment fund fees from 1999 to 2000 resulted from higher
average volumes in 2000 and a shift in the product mix, with a higher
proportion of assets under management invested in higher margin equity funds.
In addition, Investment fund fees in 2000 benefited from the inclusion of GAM
and PaineWebber&#146;s contribution.
</FONT></DIV>
<P><FONT size="2"><B>Group Financial Review<BR>
Group Results</B>
</FONT>
<P><FONT size="2">Custodian fees and Portfolio and other management and advisory fees increased
by a total of CHF 910&nbsp;million, or 22%, from 1999, due to higher asset-related
fees in 2000 and the inclusion of PaineWebber and the new O&#146;Connor business.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Other income</I> decreased CHF 1,660&nbsp;million, or 53%, from CHF 3,146&nbsp;million
in 1999 to CHF 1,486&nbsp;million in 2000, driven by gains from the sales of our
holdings in Swiss Life/Rentenanstalt in 1999.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Operating expenses</B>
</FONT>

<DIV align="left"><FONT size="2">Total operating expenses increased 28% from CHF 20,532&nbsp;million to CHF 26,203
million in 2000. Adjusted for significant financial events, total operating
expenses increased 25% to CHF 25,763&nbsp;million from CHF 20,534&nbsp;million in 1999.
The increase was principally due to increased personnel expenses, reflecting
higher performance-related pay driven by UBS&#146;s excellent results in 2000, the
inclusion of PaineWebber and the cost of retention payments for PaineWebber
staff.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The principal significant financial events affecting the comparison of
operating expenses are the CHF 150&nbsp;million additional provision for the US
Global Settlement of World War II related claims, recorded in 2000 in General
and administrative expenses, and CHF 290&nbsp;million of costs from the integration
of PaineWebber, also recorded in 2000. Of this CHF 290&nbsp;million, CHF 118&nbsp;million
was charged to Personnel expenses, CHF 93&nbsp;million to General and administrative
expenses and CHF 79&nbsp;million to Depreciation.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The various significant financial events affecting expenses in 1999,
described on page 13, resulted in an increase in expense of CHF 2&nbsp;million, made
up of a CHF 456&nbsp;million increase to personnel expenses and a decrease of CHF
454&nbsp;million in General and administrative expenses.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Personnel expenses</I> increased CHF 4,586&nbsp;million, or 36%, from CHF 12,577
million in 1999 to CHF 17,163&nbsp;million in 2000. This increase was driven by
increased bonus compensation, in line with the Group&#146;s excellent results, and
CHF 1,083&nbsp;million resulting from the inclusion of PaineWebber. Approximately
48% of the annual total represented bonus and other variable compensation.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Personnel expenses in 2000 include retention payments for key UBS
PaineWebber staff of USD 76&nbsp;million (CHF 128&nbsp;million), charged in fourth
quarter 2000.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS&#146;s
<I>headcount</I> grew 45% over the year from 31 December 1999, to 71,076.
The vast majority of this change was due to the inclusion of 23,000 PaineWebber
staff.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>General and administrative expenses</I> increased CHF 667&nbsp;million, or 11%,
from CHF 6,098&nbsp;million in 1999 to CHF 6,765&nbsp;million in 2000.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses in 2000 included a final provision of
CHF 150&nbsp;million related to the US Global Settlement of World War II related
claims, and CHF 93&nbsp;million of PaineWebber integration costs, which were both
treated as significant financial events. General and administrative expenses in
1999 included a provision of CHF 154&nbsp;million related to the US Global
Settlement of World War II related claims, and CHF 300&nbsp;million of additional
provisions in respect of the 1998 merger of Union Bank of Switzerland and Swiss
Bank Corporation.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Adjusting for these effects, General and administrative costs rose 16%,
reflecting the incremental costs from the inclusion of PaineWebber offset by
the success of UBS&#146;s continued efforts to control non-revenue driven costs.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Depreciation and amortization expenses</I> increased CHF 418&nbsp;million, or 23%,
from CHF 1,857&nbsp;million in 1999 to CHF 2,275&nbsp;million in 2000, mainly due to the
PaineWebber merger.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Tax expense</I> increased CHF 634&nbsp;million, or 38%, from CHF 1,686&nbsp;million in
1999 to CHF 2,320&nbsp;million in 2000, principally due to increased operating
profit. The effective tax rate of 23% in 2000 is slightly higher than the 21%
effective tax rate in 1999, reflecting increased income in higher taxation
jurisdictions.
</FONT></DIV>

<P align="left"><FONT size="2"><B>UBS Group&#146;s performance without the impact of PaineWebber</B>
</FONT>

<DIV align="left"><FONT size="2">There are limitations to our ability to track the effect of the PaineWebber
merger on the Group&#146;s performance. Principally this is because of the full
integration of PaineWebber&#146;s capital markets business into the Corporate and
Institutional
</FONT></DIV>

<P><FONT size="2">28</FONT>


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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P align="left"><FONT size="2"><B>Earnings Adjusted for Significant Financial Events and the Estimated Impact of the PaineWebber Merger</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="72%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million, except where indicated</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">% change from</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2">For the year ended</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.00</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Operating income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>35,309</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">26,587</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">33</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Operating expenses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>24,319</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">20,534</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Operating profit before tax</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>10,990</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,053</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">82</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net profit</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8,403</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,665</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">80</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cost / income ratio before goodwill (%)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>67.6</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">73.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Basic earnings per share before goodwill (CHF)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>7.48</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.12</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">82</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Diluted earnings per share before goodwill (CHF)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>7.39</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.09</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">81</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Return on shareholders&#146; equity before goodwill (%)</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>27.5</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">Clients unit. This was carried out very soon after the merger was
completed on 3 November 2000, with staff and revenues completely integrated
into the existing UBS Warburg structure. It is therefore not possible to
identify clearly the specific impact of the capital markets business on
results. However, the remaining PaineWebber businesses were reported as a separate business unit: US Private Clients. It is
possible therefore to distinguish their contribution to Group profits. If
additional adjustments are made for: goodwill amortization, funding
costs, the share issuance, borrowing and subsequent repurchase,
restructuring costs, and retention payments; it is possible to make an approximate estimate of the underlying performance of
UBS for 2000.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Although this analysis should not be relied on as a definitive indication
of the performance of the continuing UBS businesses during 2000, it
demonstrates the very positive underlying performance of the Group.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Par value reduction</B>
</FONT>

<DIV align="left"><FONT size="2">In October 2000, UBS paid a dividend of CHF 4.50 per share (CHF 1.50 per share
adjusted for the July 2001 share split) in respect of the first three quarters
of 2000, as part of the arrangements for the merger with PaineWebber.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;On 16 July 2001, UBS made a distribution to shareholders in respect of
fourth quarter 2000 of CHF 1.60 per share (CHF 0.53 per share post split), paid
in the form of a reduction in the par value of its shares, from CHF 10.00 to
CHF 8.40. For shareholders who pay tax in Switzerland this payment is treated
as a return of capital to shareholders, not as income, and is therefore tax
efficient. The par value reduction also has advantages for shareholders outside
Switzerland, as no Swiss withholding tax is payable on it.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;This par value reduction brought the total distribution for the year 2000
to CHF 6.10 per share (CHF 2.03 per share post split), compared to the dividend
of CHF 5.50 per share (CHF 1.83 per share post split) for 1999.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;At the same time as the par value reduction, UBS split its share 3 for 1,
resulting in a new par value of CHF 2.80 per share.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Cash flows</B>
</FONT>

<DIV align="left"><FONT size="2">In the twelve-month period to December 2000, cash equivalents decreased by CHF
8,907&nbsp;million, principally as a result of investment activities, which
generated negative cash flow of CHF 19,135&nbsp;million. This was mainly due to CHF
10,722&nbsp;million of cash required for the PaineWebber merger and the purchase of
CHF 8,770&nbsp;million of financial investments.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The positive cash flow of CHF 11,697&nbsp;million from operating activities
principally resulted from net profit of CHF 7,792&nbsp;million, a net increase in
amounts due to customers and loans of CHF 12,381&nbsp;million, CHF 11,553&nbsp;million
from an increase in the size of the trading portfolio and a net cash inflow of
CHF 10,236&nbsp;million from other assets and liabilities and accrued income and
expenses. These were partially offset by a net cash outflow of CHF 30,292
million for repurchase and reverse repurchase agreements and cash collateral on
securities borrowed and lent.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Financing activities generated net cash outflow of CHF 1,581&nbsp;million. CHF
10,125&nbsp;million from the issuance of money market paper, CHF 14,884&nbsp;million from
long-term debt and CHF 2,594&nbsp;million from the issuance of trust preferred
securities were offset by CHF 24,640&nbsp;million for repayment of long-term debt
and CHF 3,928&nbsp;million for dividend payments.
</FONT></DIV>

<P align="right"><FONT size="2">29</FONT>

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<P align="center"><FONT size="2"><IMG src="y58380y58380p3.gif" alt="(IMAGE)">
</FONT>

<P><FONT size="2">30</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P align="center"><FONT size="2"><IMG src="y58380y58380p4.gif" alt="(IMAGE)">
</FONT>

<P align="right"><FONT size="2">31</FONT>

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<!-- link2 "Review of Business Group Performance" -->
<DIV align="left"><A NAME="024"></A></DIV>
<P><FONT size="2"><B>Review of Business Group Performance<BR>
Introduction</B>
</FONT>
<!-- link2 "Introduction" -->
<DIV align="left"><A NAME="025"></A></DIV>
<P align="left"><FONT size="5"><B>Introduction</B>
</FONT>

<P align="left"><FONT size="2"><b>Reporting by Business Unit</b><SUP><b>1</b></SUP>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="68%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2">Private and</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2">Corporate Clients</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2">Private Banking</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2"><HR size="1" noshade></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2"><HR size="1" noshade></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2">For the year ended</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>7,161</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,443</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6,314</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,928</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Credit loss expense / recovery<SUP>2</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(576</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(759</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(28</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(26</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total operating income</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6,585</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,684</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6,286</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,902</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Personnel expenses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,988</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,187</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,776</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,956</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">General and administrative expenses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>991</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,058</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,609</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,561</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Depreciation</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>459</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">419</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>157</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">142</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Amortization of goodwill and other intangible assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">27</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>41</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">43</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total operating expenses</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,438</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,691</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3,583</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,702</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Business unit performance before tax</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,147</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,993</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,703</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,200</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Business unit performance before tax and
goodwill<SUP>3</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,147</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,020</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,744</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,243</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cost income ratio before goodwill
(%)<SUP>3,4</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>62</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">63</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>56</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">53</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Invested assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>320</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">345</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>682</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">691</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net new money<SUP>5</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8.5</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>22.5</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Headcount</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>19,938</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">21,100</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>9,266</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,925</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>1</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Figures for 2000 have been restated to reflect the current business structure
of the Group. All figures have been adjusted for significant financial events.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>2</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">In management accounts, statistically derived adjusted expected credit
loss rather than the IAS actual net credit loss expense is reported in the
business units. See Note 2 to the Financial Statements for further
details.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>3</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Excludes the amortization of goodwill and other intangible assets.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>4</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Operating expenses/operating income before credit loss expense.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>5</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Excludes dividend and interest income. Figures for 2000 are calculated
using the former definition of assets under management.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2" color="#0865AB"><B>Management accounting</B>
</FONT>

<DIV align="left"><FONT size="2">The discussion in this chapter reviews UBS&#146;s 2001 and 2000 results by Business
Group and business unit.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Our management reporting systems and policies determine the revenues and
expenses directly attributable to each business unit. Internal charges and
transfer pricing adjustments are reflected in the performance of each business
unit.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Inter-business
unit revenues and expenses.</I> Revenue sharing agreements are
used to allocate external customer revenues to Business Groups on a reasonable
basis. Transactions between Business Groups are conducted at arms length.
Inter-business unit charges are recorded as a reduction to expenses in the
business unit providing the service. Corporate Center expenses are allocated to
the operating business units, to the extent appropriate.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Interest revenues</I> are apportioned to business units based on the
opportunity costs of funding their activities. Accordingly, all assets and
liabilities are refinanced with the Group Treasury based on market rates.
Revenues relating to balance sheet products are calculated on a fully-funded
basis. As a result, business units are additionally credited with the risk-free
return on the average equity used.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Commissions</I> are credited to the business unit with the corresponding
customer relationship.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Regulatory equity</I> is allocated to business units based on the average
regulatory capital requirement during the period. Only utilized equity is taken
into account, and a buffer of 10% is added. The remaining equity, mainly
covering real estate, and any unallocated equity, remains in Corporate Center.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Headcount</I> includes trainees and staff in management development programs,
but not contractors.
</FONT></DIV>

<P align="left"><FONT size="2" color="#0865AB"><B>Changes to disclosure since 2000</B>
</FONT>

<P align="left"><FONT size="2"><B>Business unit structure</B>
</FONT>

<DIV align="left"><FONT size="2">We now report UBS Asset Management as a single Business Group, with no split
into business units. However we continue to report separate revenues and Key
performance indicators
</FONT></DIV>

<P><FONT size="2">32</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left"></DIV>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="15%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2">Corporate and</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2">UBS Asset Management</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2">Institutional Clients</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2">UBS Capital</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="25"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,110</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,953</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>16,011</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18,033</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(868</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">368</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(112</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(243</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="25"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,110</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,953</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>15,899</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">17,790</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(868</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">368</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="25"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,003</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">880</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8,339</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9,284</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>96</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">142</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>564</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">439</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,705</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,779</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>66</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">49</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>46</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">49</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>454</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">555</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>266</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">263</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>145</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">149</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="25"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,879</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,631</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>11,643</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12,767</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>164</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">195</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="25"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>231</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">322</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,256</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,023</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(1,032</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">173</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="25"><HR size="4" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>497</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">585</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,401</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,172</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(1,032</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">175</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="25">&nbsp;</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>76</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">70</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>72</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">70</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>672</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">642</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>34.9</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(67.9</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3,281</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,860</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>15,562</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15,262</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>128</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">129</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="25"><HR size="4" noshade></TD>
</TR>
</TABLE>
<BR clear="all">
<P align="right"><FONT size="2">&#091;Additional columns below&#093;</FONT>
<P><FONT size="2">&#091;Continued from above table, first column(s) repeated&#093;</FONT>

<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="22%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="8%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="8%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2">Private Clients</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2">Corporate Center</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="17"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6,969</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,321</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>678</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">358</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(18</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(3</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>236</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,161</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="17"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6,951</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,318</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>914</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,519</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="17"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>5,080</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,106</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>546</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">490</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,489</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">355</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>207</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">281</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>124</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">42</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>372</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">320</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>25</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">44</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="17"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6,693</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,504</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,150</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,135</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="17"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>258</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(186</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(236</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">384</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="17"><HR size="4" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>258</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(185</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(211</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">428</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="17">&nbsp;</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>96</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">114</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>782</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">773</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>36.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>20,678</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">21,814</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,132</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">986</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="17"><HR size="4" noshade></TD>
</TR>
</TABLE>
<BR clear="all">
<P><FONT size="2">for the mutual funds and institutional businesses. In addition, UBS Asset
Management now includes Brinson Advisors (formerly Mitchell Hutchins), whose
results were previously reported in UBS Warburg&#146;s US Private Clients business
unit.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Reflecting the launch of our European wealth management initiative in
February 2001, we
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="y58380y58380g6.gif" alt="(CHART)">
</FONT>

<P align="right"><FONT size="2">33</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P><FONT size="2"><B>Review of Business Group Performance<BR>
Introduction</B>
</FONT>
<P><FONT size="2">reorganized our business unit reporting with effect from first quarter 2001.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The e-services and International Private Clients business units which were
previously part of UBS Warburg are no longer reported separately. The e-services initiative
is no longer running as a stand-alone project and its infrastructure has now
been inherited by the European wealth management initiative within UBS Private
Banking.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The domestic European private client businesses previously reported as
part of International Private Clients are now part of the Private Banking
business unit, with separate key performance indicators for the European wealth
management initiative, maintaining the transparency of this strategic
development.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;We now report UBS Warburg&#146;s US, Australian and Japanese private client
operations, including the UBS PaineWebber business, in a combined Private
Clients business unit.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;We have restated prior periods for the Private Banking and Private Clients
units to reflect these changes.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In December 2001 we announced that UBS Warburg&#146;s Private Clients business
unit would become a separate Business Group, and be renamed UBS PaineWebber.
This change is effective 1 January 2002 and will first be reflected in our
financial reporting starting with the First Quarter 2002 Report, which will be
published in May 2002.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Client assets reporting</B>
</FONT>

<DIV align="left"><FONT size="2">In November 2000, we launched a proposal for a new definition of assets held
for our clients. Following a positive reception for this initiative, we
introduced the definitions into our reporting in our first quarter 2001 report.
We now show the two assets metrics, Client assets and Invested assets,
replacing the assets under management definition we previously used.
</FONT></DIV>

<DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;&nbsp;</FONT></TD>
        <TD width="99%"><FONT size="2"><i>Client assets</i> represents all client assets managed by or deposited with UBS.</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;&nbsp;</FONT></TD>
        <TD width="99%"><FONT size="2"><i>Invested assets</i> is more
restricted and includes all client assets managed by or deposited
with UBS <i>for investment purposes</i>.</FONT></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Invested assets is our central measure and excludes all assets held for
purely transactional purposes. It includes, for example, managed institutional
assets, mutual funds, discretionary and advisory private client portfolios, and
private client securities or brokerage accounts, but excludes wholesale
custody-only assets, correspondent banking assets and transactional cash or
current accounts. Non-bankable assets (e.g. Art collections) and interbank
deposits are excluded from both measures.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Where products are created in one Business Group, but sold in another,
they are counted in both the investment management unit and the distribution
unit, and double counted in group totals. (For example a mutual fund provided
by UBS Asset Management but sold by Private Banking will be counted as invested
assets in both business units.)
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<i>Net new
money</i> is defined as the net inflow or outflow of invested assets
during a period, excluding interest and dividend income. The effects of market
or currency movements and of acquisitions and divestments are reported
separately.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;System limitations mean that we are unable to restate 1999 assets under
management figures in terms of the new definition, but invested assets at 31
December 2000 have been restated under the new definition. Group invested
assets for 31 December 2000 were CHF 2,452&nbsp;billion, CHF 17&nbsp;billion lower than
assets under management at the same date, under the old definition.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Further details of the new definition can be found at:
www.ubs.com/e/index/investors/archive/corporate_information.html in the client
assets reporting section.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Credit loss expense</B>
</FONT>

<DIV align="left"><FONT size="2">Credit loss expense represents the charges to the profit and loss account
relating to amounts due to UBS from loans and advances, OTC derivatives or
off-balance sheet products, that have had to be written-down because they are
impaired or uncollectable.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;We determine the amounts of Credit loss expense in UBS&#146;s financial
accounts and in the business unit reporting on different bases. In the Group
income statement, we report UBS&#146;s results according to IAS. Under these
standards, Credit loss expense is the total of net new allowances and direct
write-offs less recoveries. These actual losses are recognized and charged to
the income statement in the period when they arise.</font></div>

<div align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In contrast, in our segment and business unit reporting, we apply a
different approach to the measurement of credit risk which reflects the average
annual cost that management antici-
</FONT></DIV>

<P><FONT size="2">34</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="2"><B>Business Group Credit Loss Charge</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="66%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">UBS</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">UBS</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">UBS Asset</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2">For the year ended 31.12.01</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Switzerland</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Warburg</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Management</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>Total</B></FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Actuarial expected loss</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">722</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">168</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>890</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Deferred releases</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(118</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(38</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(156</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Credit loss expense charged to the Business Groups</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>604</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>130</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>734</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>IAS actual credit loss expense</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>123</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>375</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>498</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Balancing item charged as Credit loss expense in Corporate Center</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(236)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P><FONT size="2">pates will arise from today&#146;s transactions that may become impaired in future.
In order to manage exposure to credit risk more effectively, we price
transactions with a view to earning &#150; over time &#150; sufficient income to
compensate for the losses that are expected to be caused by value adjustments
for impaired assets. The basis for measuring these inherent risks in the credit
portfolios is the concept of &#147;actuarial expected loss&#148; (see further page 62 in
the Risk Analysis section of the UBS Handbook 2001/2002).
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;We quantify Credit loss expense at business unit level based on the
actuarial expected loss rather than the actual credit loss expense reported in
UBS&#146;s income statement. However, while the actuarial expected loss should equal
the actual credit loss expense over time, the latter are more erratic, in both
timing and amount. In the business unit reporting therefore, in addition to the
actuarial expected loss, we amortize the difference between actual credit loss
expense and actuarial expected loss. This deferral mechanism aims to ensure
that each business unit is ultimately accountable for its credit decisions.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Under amended management accounting policies effective for all Business
Groups from 1 January 2001, the difference between actual credit losses and the
actuarial expected loss calculated for management reporting purposes is charged
or credited back to the business units over a three-year period, so that the
risks and rewards are better reflected in their results. The sum of this
deferral is reported together with the expected loss as the credit loss expense
charged in the segment and business unit reporting.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;We reconcile the difference between the Credit loss expense in UBS&#146;s
income statement (the actual loss) and the credit loss expense shown in
business unit reporting (expected loss plus deferral), by recording a balancing
item in the Corporate Center. We also show the allocation of actual Credit loss
expense to the business units in the footnotes to Note 2a of the UBS Group
Financial Statements.
</FONT></DIV>

<P align="left"><FONT size="2" color="#0865AB"><B>Key performance indicators</B>
</FONT>

<DIV align="left"><FONT size="2">We report carefully chosen key performance indicators for each of UBS&#146;s
business units or Business Groups, as appropriate. These do not carry explicit
targets, but are intended as indicators of the business units&#146; success in
creating value for shareholders and are an important part of our business
planning process. They include both financial metrics, such as the cost /
income ratio, and non-financial metrics, such as Invested assets or the number
of Client advisors in a business unit.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;We use these key performance indicators for internal performance
measurement as well as external reporting. This ensures that manage-
</FONT></DIV>

<P align="left"><FONT size="2"><B>Reconciliation of Business Group Credit Loss Charge to IAS Actual Credit Loss Expense/(Recovery)</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="49%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="2">Credit loss charge</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="2">IAS actual credit loss expense</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="2"><HR size="1" noshade></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="2"><HR size="1" noshade></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2">For the year ended</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">UBS Switzerland</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>604</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">785</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,071</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>123</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(695</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">965</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">UBS Asset Management</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">UBS Warburg</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>130</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">246</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">333</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>375</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">565</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Corporate Center</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(9</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>734</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,031</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,404</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>498</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(130</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">956</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Balancing item in Corporate Center</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(236</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1,161</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(448</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P align="right"><FONT size="2">35</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><FONT size="2"><B>Review of Business Group Performance<BR>
Introduction</B>
</FONT>
<P align="left"><FONT size="2"><B>Indicative Tax Rates</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="77%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="8%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2">Tax rate</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Pre-goodwill</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Post-goodwill</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">

<TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><b>UBS
Switzerland</b></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><b>20</b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><b>20</b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Private and Corporate Clients</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">22</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">22</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Private Banking</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">19</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">19</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>UBS Asset Management</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>23</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>33</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>UBS Warburg</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>39</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>68</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Corporate and Institutional Clients</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">32</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">33</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">US Private Clients</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">37</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">37</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">UBS Capital</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">ment have a clear responsibility to lead their businesses towards achieving
success in the Group&#146;s key value drivers and avoids any risk of managing to
purely internal performance measures.
</FONT>
<P align="left"><FONT size="2" color="#0865AB"><B>Business Group tax rates</B>
</FONT>

<DIV align="left"><FONT size="2">The Business Groups of UBS do not represent separate legal entities. Business
Group results are prepared through the application of UBS&#146;s management
accounting policies to the results of the entities through which they operate.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Indicative Business Group and business unit tax rates are calculated on an
annual basis based on the results and statutory tax rates of the current
financial year. These rates are approximate calculations, based upon the
application to the year&#146;s adjusted earnings of statutory tax rates for the
locations in which the Business Groups operated. These tax rates therefore give
guidance on the tax cost to each Business Group of doing business during 2001
on a stand alone basis, without the benefit of tax losses brought forward from
earlier years.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The indicative tax rates are presented &#147;pre-goodwill&#148; and &#147;post-goodwill&#148;.
The tax rate pre-goodwill gives an indication of what the tax rate would have
been if goodwill were not charged for accounting purposes. It is the sum of the
tax expense payable on net profit before tax and goodwill in each location,
divided by the total net profit before tax and goodwill. In contrast, the tax
rate post-goodwill reflects the actual tax treatment of goodwill in different
jurisdictions, expressed as a percentage of net profit before tax (after
goodwill). The tax rates post-goodwill are higher than the pre-goodwill rates,
because in some jurisdictions there are limitations on the tax deductibility of
amortization costs.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Please note that these tax rates are not necessarily indicative of future
tax rates for the businesses or UBS Group as a whole.
</FONT></DIV>

<P><FONT size="2">36</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><FONT size="4"><HR size=1 noshade></FONT>

<DIV align="left"><FONT size="4" color="#7F7F7F"><B>Changes to disclosure in 2002</B>
</FONT></DIV>

<P><FONT size="2"><I>The following changes will be implemented in our financial disclosure with
effect from the First Quarter Report 2002. They do not apply to the Business
Group disclosures in this Financial Report &#150; details are provided here to help
readers who may read our future reports.</I>
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;With effect from the beginning of 2002, we will implement a new Business
Group structure, with UBS PaineWebber becoming a separate Business Group, and
we will be making some other changes to our financial disclosure and management
accounting.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;At present, goodwill and intangible assets relating to the merger of UBS
and PaineWebber are reported in the UBS Warburg Business Group and are not
reflected in the results of the business units which make up the Business
Group. With the separation of UBS PaineWebber to form a new Business Group,
this goodwill will be assigned to the different business units that have
benefited from the merger with PaineWebber. We expect that the majority of the
goodwill will be allocated to UBS PaineWebber, but that a significant portion
will also be allocated to the Corporate and Institutional Clients business unit
in UBS Warburg and smaller amounts to UBS Asset Management, which inherited the
Mitchell Hutchins asset management business (now called Brinson Advisors), and
also to UBS Switzerland&#146;s Private Banking business unit. Associated
amortization expense and funding charges will be charged to each business unit
in proportion to its share of the goodwill and intangible assets.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;At the same time, we will take the opportunity to rationalize our
allocation of Corporate Center costs to the Business Groups, restricting
charges to those services which are provided directly under explicit Service
Level Agreements (&#147;SLAs&#148;), and discontinuing the practice of allocating a
proportion of central Group overheads.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Finally, earnings from the O&#146;Connor business, which are currently
allocated equally between the Equities business area in UBS Warburg&#146;s Corporate
and Institutional Clients unit and UBS Asset Management will now be allocated
fully to UBS Asset Management.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;We will provide restated Business Group figures for 2000 and 2001
reflecting the new Business Group structure and other disclosure changes, and
expect to publish these at least two weeks prior to our first quarter 2002
financial report, which will be published on 14 May 2002.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Accounting for goodwill under US GAAP</B>
</FONT>

<DIV align="left"><FONT size="2">A new accounting standard, SFAS 142, changes the treatment of goodwill in
Financial Statements prepared under US GAAP. Instead of amortizing goodwill
over its expected life, it will be retained on a company&#146;s balance sheet at the
level of 31 December 2001 and the company will be required to perform an annual
impairment test according to detailed rules set out in the standard. These
specify that the goodwill impairment test must be carried out at the level of a
&#147;reporting unit&#148;, equivalent in UBS terms to a Business Group. If the goodwill
is found to be impaired, the company must record a write-down, charged to its
income statement.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The introduction of SFAS 142 under US GAAP will not have a direct effect
on our accounts, which are prepared under IAS, and will still show amortization
costs. However, as part of the preparation of the reconciliation of our IAS
Financial Statements to US GAAP we will have to perform annual SFAS 142
goodwill impairment tests, starting on 1 January 2002. We do not anticipate
that we will need to record any write-downs of goodwill upon adoption of this
standard. See Note 40 to the Financial Statements for further details.
</FONT></DIV>

<P align="right"><FONT size="2">37</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><FONT size="2"><B>Review of Business Group Performance<BR>
UBS Switzerland</B>
</FONT><!-- link2 "UBS Switzerland" -->
<DIV align="left"><A NAME="026"></A></DIV>
<P align="left"><FONT size="5"><B>UBS Switzerland</B>
</FONT>

<P><FONT size="2"><IMG alt="(PHOTO)" src="y58380y58380p5.gif"><BR>
</FONT>
<P><FONT size="2">&nbsp;
</FONT>
<P><FONT size="2"><IMG alt="(PHOTO)" src="y58380y58380p6.gif"><BR>
</FONT>
<P align="left"><FONT size="4" color="#0865ab"><B>&#147;UBS Switzerland has completed another successful year, with the launch of the European wealth management initiative and very strong progress in asset gathering.&#148;</B>
</FONT>

<P align="right"><FONT size="2">Stephan Haeringer
</FONT>
<P><HR size="1" width="100%" noshade>
<P align="left"><FONT size="2"><B>Business Group Reporting</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="66%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million, except where indicated</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap colspan="3"><FONT size="2">% change from</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2"><B>For the year ended</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865ab"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00<SUP>1</SUP></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>

<TD nowrap align="center" colspan="3"><FONT size="2">31.12.99<SUP>1</SUP></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px" ><FONT size="2">Income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>13,475</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14,371</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12,884</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2 >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 >(6</FONT></TD>
    <TD noWrap><FONT size=2 >)</FONT></TD>
</TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px" ><FONT size=2>Credit loss
      expense<SUP>2</SUP></FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2 >&nbsp;</FONT></TD>
    <TD align=right><FONT color=#0865ab size=2 ><B>(604</B></FONT></TD>
    <TD noWrap><FONT color=#0865ab size=2 ><B>)</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2 >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 >(785</FONT></TD>
    <TD noWrap><FONT size=2 >)</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2 >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 >(1,071</FONT></TD>
    <TD noWrap><FONT size=2 >)</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2 >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 >(23</FONT></TD>
    <TD noWrap><FONT size=2 >)</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=17>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE=1>
      </DIV></TD></TR>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px" ><FONT size=2><B >Total operating income</B></FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 >&nbsp;</FONT></TD>
    <TD align=right><FONT color=#0865ab size=2 ><B>12,871</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 >13,586</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 >11,813</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2 >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 >(5</FONT></TD>
    <TD noWrap><FONT size=2 >)</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=17>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE=1>
      </DIV></TD></TR>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px" ><FONT size=2>Personnel
      expenses</FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 >&nbsp;</FONT></TD>
    <TD align=right><FONT color=#0865ab size=2 ><B>4,764</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 >5,143</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 >4,882</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2 >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 >(7</FONT></TD>
    <TD noWrap><FONT size=2 >)</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px" ><FONT size=2>General and
      administrative expenses</FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 >&nbsp;</FONT></TD>
    <TD align=right><FONT color=#0865ab size=2 ><B>2,600</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 >2,699</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 >2,450</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2 >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 >(4</FONT></TD>
    <TD noWrap><FONT size=2 >)</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px" ><FONT size=2 >Depreciation</FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 >&nbsp;</FONT></TD>
    <TD align=right><FONT color=#0865ab size=2 ><B>616</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 >633</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 >475</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2 >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 >(3</FONT></TD>
    <TD noWrap><FONT size=2 >)</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px" ><FONT size=2>Amortization of
      goodwill and other intangible assets</FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 >&nbsp;</FONT></TD>
    <TD align=right><FONT color=#0865ab size=2 ><B>41</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 >70</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 >38</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2 >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 >(41</FONT></TD>
    <TD noWrap><FONT size=2 >)</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=17>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE=1>
      </DIV></TD></TR>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px" ><FONT size=2><B >Total operating expenses</B></FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 >&nbsp;</FONT></TD>
    <TD align=right><FONT color=#0865ab size=2 ><B>8,021</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 >8,545</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 >7,845</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2 >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 >(6</FONT></TD>
    <TD noWrap><FONT size=2 >)</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=17>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE=1>
      </DIV></TD></TR>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px" ><FONT size=2><B >Business Group performance before
    tax</B></FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 >&nbsp;</FONT></TD>
    <TD align=right><FONT color=#0865ab size=2 ><B>4,850</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 >5,041</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 >3,968</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2 >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 >(4</FONT></TD>
    <TD noWrap><FONT size=2 >)</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=17>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE=4>
      </DIV></TD></TR>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px" ><FONT size=2>Business Group
      performance before tax and goodwill<SUP >4</SUP></FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 >&nbsp;</FONT></TD>
    <TD align=right><FONT color=#0865ab size=2 ><B>4,891</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 >5,111</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 >4,006</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2 >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 >(4</FONT></TD>
    <TD noWrap><FONT size=2 >)</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px" ><FONT size=2 ></FONT>&nbsp;</DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2 >&nbsp;</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px" ><FONT size=2><B >Additional information</B></FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2 >&nbsp;</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px" ><FONT size=2>Regulatory equity
      used (average)</FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 >&nbsp;</FONT></TD>
    <TD align=right><FONT color=#0865ab size=2 ><B>9,300</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 >10,550</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 >10,150</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2 >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 >(12</FONT></TD>
    <TD noWrap><FONT size=2 >)</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px" ><FONT size=2>Cost / income ratio
      (%)<SUP>5</SUP></FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 >&nbsp;</FONT></TD>
    <TD align=right><FONT color=#0865ab size=2 ><B>60</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 >59</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 >61</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2 >&nbsp;</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px" ><FONT size=2>Cost / income ratio
      before goodwill (%)<SUP>4,5</SUP></FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 >&nbsp;</FONT></TD>
    <TD align=right><FONT color=#0865ab size=2 ><B>59</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 >59</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 >61</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2 >&nbsp;</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=17>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE=4>
      </DIV></TD></TR>
</TABLE>
</CENTER>
<P align=right><FONT size=2>38</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align=left><FONT size=2><B>Business Group Reporting Adjusted for Significant Financial
Events</B> </FONT>
<CENTER>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left><FONT size=2><i>CHF million, except where indicated</I></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right colSpan=3><FONT size=2>% change from</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align="center">
      <P align=left><FONT size=2>For the year ended</FONT></P></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=center colSpan=3><FONT color=#0865ab size=2><B>31.12.01</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=center colSpan=3><FONT size=2>31.12.00<SUP>1</SUP></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=center colSpan=3><FONT size=2 >31.12.99<SUP>1</SUP></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=center colSpan=3><FONT size=2 >31.12.00</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=17>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE=1>
      </DIV></TD></TR>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size=2
    >Income</FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT color=#0865ab size=2
      ><B>13,475</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >14,371</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >12,884</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >(6</FONT></TD>
    <TD noWrap><FONT size=2
    >)</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size=2>Credit loss
      expense<SUP>2</SUP></FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT color=#0865ab size=2
      ><B>(604</B></FONT></TD>
    <TD noWrap><FONT color=#0865ab size=2
      ><B>)</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >(785</FONT></TD>
    <TD noWrap><FONT size=2
    >)</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >(1,071</FONT></TD>
    <TD noWrap><FONT size=2
    >)</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >(23</FONT></TD>
    <TD noWrap><FONT size=2
    >)</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=17>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE=1>
      </DIV></TD></TR>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size=2><B
      >Total operating income</B></FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT color=#0865ab size=2
      ><B>12,871</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >13,586</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >11,813</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >(5</FONT></TD>
    <TD noWrap><FONT size=2
    >)</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=17>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE=1>
      </DIV></TD></TR>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size=2>Personnel
      expenses</FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT color=#0865ab size=2
      ><B>4,764</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >5,143</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >4,882</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >(7</FONT></TD>
    <TD noWrap><FONT size=2
    >)</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size=2>General and
      administrative expenses</FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT color=#0865ab size=2
      ><B>2,600</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >2,619</FONT></TD>
    <TD noWrap><FONT size=2><SUP
      >3</SUP></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >2,450</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >(1</FONT></TD>
    <TD noWrap><FONT size=2
    >)</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size=2
      >Depreciation</FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT color=#0865ab size=2
      ><B>616</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >561</FONT></TD>
    <TD noWrap><FONT size=2><SUP
      >3</SUP></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >475</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >10</FONT></TD>
    <TD><FONT size=2
  >&nbsp;</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size=2>Amortization of
      goodwill and other intangible assets</FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT color=#0865ab size=2
      ><B>41</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >70</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2
      >38</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >(41</FONT></TD>
    <TD noWrap><FONT size=2
    >)</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=17>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE=1>
      </DIV></TD></TR>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size=2><B
      >Total operating expenses</B></FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT color=#0865ab size=2
      ><B>8,021</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >8,393</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >7,845</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >(4</FONT></TD>
    <TD noWrap><FONT size=2
    >)</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=17>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE=1>
      </DIV></TD></TR>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size=2><B
      >Business Group performance before
    tax</B></FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT color=#0865ab size=2
      ><B>4,850</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >5,193</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >3,968</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >(7</FONT></TD>
    <TD noWrap><FONT size=2
    >)</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=17>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE=4>
      </DIV></TD></TR>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size=2>Business Group
      performance before tax and goodwill<SUP
      >4</SUP></FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT color=#0865ab size=2
      ><B>4,891</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >5,263</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >4,006</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >(7</FONT></TD>
    <TD noWrap><FONT size=2
    >)</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size=2
    ></FONT>&nbsp;</DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2
  >&nbsp;</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size=2><B
      >Additional information</B></FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2
  >&nbsp;</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size=2>Cost / income ratio
      (%)<SUP>5</SUP></FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT color=#0865ab size=2
      ><B>60</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >58</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >61</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2
  >&nbsp;</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size=2>Cost / income ratio
      before goodwill (%)<SUP>4,5</SUP></FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT color=#0865ab size=2
      ><B>59</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >58</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >61</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2
  >&nbsp;</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=17>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE=4>
      </DIV></TD></TR></TABLE></CENTER>
<P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left width="1%"><FONT size=1
      ><sup>1</SUP></FONT></TD>
    <TD width="3%"><FONT size=1
      >&nbsp;</FONT></TD>
    <TD width="96%"><FONT size=1>The
      2000 and 1999 figures have been restated to reflect the restructuring of
      the Group on 1 January 2001.</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=top>
    <TD noWrap align=left width="1%"><FONT size=1
      ><sup>2</SUP></FONT></TD>
    <TD width="3%"><FONT size=1
      >&nbsp;</FONT></TD>
    <TD width="96%"><FONT size=1>In
      management accounts, statistically derived adjusted expected loss rather
      than the net IAS actual credit loss is reported in the business units (see
      Note 2 of the Financial Statements).</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=top>
    <TD noWrap align=left width="1%"><FONT size=1
      ><sup>3</SUP></FONT></TD>
    <TD width="3%"><FONT size=1
      >&nbsp;</FONT></TD>
    <TD width="96%"><FONT size=1
      >Excludes Significant Financial Events: General and
      administrative expenses, CHF 80 million, Depreciation, CHF 72&nbsp;million
      for the PaineWebber integration.</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=top>
    <TD noWrap align=left width="1%"><FONT size=1
      ><sup>4</SUP></FONT></TD>
    <TD width="3%"><FONT size=1
      >&nbsp;</FONT></TD>
    <TD width="96%"><FONT size=1
      >Excludes the amortization of goodwill and other
      intangible assets.</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=top>
    <TD noWrap align=left width="1%"><FONT size=1
      ><sup>5</SUP></FONT></TD>
    <TD width="3%"><FONT size=1
      >&nbsp;</FONT></TD>
    <TD width="96%"><FONT size=1
      >Operating expenses / operating income before credit
      loss expense.</FONT></TD></TR></TABLE>
<P align=right><FONT size=2>39</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><FONT size=2><B>Review of Business Group Performance<BR>UBS Switzerland</B> </FONT>
<P align=left><FONT color=#0865ab size=5><B>Private and Corporate Clients</B>
</FONT>
<P align=left><FONT size=2><B>Business Unit Reporting</B> </FONT>
<CENTER>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD width="69%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align="left"><FONT size=2><i>CHF million, except where
      indicated</i></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=center colSpan=3><FONT size=2>% change
from</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left><FONT size=2>For the year
    ended</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=center colSpan=3><FONT size=2 color="#0865AB"><B>31.12.01</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=center colSpan=3><FONT size=2>31.12.00</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=center colSpan=3><FONT size=2>31.12.99</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=center colSpan=3><FONT size=2>31.12.00</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=17>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE=1>
      </DIV></TD></TR>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size=2>Individual
      clients</FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 color="#0865AB"><B
      >4,532</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>5,026</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>4,553</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>(10</FONT></TD>
    <TD noWrap><FONT size=2>)</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size=2>Corporate
      clients</FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 color="#0865AB"><B>1,891</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>1,975</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>1,855</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>(4</FONT></TD>
    <TD noWrap><FONT size=2>)</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size=2>Risk transformation
      and capital management</FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 color="#0865AB"><B>358</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>307</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>330</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>17</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size=2
      >Operations</FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 color="#0865AB"><B>242</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>205</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>313</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>18</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size=2>Other</FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 color="#0865AB"><B>138</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>(70</FONT></TD>
    <TD noWrap><FONT size=2>)</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>142</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=17>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE=1>
      </DIV></TD></TR>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size=2>Income</FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 color="#0865AB"><B>7,161</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>7,443</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>7,193</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>(4</FONT></TD>
    <TD noWrap><FONT size=2>)</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size=2>Credit loss
      expense<SUP>1</SUP></FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 color="#0865AB"><B>(576</B></FONT></TD>
    <TD noWrap><FONT size=2 color="#0865AB"><B>)</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>(759</FONT></TD>
    <TD noWrap><FONT size=2>)</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>(1,050</FONT></TD>
    <TD noWrap><FONT size=2>)</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>(24</FONT></TD>
    <TD noWrap><FONT size=2>)</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=17>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE=1>
      </DIV></TD></TR>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size=2><B>Total operating income</B></FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 color="#0865AB"><B>6,585</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>6,684</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>6,143</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>(1</FONT></TD>
    <TD noWrap><FONT size=2>)</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=17>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE=1>
      </DIV></TD></TR>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size=2>Personnel
      expenses</FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 color="#0865AB"><B>2,988</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>3,187</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>3,363</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>(6</FONT></TD>
    <TD noWrap><FONT size=2>)</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size=2>General and
      administrative expenses</FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 color="#0865AB"><B>991</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>1,058</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>1,123</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>(6</FONT></TD>
    <TD noWrap><FONT size=2>)</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size=2>Depreciation</FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 color="#0865AB"><B>459</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>419</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>384</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>10</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size=2>Amortization of
      goodwill and other intangible assets</FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 color="#0865AB"><B>0</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>27</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>2</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>(100</FONT></TD>
    <TD noWrap><FONT size=2>)</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=17>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE=1>
      </DIV></TD></TR>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size=2><B
      >Total operating expenses</B></FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 color="#0865AB"><B>4,438</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>4,691</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>4,872</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>(5</FONT></TD>
    <TD noWrap><FONT size=2>)</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=17>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE=1>
      </DIV></TD></TR>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size=2><B
      >Business unit performance before
    tax</B></FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 color="#0865AB"><B>2,147</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>1,993</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>1,271</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>8</FONT></TD>
    <TD><FONT size=2
  >&nbsp;</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=17>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE=4>
      </DIV></TD></TR>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size=2>Business unit
      performance before tax and goodwill<SUP>2</SUP></FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 color="#0865AB"><B>2,147</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>2,020</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>1,273</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>6</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size=2></FONT>&nbsp;</DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size=2><B>KPI&#146;s</B></FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size=2>Invested assets
      (CHF billion)</FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 color="#0865AB"><B>320</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>345</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>439<SUP>3</SUP></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>(7</FONT></TD>
    <TD noWrap><FONT size=2>)</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size=2>Net new money (CHF
      billion)<SUP>4,5</SUP></FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 color="#0865AB"><B>8.5</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>0.4</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2
  >&nbsp;</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=17>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE=1>
      </DIV></TD></TR>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size=2>Cost / income ratio
      (%)<SUP>6</SUP></FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 color="#0865AB"><B>62</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>63</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>68</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size=2>Cost / income ratio
      before goodwill (%)<SUP>2,6</SUP></FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 color="#0865AB"><B>62</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>63</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>68</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=17>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE=1>
      </DIV></TD></TR>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size=2>Non-performing
      loans / gross loans outstanding (%)</FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 color="#0865AB"><B>4.6</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>5.3</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>6.8</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size=2>Impaired loans /
      gross loans outstanding (%)</FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 color="#0865AB"><B>7.4</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>9.1</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>11.4</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=17>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE=4>
      </DIV></TD></TR>

  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size=2
    ></FONT>&nbsp;</DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=bottom>
    <TD>
  <TR vAlign=bottom>
    <TD noWrap><FONT size=2><B>Additional
      information</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=center colSpan=3><FONT size=2>% change
from</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap><FONT size=2>As at</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=center colSpan=2><FONT size=2 color="#0865AB"><B>31.12.01</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=center><FONT size=2>31.12.00</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=center><FONT size=2>31.12.99</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=center colSpan=2><FONT size=2>31.12.00</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=17>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE=1>
      </DIV></TD></TR>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size=2>Client assets (CHF
      billion)</FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 color="#0865AB"><B>640</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size=2>Regulatory equity
      used (average)</FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 color="#0865AB"><B>7,350</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>8,550</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>8,550</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>(14</FONT></TD>
    <TD noWrap><FONT size=2>)</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size=2>Headcount (full
      time equivalents)</FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 color="#0865AB"><B>19,938</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>21,100</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>24,098</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>(6</FONT></TD>
    <TD noWrap><FONT size=2>)</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=17>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE=4>
      </DIV></TD></TR></TABLE></CENTER>
<P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left width="1%"><FONT size=1><sup>1</SUP></FONT></TD>
    <TD width="3%"><FONT size=1>&nbsp;</FONT></TD>
    <TD width="96%"><FONT size=1>In
      management accounts, statistically derived adjusted expected loss rather
      than the net IAS actual credit loss is reported in the business units (see
      Note 2 of the Financial Statements).</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=top>
    <TD noWrap align=left width="1%"><FONT size=1><sup>2</SUP></FONT></TD>
    <TD width="3%"><FONT size=1>&nbsp;</FONT></TD>
    <TD width="96%"><FONT size=1>Excludes the amortization of goodwill and other
      intangible assets.</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=top>
    <TD noWrap align=left width="1%"><FONT size=1><sup>3</SUP></FONT></TD>
    <TD width="3%"><FONT size=1>&nbsp;</FONT></TD>
    <TD width="96%"><FONT size=1>Calculated using the former definition of assets
      under management.</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=top>
    <TD noWrap align=left width="1%"><FONT size=1><sup>4</SUP></FONT></TD>
    <TD width="3%"><FONT size=1>&nbsp;</FONT></TD>
    <TD width="96%"><FONT size=1>Calculated using the former definition of assets
      under management up to and including second quarter 2001.</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=top>
    <TD noWrap align=left width="1%"><FONT size=1><sup>5</SUP></FONT></TD>
    <TD width="3%"><FONT size=1>&nbsp;</FONT></TD>
    <TD width="96%"><FONT size=1>Excludes dividend and interest income.</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=top>
    <TD noWrap align=left width="1%"><FONT size=1><sup>6</SUP></FONT></TD>
    <TD width="3%"><FONT size=1>&nbsp;</FONT></TD>
    <TD width="96%"><FONT size=1>Operating expenses / operating income before credit
      loss expense.</FONT></TD></TR></TABLE>
<P align=left><FONT size=2><B>Components of Operating Income</B> </FONT>
<P>
<HR width="100%" noShade SIZE=1>

<P><FONT size=2>Private and Corporate
Clients derives its operating income principally from: </FONT>
<P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left width="1%"><FONT size=2>&#150;&nbsp;</FONT></TD>
    <TD width="3%"><FONT size=2>&nbsp;</FONT></TD>
    <TD width="96%"><FONT size=2>net
      interest income from its loan portfolio and customer
deposits;</FONT></TD></TR>
  <TR>
    <TD><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="1%"><FONT size=2>&#150;&nbsp;</FONT></TD>
    <TD width="3%"><FONT size=2>&nbsp;</FONT></TD>
    <TD width="96%"><FONT size=2>fees for investment management services;
  and</FONT></TD></TR>
  <TR>
    <TD><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="1%"><FONT size=2>&#150;&nbsp;</FONT></TD>
    <TD width="3%"><FONT size=2>&nbsp;</FONT></TD>
    <TD width="96%"><FONT size=2>transaction fees.</FONT></TD></TR></TABLE>
<P><FONT size=2>As a result, Private
and Corporate Clients&#146; operating income is affected by movements in interest
rates, fluctuations in invested assets, client activity levels, investment
performance and changes in market conditions.</FONT>

<P><FONT size=2>40</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align=left><FONT size=2><B>Significant Financial Events</B> </FONT>
<DIV align=left><FONT size=2>There
were no significant financial events that affected this business unit in 2001,
2000 or 1999. </FONT></DIV>
<P align=left><FONT color=#7f7f7f size=4><B>2001</B> </FONT>
<P align=left><FONT color=#0865ab size=2><B>Key performance Indicators</B>
</FONT>
<DIV align=left><FONT size=2>In 2001,
Private and Corporate Clients attracted net new money of CHF 8.5 billion, a
clear improvement over last year&#146;s disappointing CHF 0.4&nbsp;billion, and
reflecting improved flows from both private clients and corporate clients, where
flows can be larger and more volatile. Invested assets declined CHF 25 billion
from CHF 345&nbsp;billion at 31 December 2000 to CHF 320&nbsp;billion at 31
December 2001, reflecting the effect of market declines during the year.
</FONT></DIV>
<P align=center><FONT size=2><IMG alt="(BAR GRAPH)" src="y58380y58380g7.gif" > </FONT>
<DIV align=left><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;Private and Corporate Clients
continues to focus successfully on stringent cost control measures, reflected in
a 1&nbsp;percentage point decline in the full year&#146;s pre-goodwill cost/income
ratio from 63% in 2000 to 62% in 2001. This resulted from reductions in
headcount and in performance-related compensation expense. </FONT></DIV>
<DIV align=left><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;Private and Corporate Clients&#146; loan
portfolio decreased from CHF 156 billion at 31 Decem- </FONT></DIV>
<P align=center><FONT size=2><IMG alt="(BAR GRAPH)" src="y58380y58380g8.gif" > </FONT>
<P><FONT size=2>ber 2000 to CHF
152&nbsp;billion at 31 December 2001, driven by reductions in the more volatile
business with banks and the further reduction in the recovery portfolio from CHF
15&nbsp;billion to CHF 12&nbsp;billion. </FONT>
<DIV align=left><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;The strength of the Swiss economy
in the early part of 2001 and our continued successful recovery efforts were
reflected in an improvement in key asset quality ratios since the end of last
year. The non-performing loans to total loans ratio decreased from 5.3% to 4.6%
while the ratio of impaired loans to gross loans further improved from 9.1% to
7.4%. </FONT></DIV>
<P align=left><FONT color=#0865ab size=2><B>Results</B> </FONT>
<DIV align=left><FONT size=2>Private
and Corporate Clients enjoyed a very strong year, despite the much more
difficult market conditions, with profit before tax in 2001 up 8% compared to
2000, at CHF 2,147&nbsp;million, its highest level ever. The implementation of
risk adjusted pricing and the strength of the Swiss economy in 2000 and early
2001 led to a significant increase in credit quality, while operating expenses
have remained under tight control, falling 5% compared to 2000. </FONT></DIV>
<P align=center><FONT size=2><IMG alt="(BAR GRAPH)" src="y58380y58380g9.gif" > </FONT>
<P align=left><FONT color=#0865ab size=2><B>Operating income</B> </FONT>
<DIV align=left><FONT size=2>Operating
income in 2001 was down CHF 99&nbsp;million from 2000 at CHF 6,585 million,
principally reflecting the effect of weaker markets in 2001 on fee and
commission income, which more than offset the reduction in credit loss expense.
</FONT></DIV>
<DIV align=left><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;Private and Corporate Clients has
improved the quality of its loan portfolio considerably in recent years,
principally through the introduction of risk adjusted pricing, leading to a
lower adjusted expected loss charge in 2001 compared to 2000. We have also
introduced a new process for calculating the adjusted expected loss
</FONT></DIV>
<P align=right><FONT size=2>41</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><FONT size="2"><B>Review of Business Group Performance<BR>UBS Switzerland</B></FONT>
<P><FONT size="2">charged to the
Business Groups, under which the difference between the actual IAS credit losses
and the actuarial expected loss calculated for management reporting purposes is
charged or credited back to the business units over a three year period, so that
the risks and rewards over the cycle are better reflected in their results.
Since actual credit losses in Private and Corporate Clients have recently been
lower than the adjusted expected loss charge, this deferral process has also
resulted in a lower adjusted expected loss charge (see page 35 for further
details). </FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Together these effects led to a
credit loss expense of CHF 576&nbsp;million in 2001, down 24% from CHF
759&nbsp;million in 2000. </FONT></DIV>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Income in <I>Individual Clients</I> declined 10% from CHF 5,026&nbsp;million in 2000 to CHF 4,532&nbsp;million in
2001. This change was driven by the much more difficult and uncertain conditions
in securities markets, which led to lower brokerage fees and lower sales of
investment funds. Interest income also declined, driven by the effect of the
sale of Solothurner Bank in fourth quarter 2000. </FONT></DIV>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Income in <I>Corporate Clients</I>
declined 4% from CHF 1,975&nbsp;million in 2000 to CHF 1,891 in 2001,
principally reflecting lower interest income as risk adjusted pricing shifted
our focus to higher credit quality counterparties leading to lower lending
volumes, but also to lower credit loss expense. </FONT></DIV>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Income from the
<I>Risk Transformation
and Capital Management</I> area benefited from higher interest income, following a
change in the treatment of interest on impaired loans (previously recorded as a
reduction in credit loss expense), which more than offset the effects of
write-downs in some small investments. Overall income increased to CHF
358&nbsp;million in 2001, from CHF 307&nbsp;million in 2000. </FONT></DIV>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Income from <I>Operations</I> rose CHF
37&nbsp;million, to CHF 242&nbsp;million in 2001, reflecting one-off revenues
from minority holdings in other companies, a decrease in custody fees paid due
to lower average assets, which more than offset a decrease in custody revenues,
again reflecting lower average assets, and higher interest income from
correspondent bank overdraft balances. </FONT></DIV>
<P align="left"><FONT size="2"><B>Operating expenses</B> </FONT>
<DIV align="left"><FONT size="2">Operating
expenses remain under strict control, totaling CHF 4,438&nbsp;million in 2001,
CHF 253&nbsp;million lower than in 2000. Operating expenses declined through the
year and reached an all-time low in fourth quarter 2001. </FONT></DIV>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses
in 2001, were 6% lower than in 2000, at CHF 991&nbsp;million, principally
reflecting lower IT outsourcing costs and the continued effect of our efforts to
control costs. As a result, general and administrative expenses have now fallen
for two years running, and are below their 1998 level. </FONT></DIV>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Personnel expenses declined by CHF
199&nbsp;million compared to 2000, to CHF 2,988&nbsp;million, reflecting a fall
in headcount of 1,162 since the end of 2000, and lower performance related pay.
Over the full year, the compensation ratio in Private and Corporate clients was
42%, down from 43% in 2000. </FONT></DIV>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Depreciation increased 10% from
2000, to CHF 459&nbsp;million, principally reflecting cancellation of previously
capitalized software projects as a result of cost control measures. Goodwill
amortization dropped from CHF 27&nbsp;million in 2000 to CHF 0 in 2001,
reflecting the write-off of goodwill on a credit card portfolio in 2000.
</FONT></DIV>
<P align="left"><FONT size="2"><B>Headcount</B> </FONT>
<DIV align="left"><FONT size="2">Private
and Corporate Clients&#146; headcount declined by a further 6% in 2001, from 21,100
at 31 December 2000 to 19,938 at 31 December 2001, as the cost control effects
from the systematic implementation of the strategic projects portfolio and the
benefits of the merger between Union Bank of Switzerland and Swiss Bank
Corporation continue to be realized. Headcount has reduced by more than 5,700
since the merger, in line with the targets we set at the time. We expect that
headcount will remain around the current level during 2002. </FONT></DIV>
<P align="center"><FONT size="2"><IMG src="y5838058380g10.gif" alt="(BAR GRAPH)"></FONT>
<P><FONT size="2">42</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align=left><FONT color=#7f7f7f size=5><B>2000</B> </FONT>
<P align=left><FONT size=2><B>Key performance indicators</B> </FONT>
<DIV align=left><FONT size=2>Invested
assets decreased by CHF 94&nbsp;billion from CHF 439&nbsp;billion at 31 December
1999 to CHF 345&nbsp;billion at 31 December 2000. The vast majority of this
change was due to the new definition of invested assets introduced at 31
December 2000, which excludes certain asset classes previously included in the
old definition of assets under management, particularly current accounts. The
underlying development was almost flat, with net new money of CHF
0.4&nbsp;billion and slightly positive market performance over the year, roughly
offsetting transfers of CHF 5&nbsp;billion to other business units.
</FONT></DIV>
<DIV align=left><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;The pre-goodwill cost / income
ratio in 2000, at 63%, improved significantly from 68% in 1999. This was
principally due to lower operating expenses resulting from continuing strict
cost control, as the benefits of the 1998 merger between Union Bank of
Switzerland and Swiss Bank Corporation continued to be realized. </FONT></DIV>
<DIV align=left><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;The quality of the Private and
Corporate Clients&#146; loan portfolio improved considerably during the year,
resulting in a non-performing loans / total loans ratio of 5.3% at 31 December
2000, compared to 6.8% at the end of 1999. This improvement was due in part to
the unexpected strengthening of the Swiss economy, and also to Private and
Corporate Clients&#146; efforts to further enhance the risk / return profile of its
loan portfolio. This was achieved through selective origination with clear focus
on higher quality counterparties, secondary market transactions, the disposal of
non-core business subsidiaries, and the continued work-out of the recovery
portfolio, which decreased from CHF 21&nbsp;billion to CHF 15&nbsp;billion
during the year. </FONT></DIV>
<DIV align=left><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;Although UBS Switzerland&#146;s
non-performing loans ratio is somewhat higher than some comparable banks,
particularly in the US, the comparison reflects different structural practices
rather than underlying asset quality. In general, Swiss practice is to write off
loans entirely only on final settlement of bankruptcy proceedings, the sale of
the underlying assets or a formal debt forgiveness. In contrast, US practice is
to write off non-performing loans much sooner, reducing the amount of such loans
and corresponding provisions recorded at any given date. </FONT></DIV>
<P align=left><FONT color=#0865ab size=2><B>Results</B> </FONT>
<DIV align=left><FONT size=2>Record
pre-tax profit for the year, at CHF 1,993&nbsp;million, was an increase of CHF
722&nbsp;million, or 57%, over 1999, clearly demonstrating the substantial
benefits of the merger between the Union Bank of Switzerland and Swiss Bank
Corporation for the combined domestic banking franchise. </FONT></DIV>
<P align=left><FONT size=2><B>Operating income</B> </FONT>
<DIV align=left><FONT size=2>Private
and Corporate Clients&#146; operating income in 2000 was CHF 6,684&nbsp;million, CHF
541&nbsp;million, or 9%, higher than in 1999. This improved performance
primarily reflected higher fee income, particularly in the first half of the
year, and reduced expected credit losses as the quality of the loan portfolio
improved. </FONT></DIV>
<P><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;Both of Private and Corporate
Clients&#146; two main client business areas recorded increases in their operating
income in 2000 as compared to 1999. </FONT>
<P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left width="1%"><FONT size=2
      >&#150;&nbsp;</FONT></TD>
    <TD width="3%"><FONT size=2
      >&nbsp;</FONT></TD>
    <TD width="96%"><FONT size=2><I
      >Individual Clients</I>: Operating income in 2000 was
      CHF 5,026&nbsp;million, an increase of CHF 473&nbsp;million, or 10%, from
      CHF 4,553&nbsp;million in 1999. This was primarily due to increases in
      brokerage and investment fund fees resulting from increased investment
      activity, and minor gains on sales of subsidiaries and
      participations.</FONT></TD></TR>
  <TR>
    <TD><FONT size=2
  >&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="1%"><FONT size=2
      >&#150;&nbsp;</FONT></TD>
    <TD width="3%"><FONT size=2
      >&nbsp;</FONT></TD>
    <TD width="96%"><FONT size=2><I
      >Corporate Clients: </I>Operating income in 2000 was
      CHF 1,975&nbsp;million, an increase of CHF 120&nbsp;million, or 6%, from
      CHF 1,855&nbsp;million in 1999, primarily due to higher interest income
      resulting from improved margins as well as increased fee and commission
      income.</FONT></TD></TR></TABLE>
<DIV align=left><FONT size=2>On the
other hand, the two support business areas saw their incomes reduce.
</FONT></DIV>
<P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left width="1%"><FONT size=2
      >&#150;&nbsp;</FONT></TD>
    <TD width="3%"><FONT size=2
      >&nbsp;</FONT></TD>
    <TD width="96%"><FONT size=2><I
      >Risk Transformation and Capital Management:
      </I>Income was CHF 307&nbsp;million in 2000. This was a decrease of CHF
      23&nbsp;million, or 7%, from the CHF 330&nbsp;million recorded in 1999,
      primarily as a result of the reduced average size of the recovery loan
      portfolio, managed by this unit.</FONT></TD></TR>
  <TR>
    <TD><FONT size=2
  >&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="1%"><FONT size=2
      >&#150;&nbsp;</FONT></TD>
    <TD width="3%"><FONT size=2
      >&nbsp;</FONT></TD>
    <TD width="96%"><FONT size=2><I
      >Operations: </I>Revenues in 2000 were CHF
      205&nbsp;million, a decrease of CHF 108&nbsp;million, or 35%, from CHF
      313&nbsp;million in 1999. Operations revenues were affected by lower
      interest revenues as a result of reduced correspondent bank overdraft
      balances, partially offset by small one-off revenues from the revaluation
      of minority holdings in other companies.</FONT></TD></TR></TABLE>
<P align=right><FONT size=2>43</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><FONT size=2><B>Review of Business Group Performance<BR>UBS Switzerland</B> </FONT>
<P align=left><FONT size=2><B>Operating expenses</B> </FONT>
<DIV align=left><FONT size=2>Full year
operating expenses in 2000 were CHF 4,691&nbsp;million, down 4%, or CHF
181&nbsp;million, from 1999. This was primarily due to falling personnel costs
as headcount was reduced. </FONT></DIV>
<DIV align=left><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;Personnel expense fell by CHF
176&nbsp;million, or 5%, from CHF 3,363&nbsp;million in 1999 to CHF
3,187&nbsp;million in 2000. Increased performance-related compensation,
reflecting the good results, was more than offset by a substantial reduction in
headcount during the year. </FONT></DIV>
<DIV align=left><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses
fell 6% over the year, despite our continued investments in online services,
reflecting continued cost control efforts. </FONT></DIV>
<DIV align=left><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;Depreciation expense increased by
CHF 35&nbsp;million, or 9%, to CHF 419 million, primarily due to the
implementation of IAS 38, relating to the capitalization of software costs.
</FONT></DIV>
<DIV align=left><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;Amortization of goodwill and other
intangible assets increased CHF 25 million, from CHF 2&nbsp;million in 1999 to
CHF 27&nbsp;million in 2000. This increase was primarily due to the acquisition
of a credit card portfolio during second quarter 2000. </FONT></DIV>
<P align=left><FONT size=2><B>Headcount</B> </FONT>
<DIV align=left><FONT size=2>Private
and Corporate Clients&#146; headcount declined by almost 3,000 in 2000 from 24,098 at
the end of 1999 to 21,100 at 31 December 2000. This reduction includes 948 staff
transferred with Systor, which became an independent company at the start of
2000, 413 staff of Solothurner Bank, which was sold during 2000, and the
transfer of 148 financial planning and wealth management staff to Private
Banking. The remaining reduction of 1,489 staff demonstrates UBS&#146;s continued
success in realizing UBS/SBC merger-related synergies. </FONT></DIV>
<P><FONT size=2>44</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align=left><FONT color=#7f7f7f size=4><B>Private Banking</B> </FONT>
<P align=left><FONT size=2><B>Business Unit Reporting</B> </FONT>
<CENTER>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap><FONT size=2><i>CHF million, except where
      indicated</i></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=center colSpan=3><FONT size=2
      >% change
from</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap><FONT size=2
      >For the year
    ended</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=center colSpan=3><FONT size=2 color="#0865AB"><B>31.12.01</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=center colSpan=3><FONT size=2
      >31.12.00<SUP
      >1</SUP></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=center colSpan=3><FONT size=2
      >31.12.99<SUP
      >1</SUP></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=center colSpan=3><FONT size=2
      >31.12.00</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=17>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE=1>
      </DIV></TD></TR>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size=2
    >Income</FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 color="#0865AB"><B
      >6,314</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >6,928</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >5,691</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >(9</FONT></TD>
    <TD noWrap><FONT size=2
    >)</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size=2>Credit loss
      expense<SUP>2</SUP></FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 color="#0865AB"><B
      >(28</B></FONT></TD>
    <TD noWrap><FONT size=2 color="#0865AB"><B
      >)</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >(26</FONT></TD>
    <TD noWrap><FONT size=2
    >)</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >(21</FONT></TD>
    <TD noWrap><FONT size=2
    >)</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >8</FONT></TD>
    <TD><FONT size=2
  >&nbsp;</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=17>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE=1>
      </DIV></TD></TR>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size=2><B
      >Total operating income</B></FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 color="#0865AB"><B
      >6,286</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >6,902</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >5,670</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >(9</FONT></TD>
    <TD noWrap><FONT size=2
    >)</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=17>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE=1>
      </DIV></TD></TR>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size=2>Personnel
      expenses</FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 color="#0865AB"><B
      >1,776</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >1,956</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >1,519</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >(9</FONT></TD>
    <TD noWrap><FONT size=2
    >)</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size=2>General and
      administrative expenses</FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 color="#0865AB"><B
      >1,609</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >1,561</FONT></TD>
    <TD valign="top"><FONT size=2><SUP>3</SUP></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >1,327</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >3</FONT></TD>
    <TD><FONT size=2
  >&nbsp;</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size=2
      >Depreciation</FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 color="#0865AB"><B
      >157</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >142</FONT></TD>
    <TD valign="top"><FONT size=2><SUP>3</SUP></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >91</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >11</FONT></TD>
    <TD><FONT size=2
  >&nbsp;</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size=2>Amortization of
      goodwill and other intangible assets</FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 color="#0865AB"><B
      >41</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >43</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >36</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >(5</FONT></TD>
    <TD noWrap><FONT size=2
    >)</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=17>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE=1>
      </DIV></TD></TR>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size=2><B
      >Total operating expenses</B></FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 color="#0865AB"><B
      >3,583</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >3,702</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >2,973</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >(3</FONT></TD>
    <TD noWrap><FONT size=2
    >)</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=17>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE=1>
      </DIV></TD></TR>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size=2><B
      >Business unit performance before
    tax</B></FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 color="#0865AB"><B
      >2,703</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >3,200</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >2,697</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >(16</FONT></TD>
    <TD noWrap><FONT size=2
    >)</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=17>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE=4>
      </DIV></TD></TR>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size=2>Business unit
      performance before tax and goodwill<SUP
      >4</SUP></FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 color="#0865AB"><B
      >2,744</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >3,243</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >2,733</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >(15</FONT></TD>
    <TD noWrap><FONT size=2
    >)</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size=2
    ></FONT>&nbsp;</DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2
  >&nbsp;</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size=2><B
      >KPI&#146;s</B></FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2
  >&nbsp;</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size=2>Invested assets
      (CHF billion)</FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 color="#0865AB"><B
      >682</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >691</FONT></TD>
    <TD valign="top"><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >682</FONT></TD>
    <TD valign="top"><FONT size=2><SUP>5</SUP></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >(1</FONT></TD>
    <TD noWrap><FONT size=2
    >)</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size=2>Net new money (CHF
      billion)<SUP>6</SUP></FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 color="#0865AB"><B
      >22.5</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >2.8</FONT></TD>
    <TD><FONT size=2><SUP>5</SUP></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2>2.3</FONT></TD>
    <TD valign="top"><FONT size=2><SUP>5</SUP></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=17>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE=1>
      </DIV></TD></TR>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size=2>Gross margin on
      invested assets (bps)<SUP>7</SUP></FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 color="#0865AB"><B
      >92</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >99</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >90</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >(7</FONT></TD>
    <TD noWrap><FONT size=2
    >)</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=17>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE=1>
      </DIV></TD></TR>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size=2>Cost / income ratio
      (%)<SUP>8</SUP></FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 color="#0865AB"><B
      >57</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >53</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >52</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2
  >&nbsp;</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size=2>Cost / income ratio
      before goodwill (%)<SUP>4,8</SUP></FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 color="#0865AB"><B
      >56</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >53</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >52</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2
  >&nbsp;</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size=2>Cost / income ratio
      before goodwill and excluding the European Wealth Management Initiative
      (%)<SUP>4,8</SUP></FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 color="#0865AB"><B
      >49</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2
  >&nbsp;</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=17>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE=1>
      </DIV></TD></TR>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size=2>Client advisors
      (full time equivalents)</FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 color="#0865AB"><B
      >2,346</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >1,744</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >35</FONT></TD>
    <TD><FONT size=2
  >&nbsp;</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=17>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE=4>
      </DIV></TD></TR>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size=2
    ></FONT>&nbsp;</DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2
  >&nbsp;</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size=2><B
      >KPI&#146;s for the European Wealth Management
      Initiative</B></FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2
  >&nbsp;</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size=2
    >Income</FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 color="#0865AB"><B
      >140</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2
  >&nbsp;</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=17>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE=1>
      </DIV></TD></TR>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size=2>Invested assets
      (CHF billion)</FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 color="#0865AB"><B
      >16</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2
  >&nbsp;</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size=2>Net new money (CHF
      billion)<SUP>6</SUP></FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 color="#0865AB"><B
      >5.6</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2
  >&nbsp;</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=17>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE=1>
      </DIV></TD></TR>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size=2>Client advisors
      (full time equivalents)</FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 color="#0865AB"><B
      >370</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2
  >&nbsp;</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=17>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE=1>
      </DIV></TD></TR></TABLE></CENTER>
<CENTER>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD width="62%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap><FONT size=2
      ><B>Additional
      information</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=center colSpan=3><FONT size=2
      >% change
from</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap><FONT size=2
      >As at</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=center colSpan=3><FONT size=2 color="#0865AB"><B>31.12.01</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=center colSpan=3><FONT size=2
      >31.12.00</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=center colSpan=3><FONT size=2
      >31.12.99</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan=3><FONT size=2
      >31.12.00</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=17>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE=1>
      </DIV></TD></TR>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size=2>Client assets (CHF
      billion)</FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 color="#0865AB"><B
      >840</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2
  >&nbsp;</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size=2>Regulatory equity
      used (average)</FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 color="#0865AB"><B
      >1,950</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >2,000</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >1,600</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD noWrap align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >(3</FONT></TD>
    <TD noWrap><FONT size=2
    >)</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=bottom>
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size=2>Headcount (full
      time equivalents)</FONT></DIV></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >&nbsp;</FONT></TD>
    <TD align=right><FONT size=2 color="#0865AB"><B
      >9,266</B></FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >8,925</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >8,131</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD><FONT size=2>&nbsp;</FONT></TD>
    <TD align=right><FONT size=2
      >4</FONT></TD>
    <TD><FONT size=2
  >&nbsp;</FONT></TD></TR>
  <TR>
    <TD align=left colSpan=17>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE=4>
      </DIV></TD></TR></TABLE></CENTER>
<P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left width="1%"><FONT size=1
      ><sup>1</SUP></FONT></TD>
    <TD width="3%"><FONT size=1
      >&nbsp;</FONT></TD>
    <TD width="96%"><FONT size=1>The
      2000 and 1999 figures have been restated to reflect the restructuring of
      the Group on 1 January 2001.</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=top>
    <TD noWrap align=left width="1%"><FONT size=1
      ><sup>2</SUP></FONT></TD>
    <TD width="3%"><FONT size=1
      >&nbsp;</FONT></TD>
    <TD width="96%"><FONT size=1>In
      management accounts, statistically derived adjusted expected loss rather
      than the net IAS actual credit loss is reported in the business units (see
      Note 2 of the Financial Statements).</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=top>
    <TD noWrap align=left width="1%"><FONT size=1
      ><sup>3</SUP></FONT></TD>
    <TD width="3%"><FONT size=1
      >&nbsp;</FONT></TD>
    <TD width="96%"><FONT size=1
      >Excludes Significant Financial Events: General and
      administrative expenses, CHF 80 million, Depreciation, CHF 72&nbsp;million
      for the PaineWebber integration.</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=top>
    <TD noWrap align=left width="1%"><FONT size=1
      ><sup>4</SUP></FONT></TD>
    <TD width="3%"><FONT size=1
      >&nbsp;</FONT></TD>
    <TD width="96%"><FONT size=1
      >Excludes the amortization of goodwill and other
      intangible assets.</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=top>
    <TD noWrap align=left width="1%"><FONT size=1
      ><sup>5</SUP></FONT></TD>
    <TD width="3%"><FONT size=1
      >&nbsp;</FONT></TD>
    <TD width="96%"><FONT size=1
      >Calculated using the former definition of assets
      under management.</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=top>
    <TD noWrap align=left width="1%"><FONT size=1
      ><sup>6</SUP></FONT></TD>
    <TD width="3%"><FONT size=1
      >&nbsp;</FONT></TD>
    <TD width="96%"><FONT size=1
      >Excludes dividend and interest income.</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=top>
    <TD noWrap align=left width="1%"><FONT size=1
      ><sup>7</SUP></FONT></TD>
    <TD width="3%"><FONT size=1
      >&nbsp;</FONT></TD>
    <TD width="96%"><FONT size=1
      >Income / average invested assets.</FONT></TD></TR>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR>
    <TD>
  <TR vAlign=top>
    <TD noWrap align=left width="1%"><FONT size=1
      ><sup>8</SUP></FONT></TD>
    <TD width="3%"><FONT size=1
      >&nbsp;</FONT></TD>
    <TD width="96%"><FONT size=1
      >Operating expenses / operating income before credit
      loss expense.</FONT></TD></TR></TABLE>
<P align=right><FONT size=2>45</FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><FONT size=2><B>Review of Business Group Performance<BR>UBS Switzerland</B> </FONT>
<P align=left><FONT size=2><B>Components of Operating Income</B> </FONT>
<P>
<HR width="100%" noShade SIZE=1>

<P><FONT size=2>Private Banking
derives its operating income principally from: </FONT>
<P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left width="1%"><FONT size=2 >&#150;&nbsp;</FONT></TD>
    <TD width="3%"><FONT size=2 >&nbsp;</FONT></TD>
    <TD width="96%"><FONT size=2 >fees for financial planning and wealth management
      services;</FONT></TD></TR>
  <TR>
    <TD><FONT size=2 >&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="1%"><FONT size=2 >&#150;&nbsp;</FONT></TD>
    <TD width="3%"><FONT size=2 >&nbsp;</FONT></TD>
    <TD width="96%"><FONT size=2 >fees for investment management services;
  and</FONT></TD></TR>
  <TR>
    <TD><FONT size=2 >&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="1%"><FONT size=2 >&#150;&nbsp;</FONT></TD>
    <TD width="3%"><FONT size=2 >&nbsp;</FONT></TD>
    <TD width="96%"><FONT size=2 >transaction-related fees.</FONT></TD></TR></TABLE>
<P><FONT size=2>Private Banking&#146;s fees
are based on the market value of invested assets and the level of
transaction-related activity. As a result, Private Banking&#146;s operating income is
affected by such factors as fluctuations in invested assets, changes in market
conditions, investment performance and inflows and outflows of client funds.
</FONT>
<P align=left><FONT size=2><B>Significant financial events</B> </FONT>
<DIV align=left><FONT size=2>Following
the merger with PaineWebber, our strategy for extending our wealth management
services in Europe was reassessed and focus shifted to more affluent clients
than those originally targeted by the e-services initiative. The multi-currency
and multi-entity core banking systems developed by the e-services initiative now
form part of UBS Private Banking&#146;s new wealth management strategy in Europe.
Those parts of the infrastructure that were tailored to the mass affluent
market, such as telephone call-centers, were closed and the investment in them
written off. This resulted in a charge of CHF 80&nbsp;million to General and
administrative expenses. In addition, capitalized software costs relating to
parts of the systems which will now not be used were written off, resulting in a
CHF 72&nbsp;million charge to depreciation. These two amounts form part of the
PaineWebber integration costs, which were treated as a significant financial
event in 2000, and as a result these costs do not appear in the adjusted
business unit results above. </FONT></DIV>
<DIV align=left><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;There were no significant financial
events that affected this business unit in 2001 or 1999. </FONT></DIV>
<P align=left><FONT color=#7f7f7f size=4><B>2001</B> </FONT>
<P align=left><FONT color=#0865ab size=2><B>Key performance indicators</B>
</FONT>
<DIV align=left><FONT size=2>Net new
money inflows in 2001, at CHF 22.5&nbsp;billion, an eight-fold increase over
2000, demonstrate our success this year in re-energizing our asset-gathering
performance, and our determined focus on growing this world-leading business.
</FONT></DIV>
<P><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;Over the year from 31 December
2000, invested assets have fallen only 1%, despite the poor performance of
securities markets, reflecting strong net new money growth and a relatively
conservative asset mix. </FONT>
<P><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;The gross margin fell from 99 basis
points in 2000 to 92 basis points in 2001, clearly reflecting reduced
transaction volumes, especially compared to the exuberant markets of the early
part of 2000. </FONT>
<P><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;The pre-goodwill cost/income ratio
increased by three percentage points from 53% in 2000 to 56% in 2001, reflecting
the costs of our invest- </FONT>
<P align=center><FONT size=2><IMG alt="(BAR GRAPH)" src="y5838058380g11.gif" > </FONT>
<P align=center><FONT size=2><IMG alt="(BAR GRAPH)" src="y5838058380g12.gif" > </FONT>
<P align=center><FONT size=2><IMG alt="(BAR GRAPH)" src="y5838058380g13.gif" > </FONT>
<P><FONT size=2>46</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center"><IMG alt="(BAR GRAPH)" src="y5838058380g14.gif" >
<P><FONT size=2>ments in the European
wealth management initiative, and weaker transaction volumes. </FONT>
<P align=left><FONT size=2><B>European wealth management</B> </FONT>
<DIV align=left><FONT size=2>Early in
2001 we launched a European wealth management initiative, designed to expand our
market share in five key target countries: Germany, the UK, France, Italy and
Spain, a scope that covers about 80% of Europe&#146;s investable assets.
</FONT></DIV>
<DIV align=left><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;Our strategy is focused on wealthy
clients, with services designed primarily for those with more than EUR 500,000
of investable assets, and developed within the context of our clear commitment
to open architecture and the provision of a full range of &#147;best of breed&#148;
investment products to all our clients. The initiative makes full use of UBS
PaineWebber&#146;s top-class abilities in marketing, product management and
innovation, technology, and training, deployed as a key catalyst for our
European businesses. </FONT></DIV>
<DIV align=left><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;Initial progress has been very
promising, with net new money of CHF 5.6 billion in our target countries in
2001, despite the relatively difficult market conditions. Opening new offices
and hiring new staff is a key component of the initia- </FONT></DIV>
<P align=center><FONT size=2><IMG alt="(BAR GRAPH)" src="y5838058380g15.gif" > </FONT>
<P><FONT size=2>tive &#150; expanding our
physical presence in the target markets. Hiring plans progressed well in 2001,
with the number of client advisers in our five target countries rising to 370 at
31 December 2001, an increase of 208 for the year. A further 40 newly hired
advisors started on 1 January 2002, bringing our total hiring in 2001 to 248, in
line with our intention to recruit around 250 advisors a year. </FONT>
<P align=center><FONT size=2><IMG alt="(BAR GRAPH)" src="y5838058380g16.gif" > </FONT>
<P align=left><FONT color=#0865ab size=2><B>Results</B> </FONT>
<DIV align=left><FONT size=2>Weaker
markets than 2000 and the costs of investing in the European wealth management
initiative brought full year pre-tax profits in 2001 down 16% from last year to
CHF 2,703&nbsp;million, despite a continued focus on controlling operating
costs. </FONT></DIV>
<P align=center><FONT size=2><IMG alt="(BAR GRAPH)" src="y5838058380g17.gif" > </FONT>
<P align=left><FONT size=2><B>Operating income</B> </FONT>
<DIV align=left><FONT size=2>Full year
operating income was CHF 6,286&nbsp;million, down 9% from the record CHF
6,902&nbsp;million in 2000. This was driven by falling transaction based
revenues, reflecting the much less active markets in 2001. Asset based revenues
fell only very slightly compared to last year, despite lower average assets,
reflecting our success in providing added value services to our clients.
</FONT></DIV>
<P align=right><FONT size=2>47</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><FONT size=2><B>Review of Business Group Performance<BR>UBS Switzerland</B> </FONT>

<P align=left><FONT size=2><B>Operating expenses</B> </FONT>
<DIV align=left><FONT size=2>At CHF
3,583&nbsp;million, operating expenses in 2001 were down 3% from 2000, driven by
lower personnel expenses, which were down 9% at CHF 1,776&nbsp;million due to
lower performance-related compensation despite a 4% increase in headcount during
the year. </FONT></DIV>
<DIV align=left><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses
increased 3% from CHF 1,561&nbsp;million in 2000 to CHF 1,609&nbsp;million in
2001, principally reflecting the cost of investments in new product development,
premises and systems in support of the European wealth management initiative.
</FONT></DIV>
<DIV align=left><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;Depreciation increased from CHF
142&nbsp;million in 2000 to CHF 157&nbsp;million in 2001, reflecting increased
investment in IT and premises. </FONT></DIV>

<P align=left><FONT size=2><B>Headcount</B></FONT>
<DIV align=left><FONT size=2>At
      31 December 2001, Private Banking employed 9,266 professionals, a 4%
      increase compared with year end 2000, driven by recruitment of client
      advisors and support personnel for the European Wealth Management
      initiative. At 31 December 2001, client advisors represented 25% of
      Private Banking&#146;s staff, up from 20% at the end of
  2000.</FONT></DIV>

<P align=center><FONT size=2><IMG alt="(BAR GRAPH)" src="y5838058380g18.gif" > </FONT>
<P align=left><FONT color=#7f7f7f size=4><B>2000</B> </FONT>
<P align=left><FONT color=#0865ab size=2><B>Key performance indicators</B>
</FONT>
<DIV align=left><FONT size=2>Invested
assets increased by CHF 9&nbsp;billion, or 1%, from CHF 682&nbsp;billion to CHF
691&nbsp;billion during 2000, primarily reflecting market performance and
currency effects. Net new money during the year was disappointing, with a net
inflow of CHF 2.8&nbsp;billion, with the majority of the net inflow in the
domestic European business. </FONT></DIV>
<DIV align=left><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;Gross margin for the year, at 99
basis points, partly reflects the very strong performance in the exceptional
markets of the first quarter. The rates for most of the year, (95 basis points
in second quarter, 94 basis points in third quarter, and 96 basis points in
fourth quarter) represent a solid improvement over the average of 90 basis
points recorded in 1999, as we introduce more value-added products to our client
base. </FONT></DIV>
<DIV align=left><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;The pre-goodwill cost / income
ratio was 53% a slight increase from 52% in 1999, as higher revenues were offset
by investment in the e-services project and expansion of the domestic business
during 1999 and 2000. </FONT></DIV>
<P align=left><FONT color=#0865ab size=2><B>Results</B> </FONT>
<DIV align=left><FONT size=2>Net
profit before tax for the year increased significantly, by CHF 503&nbsp;million,
or 19%, to CHF 3,200&nbsp;million, from CHF 2,697&nbsp;million in 1999. This
reflects strong markets in the early part of 2000, and the margin enhancing
benefits of introducing more added-value products during the year. </FONT></DIV>
<P align=left><FONT size=2><B>Operating income</B> </FONT>
<DIV align=left><FONT size=2>The
increase in gross margin to 99 basis points resulted in operating income of CHF
6,902&nbsp;million, which was 22%, or CHF 1,232&nbsp;million, higher than in
1999. Revenue quality also improved with asset-based fees growing faster over
the year than transaction-based fees. </FONT></DIV>
<P align=left><FONT size=2><B>Operating expenses</B> </FONT>
<DIV align=left><FONT size=2>Full year
operating expenses were CHF 3,702&nbsp;million, CHF 729&nbsp;million or 25%
higher than in 1999. </FONT></DIV>
<DIV align=left><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;Personnel expenses increased CHF
437&nbsp;million, or 29%, mainly due to higher performance related compensation,
investment in the e-services project and the transfer of financial planning and
wealth management staff from the Private and Corporate Clients unit.
</FONT></DIV>
<DIV align=left><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses
increased CHF 234&nbsp;million, or 18%, primarily due to the investment in the
e-services project. Recruitment and training expenses, and volume-driven
transaction processing costs, also increased, as did project related technology
costs. </FONT></DIV>
<DIV align=left><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;Depreciation expense increased by
CHF 51&nbsp;million, or 56%, principally due to investments in the e-services
project. </FONT></DIV>
<P><FONT size=2>48</FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align=left><FONT size=2><B>Headcount</B> </FONT>
<DIV align=left><FONT size=2>Headcount
at year end 2000 was 8,925, representing an increase of 794 during the year.
This was mainly the result of an increase of 340 employees relating to the
e-services project, the transfer of 148 financial planning and wealth management
staff from the Private and Corporate Clients business unit and the completion in
first quarter 2000 of previous initiatives to strengthen product capabilities.
</FONT></DIV>
<P align=right><FONT size=2>49</FONT>
</P>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><FONT size="2"><B>Review of Business Group Performance<BR>
UBS Asset Management</B></FONT>
<!-- link2 "UBS Asset Management" -->
<DIV align="left"><A NAME="027"></A></DIV>
<P align="left"><FONT size="5"><B>UBS Asset Management</B></FONT>

<P><FONT size="2"><IMG src="y58380y58380p7.gif" alt="(PHOTO)"></FONT>

<P align="left"><FONT size="4" color="#0865AB"><B>&#147;A second straight year of successful relative investment performance provides a strong foundation for continued progress in 2002.&#148;</B></FONT>

<P align="right"><FONT size="2">John Fraser</FONT>

<P align="right"><HR size="1" width="100%" noshade>

<P align="left"><FONT size="2"><B>Business Group Reporting</B></FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="59%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><i>CHF million, except where indicated</i></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">% change from</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2">For the year ended</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Institutional fees</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,007</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,119</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">857</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(10</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Mutual funds fees</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,103</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">834</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">512</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">32</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total operating income</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,110</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,953</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,369</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Personnel expenses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,003</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">880</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">516</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">General and administrative expenses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>564</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">439</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">271</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">28</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Depreciation</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>46</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">49</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">32</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(6</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Amortization of goodwill and other intangible assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>266</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">263</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">113</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total operating expenses</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,879</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,631</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">932</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Business Group performance before tax</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>231</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">322</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">437</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(28</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Business Group performance before tax and
goodwill<SUP>1</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>497</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">585</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">550</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(15</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>KPI&#146;s</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cost / income ratio (%)<SUP>2</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>89</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">84</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">68</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cost / income ratio before goodwill
(%)<SUP>1,2</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>76</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">70</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">60</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Institutional</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Invested assets (CHF billion)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>328</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">323</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">367</FONT></TD>
        <TD nowrap><FONT size="2"><SUP>3</SUP></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net new money (CHF billion)<SUP>4</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6.2</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(70.8</FONT></TD>
        <TD nowrap><FONT size="2">)<SUP>3</SUP></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(49.9</FONT></TD>
        <TD nowrap><FONT size="2">)<SUP>3</SUP></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Gross margin on invested assets (bps)<SUP>5</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>32</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">34</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">24</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(6</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Mutual funds</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Invested assets (CHF billion)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>344</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">319</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">231</FONT></TD>
        <TD nowrap><FONT size="2"><SUP>3</SUP></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net new money (CHF billion)<SUP>4</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>28.7</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.9</FONT></TD>
        <TD nowrap><FONT size="2"><SUP>3</SUP></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(0.3</FONT></TD>
        <TD nowrap><FONT size="2">)<SUP>3</SUP></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Gross margin on invested assets (bps)<SUP>5</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>33</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">36</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">25</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(8</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="59%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><B>Additional information</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">% change from</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2">As at</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Client assets (CHF billion)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>672</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Regulatory equity used (average)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,250</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,250</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">162</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Headcount (full time equivalents)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3,281</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,860</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,576</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>1</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Excludes the amortization of goodwill and other intangible assets.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>2</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Operating expenses / operating income.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>3</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Calculated using the former definition of assets under management.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>4</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Excludes dividend and interest income.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>5</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Income / average invested assets.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">50</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="width: 100%; border: 1px solid black; padding: 12px;">


<P align="left"><FONT size="2"><B>Components of Operating Income</B></FONT>

<div><HR size="1" width="100%" noshade></div>
<P><FONT size="2">UBS Asset Management generates most of its revenue from the asset management
services it provides to institutional clients, and from the distribution of
investment funds. Fees charged to institutional clients and on investment funds
are based on the market value of invested assets and on successful investment
performance. As a result, UBS Asset Management&#146;s revenues are affected by
changes in market levels as well as flows of client funds.
</FONT>
</DIV>

<P align="left"><FONT size="2"><B>Significant Financial Events</B>
</FONT>

<DIV align="left"><FONT size="2">There were no significant financial events that affected this Business Group in
2001, 2000 or 1999.
</FONT></DIV>

<P align="left"><FONT size="4" color="#7F7F7F"><B>2001</B>
</FONT>

<P align="left"><FONT size="2" color="#0865AB"><B>Key performance indicators</B>
</FONT>

<DIV align="left"><FONT size="2">Invested assets increased 5% during the year from CHF 642&nbsp;billion at 31
December 2000 to CHF 672&nbsp;billion at 31 December 2001. Net new money was CHF
34.9&nbsp;billion for the year, reflecting the recognition of strong relative
investment performance and business development efforts. The pre-goodwill
cost/income ratio rose from 70% in 2000 to 76% in 2001, principally reflecting
the higher cost/income ratio of the Brinson Advisors business transferred from
UBS PaineWebber at the start of the year.
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="y5838058380g19.gif" alt="(BAR GRAPH)">
</FONT>

<P align="left"><FONT size="2"><B>Institutional</B>
</FONT>

<DIV align="left"><FONT size="2">Institutional invested assets increased from CHF 323&nbsp;billion at 31 December
2000 to CHF 328&nbsp;billion at 31 December 2001. This 2% increase was due to CHF
6.2&nbsp;billion net new money and a CHF 34&nbsp;billion increase in invested assets from
the acquisition of RT Capital (now Brinson Canada) which more than offset
negative market performance.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Net new money in 2001 was CHF 6.2&nbsp;billion, a great improvement from net
outflows of CHF 70.8&nbsp;billion in 2000 and CHF 49.9&nbsp;billion in 1999, as clients
start to recognize the success of our integrated global investment management
platform, which delivered strong relative investment performance in both 2001
and 2000.
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="y5838058380g20.gif" alt="(BAR GRAPH)">
</FONT>


<P align="center"><FONT size="2"><IMG src="y5838058380g21.gif" alt="(BAR GRAPH)">
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Full year gross margin was 32 basis points, a decrease of 2 basis points
from 2000, primarily due to lower performance fees in O&#146;Connor and the addition
of the lower margin Brinson Advisors business.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Mutual funds</B>
</FONT>

<DIV align="left"><FONT size="2">Mutual funds invested assets increased CHF 25&nbsp;billion, from CHF 319&nbsp;billion at
31 December 2000 to CHF 344&nbsp;billion at 31 December 2001, driven by net new
money. Market performance was limited to a negative impact on invested assets
of less than 1%.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Net new money of CHF 28.7&nbsp;billion in 2001,
</FONT></DIV>

<P align="right"><FONT size="2">51</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<FONT size="2"><B>Review of Business Group Performance<BR>
UBS Asset Management</B></FONT>
<div align="center"><FONT size="2"><IMG src="y5838058380g22.gif" alt="(BAR GRAPH)">
</FONT></div>

<FONT size="2">compared to CHF 2.9&nbsp;billion in 2000, reflected much better asset gathering
performance in both Europe and the Americas, particularly in fixed income
mandates.
</FONT>

<P align="center"><FONT size="2"><IMG src="y5838058380g23.gif" alt="(BAR GRAPH)">
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The gross margin for the year decreased 3 basis points to 33 basis points
due to the addition of Brinson Advisors, which has a high proportion of lower
margin money market funds, partially offset by the introduction of a new
pricing structure for UBS Investment Funds.
</FONT></DIV>

<div align="left"><FONT size="2" color="#0865AB"><B>Investment capabilities and performance</B>
</FONT></div>

<DIV align="left"><FONT size="2">In 2001, UBS Asset Management experienced one of its best years of relative
investment performance, second only to 2000. Individual security selection made
a very significant contribution to 2001 performance, owing much to the benefits
of our integrated global investment platform, and our improved ability to share
research and knowledge across investment teams worldwide. A slowing global
economy, continued declines in equity markets, and the ramifications from the
terrorist attacks of 11 September were the predominant developments in 2001.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Our Multi Asset Composite had another impressive year exceeding its
benchmark by more than 10% and placing it in the top decile for the last two
years. It currently sits ahead of its benchmark for all periods since
inception. The Multi Asset Composite has only had one down year in twenty and
in the challenging equity market of the last two years returned 12.2% and 3.7%,
respectively.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Our Global Equity and US Equity composites also had a strong year in very
tough markets. The Global Equity Composite outperformed its benchmark by more
than 12%, placing it in the top quartile of peers. Its two-year annualized
return compares favorably to its benchmark by more than 13% and by more than 6%
for three years. Many of our equity portfolios returned positive absolute gains
for the year despite considerable declines in their benchmark indices. For
example, our US Equity Large/Intermediate and US Value Equity Composite each
gained more than 3%, while their benchmarks had losses of 11% and 5.6%. Both of
these composites ranked near the top decile for the year. Nearly all of our
major equity composites hold a sizable edge when compared to their benchmarks
over two-, three- and five-year periods.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Our fixed income composites also fared well during the year. The UK Fixed
Interest portfolio gained 5% and the US Bond Composite posted gains of nearly
9% for the year, both beating their benchmark. In addition, the Emerging
Markets Debt Composite returned 11% for the year, placing it well ahead of its
benchmark.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Our UK Balanced Composite finished in the top five of its peer group,
giving up only 5.8% as the average balanced fund in the UK fell nearly 12% for
the year. The UK Balanced Composite currently sits ahead of the CAPS median for
one-, three-, five- and ten-year periods.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS Investment Funds continued their strong relative investment
performance with 70% of all funds outperforming their peer group averages for
the year. More specifically, the UBS Strategy Funds performed well as a group,
with more than 90% outperforming the peer group for the year. In addition, GAM
had a successful year benefiting from a defensive stance on equities, excellent
security selection and an allocation to alternative investments.
</FONT></DIV>

<div align="left"><FONT size="2" color="#0865AB"><B>Results</B></FONT></div>

<DIV align="left"><FONT size="2">Pre-tax profit of CHF 231&nbsp;million in 2001 was 28% lower than 2000. Despite
market declines and lower performance fees in the O&#146;Connor busi-</FONT></DIV>

<P><FONT size="2">52</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<FONT size="2">ness, income increased as a result of the new investment funds pricing
structure introduced in 2001, the acquisition of RT Capital (renamed Brinson
Canada) and the inclusion of Brinson Advisors. This was more than offset by
higher personnel expenses and general and administrative expenses driven by
spending on growth initiatives, the integration of Brinson Advisors and the
acquisition of Brinson Canada in third quarter.
</FONT>
<div align="center"><FONT size="2"><IMG src="y5838058380g24.gif" alt="(BAR GRAPH)">
</FONT></div>

<div align="left"><FONT size="2"><B>Operating income</B>
</FONT></div>

<DIV align="left"><FONT size="2">Operating income increased CHF 157&nbsp;million, or 8%, from 2000 to CHF 2,110
million in 2001, as a result of the inclusion of Brinson Advisors, the new
pricing structure introduced this year for investment funds and the acquisition
of Brinson Canada. These effects were partially offset by lower performance
fees at O&#146;Connor, our alternative investment business, and the effect on asset
based revenues of market declines in 2001 and institutional asset outflows in
2000 which led to lower average assets compared to 2000.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Institutional income fell 10% in 2001 compared to 2000, to CHF 1,007
million, while mutual fund revenue increased 32% from 2000 to CHF 1,103&nbsp;million
in 2001.
</FONT></DIV>

<div align="left"><FONT size="2"><B>Operating expenses</B>
</FONT></div>

<DIV align="left"><FONT size="2">Operating expenses increased 15% to CHF 1,879&nbsp;million in 2001, driven by the
addition of Brinson Advisors and Brinson Canada.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses increased 28% from CHF 439&nbsp;million in
2000 to CHF 564&nbsp;million in 2001, principally reflecting the addition of Brinson
Advisors.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Personnel expenses increased 14% from CHF 880&nbsp;million in 2000 to CHF 1,003
million in 2001, again mostly due to the addition of Brinson Advisors, which
more than offset a considerable decline in performance related compensation.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Depreciation decreased 6% from CHF 49&nbsp;million in 2000 to CHF 46&nbsp;million in
2001. Amortization of goodwill and other intangible assets increased 1% to CHF
266&nbsp;million in 2001, reflecting the effect of the acquisition of Brinson
Canada.
</FONT></DIV>

<div align="left"><FONT size="2"><B>Headcount</B>
</FONT></div>

<DIV align="left"><FONT size="2">Headcount increased by 421 in 2001, from 2,860 at 31 December 2000 to 3,281 at
31 December 2000, mostly due to the integration of Brinson Advisors and Brinson
Canada.
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="y5838058380g25.gif" alt="(BAR GRAPH)">
</FONT>

<P align="left"><FONT size="4" color="#7F7F7F"><B>2000</B>
</FONT>

<P align="left"><FONT size="2" color="#0865AB"><B>Key performance indicators</B>
</FONT>

<DIV align="left"><FONT size="2">The cost/income ratio before goodwill increased to 70% in 2000, from 60% in
1999, principally as a result of the inclusion of O&#146;Connor, Global Asset
Management (GAM)&nbsp;and UBS Realty Investors (which generate higher gross margins
than the rest of the business, but at higher cost), spending on strategic
initiatives to expand global reach, and lower asset-based revenues towards the
end of the year.
</FONT></DIV>

<div align="left"><FONT size="2"><B>Institutional</B>
</FONT></div>

<DIV align="left"><FONT size="2">Invested assets at 31 December 2000 include CHF 31&nbsp;billion invested at Brinson
Advisors (formerly Mitchell Hutchins), which was purchased as part of the
acquisition of Paine Webber Group, Inc. and subsequently transferred to UBS
Asset Management.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Invested assets decreased 12%, or CHF 44&nbsp;billion, from CHF 367&nbsp;billion at
31 December 1999 to CHF 323&nbsp;billion at 31 December 2000, with the majority of
the decline due to client losses in the institutional business, particularly in
the earlier part of the year.
</FONT></DIV>

<P align="right"><FONT size="2">53</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><FONT size="2"><B>Review of Business Group Performance<BR>
UBS Asset Management</B></FONT>
<p>&nbsp;</p>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Net new money for the year saw a net outflow of CHF 70.8&nbsp;billion. Net new money
outflows moderated as the year progressed, as losses of equity mandates
continued to decline. Client losses continued to be concentrated primarily
within US and to a lesser degree UK mandates, reflecting past investment
performance issues.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The gross margin in 2000 was 34 basis points, an increase of 10 basis
points over 1999. This rise reflects the contributions from two new higher
margin businesses: O&#146;Connor, created in June 2000, and UBS Realty Investors
(formerly Allegis), purchased in December 1999.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Mutual funds</B>
</FONT>

<DIV align="left"><FONT size="2">Invested assets at 31 December 2000 include CHF 90&nbsp;billion invested at Brinson
Advisors (formerly Mitchell Hutchins), which was purchased as part of the
acquisition of Paine Webber Group, Inc., and subsequently transferred to UBS
Asset Management.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Invested assets increased 38%, from CHF 231&nbsp;billion at 31 December 1999 to
CHF 319&nbsp;billion at year end 2000. The addition of Brinson Advisors assets
offset a slight underlying decline. This underlying performance was largely a
result of negative currency and market movements, partly offset by net new
money of CHF 2.9&nbsp;billion.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The gross margin for the year, at 36 basis points, is significantly higher
than the 25 basis points recorded in 1999, principally due to the contribution
from GAM.
</FONT></DIV>

<P align="left"><FONT size="2" color="#0865AB"><B>Investment performance in 2000</B>
</FONT>

<DIV align="left"><FONT size="2">The return of global equity markets towards fundamental values was the
predominant development during 2000. This trend accelerated during the fourth
quarter as the US economy began to slow, and many companies within the
Technology, Media and Telecommunications (TMT)&nbsp;sector posted disappointing
earnings. Within this challenging environment, strategic positions benefiting
from the decline in the TMT sector, the associated drop in equity markets, the
under-performance of the very largest capitalization equities, and the year-end
turnaround in the euro, helped Institutional Asset Management deliver the best
relative annual investment performance in its history.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;US equity strategies outperformed benchmarks by wide margins. Global,
international and UK equity strategies were also significantly positive.
Phillips &#038; Drew was ranked the top-performing pension fund manager in Britain
for the year 2000 by Combined Actuarial Performance Services (CAPS), the
leading UK performance measurement consultancy. Phillips &#038; Drew&#146;s flagship
Managed Exempt fund (equities mixed with property) outperformed the average
fund manager by more than 10% for the full year. Phillips &#038; Drew&#146;s strong
performance in 2000 also benefited their balanced fund&#146;s three and five year
records, moving its ranking up from fourth quartile at the end of 1999 to
second quartile at the end of 2000.
</FONT></DIV>

<P align="left"><FONT size="2" color="#0865AB"><B>Results</B>
</FONT>

<DIV align="left"><FONT size="2">Pre-tax profit of CHF 322&nbsp;million was 26% lower than 1999. Despite asset losses
in the core institutional business, operating income increased as a result of
the launch of the O&#146;Connor business and the acquisition of Allegis; but this
was more than offset by higher performance-related personnel expenses, the
additional costs of spending on new business initiatives, chiefly targeted at
marketing investment funds outside UBS, and goodwill amortization costs
relating to Allegis and GAM.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Operating income</B>
</FONT>

<DIV align="left"><FONT size="2">Operating income increased CHF 584&nbsp;million, or 43%, from CHF 1,369&nbsp;million in
1999 to CHF 1,953&nbsp;million in 2000.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Institutional revenue increased CHF 262&nbsp;million, or 31%, from CHF 857
million in 1999 to CHF 1,119&nbsp;million in 2000. Despite the decrease in invested
assets, operating income increased as a result of the acquisition of Allegis
and the creation of the new O&#146;Connor alternative asset management business,
partially offset by lost revenue from client losses.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Mutual fund income increased CHF 322&nbsp;million, or 63%, from CHF 512&nbsp;million
in 1999 to CHF 834&nbsp;million in 2000, primarily as a result of the GAM
acquisition.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Operating expenses</B>
</FONT>

<DIV align="left"><FONT size="2">Full year expenses increased by CHF 699&nbsp;million to CHF 1,631&nbsp;million.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Personnel expenses increased 71%, or CHF 364&nbsp;million, from CHF 516&nbsp;million
in 1999 to CHF 880&nbsp;million in 2000 and General and
</FONT></DIV>

<P><FONT size="2">54</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left"><FONT size="2">administrative expenses increased 62%, or CHF 168&nbsp;million, over 1999 to CHF 439
million in 2000. Both categories of expense increased as a result of the
acquisitions of GAM and Allegis, the addition of the new O&#146;Connor business and
investments in distribution initiatives.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense increased CHF 167&nbsp;million, or 115%,
from CHF 145&nbsp;million in 1999 to CHF 312&nbsp;million in 2000, principally due to the
goodwill amortization resulting from the acquisitions of Allegis and GAM.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Headcount</B></FONT>

<DIV align="left"><FONT size="2">Headcount increased 11% from 2,576 at 31 December 1999 to 2,860 at 31 December
2000, primarily as a result of an increase of staff to support mutual funds
distribution initiatives and the creation of the new O&#146;Connor business in June
2000.</FONT></DIV>

<P align="right"><FONT size="2">55</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P><FONT size="2"><B>Review of Business Group Performance<BR>
UBS Warburg</B></FONT>
<P align="left"><FONT size="5" color="#7F7F7F"><B>UBS Warburg</B></FONT>

<P><FONT size="2"><IMG src="y58380y58380p8.gif" alt="(PHOTO)"></FONT>
<P><FONT size="2">&nbsp;</FONT>
<P><FONT size="2"><IMG src="y58380y58380p9.gif" alt="(PHOTO)"></FONT>
<P><FONT size="2">&nbsp;</FONT>
<P><FONT size="2"><IMG src="y5838058380p10.gif" alt="(PHOTO)"></FONT>

<P align="left"><FONT size="4" color="#0865AB"><B>&#147;We have made excellent strategic progress in 2001, with increased share of fees in corporate finance and the successful merger with UBS PaineWebber.&#148;</B></FONT>

<P align="right"><FONT size="2">Markus Granziol</FONT>

<P><HR size="1" width="100%" noshade>
<P align="left"><FONT size="2"><B>Business Group Reporting</B></FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="64%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><i>CHF million, except where indicated</i></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">% change from</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2">For the year ended</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00<SUP>1</SUP></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99<SUP>1</SUP></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Income<SUP>2</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>21,349</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">19,590</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13,118</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Credit loss expense<SUP>3</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(130</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(246</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(333</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(47</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total operating income</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>21,219</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">19,344</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12,785</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Personnel expenses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>13,515</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,618</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,087</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">27</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">General and administrative expenses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,260</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,196</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,538</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">33</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Depreciation</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>580</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">606</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">644</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(4</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Amortization of goodwill and other intangible
assets<SUP>2</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>991</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">290</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">139</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">242</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total operating expenses</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>19,346</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14,710</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,408</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">32</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Business Group performance before tax</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,873</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,634</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,377</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(60</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Business Group performance before tax and
goodwill<SUP>6</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,864</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,924</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,516</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(42</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Additional information</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Regulatory equity used (average)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>26,200</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">24,850</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,590</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cost / income ratio (%)<SUP>7</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>91</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">75</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">79</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cost / income ratio before goodwill
(%)<SUP>6,7</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>86</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">74</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">78</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">56</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="2"><B>Business Group Reporting Adjusted for Significant Financial Events</B></FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="66%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><i>CHF million, except where indicated</i></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">% change from</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2">For the year ended</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00<SUP>1</SUP></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99<SUP>1</SUP></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Income<SUP>2</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>21,349</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">19,590</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12,918<SUP>4</SUP></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Credit loss expense<SUP>3</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(130</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(246</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(333</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(47</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total operating income</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>21,219</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">19,344</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12,585</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Personnel expenses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>13,515</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,532<SUP>5</SUP></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,087</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">28</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">General and administrative expenses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,260</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,183<SUP>5</SUP></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,538</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">34</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Depreciation</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>580</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">599<SUP>5</SUP></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">644</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(3</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Amortization of goodwill and other intangible assets<SUP>2</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>991</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">290</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">139</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">242</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total operating expenses</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>19,346</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14,604</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,408</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">32</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Business Group performance before tax</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,873</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,740</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,177</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">(60</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">

<TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Business Group performance before tax and goodwill<SUP>6</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,864</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,030</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,316</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(43</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Additional information</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">

<TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cost / income ratio (%)<SUP>7</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>91</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">75</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">81</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">

<TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cost
/ income ratio before goodwill (%)<SUP>6, 7</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>86</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">73</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">79</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>1</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">The 2000 and 1999 figures have been restated to reflect the restructuring of
the Group on 1 January 2001.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>2</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Goodwill funding costs of CHF 763&nbsp;million (2000: CHF 132&nbsp;million) and amortization of goodwill and other intangible
assets of CHF 846&nbsp;million (2000: CHF 138&nbsp;million) in respect of the PaineWebber
acquisition are included in UBS Warburg results but are not reflected in any of
its individual business units.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>3</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">In management accounts, statistically
derived adjusted expected loss rather than the net IAS actual credit loss is
reported in the business units (see Note 2 of the Financial Statements).</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>4</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Excludes Significant Financial Events: Income, CHF 200&nbsp;million for the sale of
the international Global Trade Finance business.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>5</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Excludes Significant
Financial Events: Personnel expenses, CHF 86&nbsp;million, General and
administrative expenses, CHF 13&nbsp;million and Depreciation, CHF 7&nbsp;million, for
the PaineWebber integration.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>6</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Excludes the amortization of goodwill and
other intangible assets.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>7</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Operating expenses / operating income before
credit loss expense.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>Goodwill costs</B></FONT>

<DIV align="left"><FONT size="2">UBS Warburg&#146;s Business Group operating expenses for 2001 include CHF 846
million (2000: CHF 138&nbsp;million) of amortization of goodwill and intangible
assets and CHF 763&nbsp;million (2000: CHF 132&nbsp;million) of goodwill funding costs
which result from the merger with PaineWebber on 3 November 2000. These costs
are recorded at the Business Group level, but are not allocated to the
individual business units.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In particular, the results of the Private Clients business unit, which
includes the former PaineWebber private client businesses, do not reflect
amortization or funding costs relating to the merger.</FONT></DIV>

<P align="right"><FONT size="2">57</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P><FONT size="2"><B>Review of Business Group Performance<BR>
UBS Warburg</B>
</FONT>
<P align="left"><FONT size="4" color="#7F7F7F"><B>Corporate and Institutional Clients</B>
</FONT>

<P align="left"><FONT size="2"><B>Business Unit Reporting</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="67%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2"><I>CHF million, except where indicated</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">% change from</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2">For the year ended</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865ab"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Corporate Finance</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>2,544</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,701</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,054</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(6</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Equities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>6,655</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,429</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,724</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(36</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Fixed income and foreign exchange</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>6,536</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,622</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,269</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">41</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Non-core business</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>276</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">281</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">482</FONT></TD>
        <TD nowrap valign="top"><FONT size="2"><SUP>1</SUP></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(2</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>16,011</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18,033</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12,529</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(11</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Credit loss expense<SUP>2</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>(112</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865ab"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(243</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(330</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(54</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total operating income</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>15,899</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">17,790</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12,199</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(11</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Personnel expenses<SUP>3</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>8,339</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9,284</FONT></TD>
        <TD nowrap><FONT size="2"><SUP>4</SUP></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,861</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(10</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">General and administrative expenses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>2,705</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,779</FONT></TD>
        <TD nowrap><FONT size="2"><SUP>4</SUP></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,429</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(3</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Depreciation</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>454</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">555</FONT></TD>
        <TD nowrap><FONT size="2"><SUP>4</SUP></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">629</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(18</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Amortization of goodwill and other intangible assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>145</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">149</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">134</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(3</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total operating expenses</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>11,643</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12,767</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,053</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(9</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Business unit performance before tax</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>4,256</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,023</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,146</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(15</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Business unit performance before tax and
goodwill<SUP>5</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>4,401</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,172</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,280</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(15</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>KPI&#146;s</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Compensation ratio (%)<SUP>6</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>52</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">51</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">55</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cost / income ratio (%)<SUP>7</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>73</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">71</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">80</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cost / income ratio before
goodwill (%)<SUP>5,7</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>72</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">70</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">79</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Non-performing loans / gross loans outstanding (%)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>2.6</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Impaired loans / gross loans outstanding (%)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>5.4</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Average VaR (10-day 99%)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>252</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">242</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">213</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="56%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2"><B>Additional information</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">% change from</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2">As at</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865ab"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Client assets (CHF billion)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>108</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Regulatory equity used (average)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>9,900</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,050</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Headcount (full time equivalents)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>15,562</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15,262</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12,694</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>

<P align="left"><FONT size="2"><sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excludes Significant Financial Events: Income, CHF 200&nbsp;million for the sale
of the international Global Trade Finance business.</FONT>


<DIV align="left"><FONT size="2"><sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In management accounts, statistically derived adjusted expected loss rather than the net IAS
actual credit loss is reported in the business units (see Note 2 of the
Financial Statements).</FONT></DIV>


<DIV  align="left"><FONT size="2"><sup>3</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Includes retention payments in respect of the
PaineWebber acquisition. 2001: CHF 46&nbsp;million. 2000: CHF 11&nbsp;million.</FONT>
</DIV>

<DIV align="left"><FONT size="2"><sup>4</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excludes Significant Financial Events: Personnel expenses, CHF 86&nbsp;million,
General and administrative expenses, CHF 13&nbsp;million and Depreciation, CHF 7
million, for the PaineWebber integration.</FONT>
</DIV>


<DIV align="left"><FONT size="2"><sup>5</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excludes the amortization of
goodwill and other intangible assets.</FONT>
</DIV>


<DIV align="left"><FONT size="2"><sup>6</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personnel expenses / operating income before credit loss expense.</FONT>
</DIV>

<DIV align="left"><FONT size="2"><sup>7</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating expenses / operating income before credit loss expense.</FONT>
</DIV>


<P><FONT size="2">58</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="width: 100%; border: 1px solid black; padding: 12px;">


<P align="left"><FONT size="2"><B>Components of Operating Income</B>
</FONT>

<P><HR size="1" width="100%" noshade>
<P><FONT size="2">The Corporate and Institutional Clients unit generates operating income from:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">commissions on agency transactions and spreads or markups on principal transactions;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">fees from debt and equity capital markets transactions, leveraged finance, and the structuring of derivatives and complex
transactions;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">mergers and acquisitions and other advisory fees;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">interest income on principal transactions and from the loan portfolio; and</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">gains and losses on market making, proprietary, and arbitrage positions.</FONT></TD>
</TR>
</TABLE>
</DIV>

<P><FONT size="2">As a result, Corporate and Institutional Clients&#146; operating income is affected
by movements in market conditions, interest rate swings, the level of trading
activity in primary and secondary markets and the extent of merger and
acquisition activity. These and other factors have had, and may in the future
have, a significant impact on results of operations from year to year.
</FONT>
<P align="left"><FONT size="2"><B>Significant financial events</B>
</FONT>

<DIV align="left"><FONT size="2">PaineWebber integration costs were treated as a significant financial event in
2000, and are not reflected in the figures shown in the table. The amounts
involved were: personnel expenses CHF 86&nbsp;million, general and administrative
expenses CHF 13&nbsp;million and depreciation CHF 7&nbsp;million.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In addition, a CHF 200&nbsp;million gain on the sale of UBS&#146;s international
Global Trade Finance business in 1999 was treated as a significant financial
event and is not reflected in the operating income shown in the table.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;There were no significant financial events that affected this business
unit in 2001.
</FONT></DIV>

<P align="left"><FONT size="4" color="#7F7F7F"><B>2001</B>
</FONT>

<P align="left"><FONT size="2" color="#0865AB"><B>Key performance indicators</B>
</FONT>

<DIV align="left"><FONT size="2">UBS Warburg measures its expense base primarily in terms of percentage of
revenues, looking at both personnel costs and non-personnel costs on this
basis.
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="y5838058380g26.gif" alt="(BAR GRAPH)">
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;We continue to maintain a tight focus on cost management in light of the
current operating environment, and achieved a pre-goodwill cost/income ratio of
72% in 2001, up slightly from 70% in 2000, as a result of the reduced revenues
in difficult market conditions. The ratio of personnel costs to income was 52%
in 2001, only a slight increase on the 51% recorded in 2000, and favorably
comparable with our peer group.
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="y5838058380g27.gif" alt="(BAR GRAPH)">
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Average Value at Risk (VaR) for Corporate and Institutional Clients
increased only slightly from CHF 242&nbsp;million in 2000 to CHF 252&nbsp;million in 2001
and, in general, market risk exposures have stayed within the normal ranges.
There was, however, a short term but significant increase in VaR in December
2001 resulting from sizeable client-driven equity transactions. The need for a
temporary increase in limits was anticipated and pre-approved by the Group
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="y5838058380g28.gif" alt="(BAR GRAPH)">
</FONT>

<P align="right"><FONT size="2">59</FONT>

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<P><FONT size="2"><B>Review of Business Group Performance<BR>
UBS Warburg</B>

</FONT>
<P><FONT size="2">Executive Board. The trades were successfully executed and the risk reduced to
normal levels.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Total loans decreased by 17% from CHF 73.8&nbsp;billion at 31 December 2000 to
CHF 61.2&nbsp;billion at 31 December 2001, due to a reduction in Japanese government
exposures, and repayments from European multinationals, reflecting the
continued reduction of our commercial lending risk profile.
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="y5838058380g29.gif" alt="(BAR GRAPH)">
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Continued successful recovery efforts led the ratio of impaired loans to
total loans to fall from 5.6% at 31 December 2000 to 5.4% at the end of 2001.
The non-performing loans to total loans ratio declined from 2.8% to 2.6% over
the same period.
</FONT></DIV>

<P align="left"><FONT size="2" color="#0865AB"><B>Results</B>
</FONT>

<DIV align="left"><FONT size="2">We recorded a strong performance in 2001, relative to the much weaker markets
this year. Pre-tax profit in 2001 was CHF 4,256&nbsp;million, a decline of 15% over
2000, our best year ever. Equities and corporate finance both suffered from the
economic downturn and the consequent weakness in their global markets, while
the fixed income and foreign exchange business delivered record results, driven
by interest rate reductions and increased volatility, and supported by the expansion of businesses acquired from PaineWebber. In corporate
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="y5838058380g30.gif" alt="(BAR GRAPH)">
</FONT>

<P><FONT size="2">finance we continued to outperform 2000 in terms of market share, with full year analysis
showing us with a 4.5% share of fees, compared to 3.6% in 2000. Costs fell
sharply to their lowest ever total.
</FONT>
<P align="left"><FONT size="2"><B>Operating income</B>
</FONT>

<DIV align="left"><FONT size="2">Operating income of CHF 15,899&nbsp;million in 2001 was 11% lower than in 2000.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Corporate finance</I> revenues were CHF 2,544&nbsp;million in 2001, 6% lower than
in 2000, as our improved share of fees this year was more than offset by the
general contraction experienced in corporate finance in 2001.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Equities</I> revenues for 2001 were also lower than in 2000, down 36% from CHF
10,429&nbsp;million to CHF 6,655&nbsp;million in 2000. This decline principally reflects
reduced trading revenues, driven by the lack of mergers and acquisitions
activity and increased volatility, together with a cautious approach to risk in
difficult market conditions. Commission revenues have been broadly consistent
with levels in 2000, reflecting the breadth and depth of our client franchise.
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="y5838058380g31.gif" alt="(BAR GRAPH)">
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Fixed income and foreign exchange </I>performed very strongly in 2001, with
revenues up 41% from 2000, at CHF 6,536&nbsp;million. This reflects the effect of
interest rate reductions during the year, which led to increased issuance and
higher volatility, and the inclusion of businesses taken over from PaineWebber.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Non core </I>revenues in 2001 were 2% lower than in 2000, at CHF 276&nbsp;million.
</FONT></DIV>

<P><FONT size="2">60</FONT>

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<P align="left"><FONT size="2"><B>Operating expenses</B>
</FONT>

<DIV align="left"><FONT size="2">Personnel expenses declined 10%, from CHF 9,284&nbsp;million in 2000 to CHF 8,339
million in 2001, driven by reductions in incentive compensation in line with
labor market conditions and full year results.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses in 2001 were 3% lower than in 2000, at
CHF 2,705&nbsp;million, reflecting the impact of cost control measures put in place
during 2001. (Fourth quarter 2001 general and administrative expenses were 25%
lower than in fourth quarter 2000.)
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Depreciation fell 18% from 2000 to CHF 454&nbsp;million in 2001, driven by
reductions in IT expenditure as a result of cost control initiatives.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Amortization of goodwill and other intangibles was almost unchanged at CHF
145&nbsp;million in 2001, just CHF 4&nbsp;million lower than in 2000.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Headcount</B>
</FONT>

<DIV align="left"><FONT size="2">Headcount at 31 December 2001 remained little changed, at 15,562 compared to
15,262 at the end of 2000. We have not engaged in widespread headcount
reductions that might have long-term detrimental impact on our client
franchises, but are upgrading staff quality in selected areas.
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="y5838058380g32.gif" alt="(BAR GRAPH)">
</FONT>

<P align="left"><FONT size="4" color="#7F7F7F"><B>2000</B>
</FONT>

<P><FONT size="2">The results for Corporate and Institutional Clients include the costs and
revenues for November and December 2000 of the former PaineWebber capital
markets businesses, which were integrated into this business unit from the
completion of the merger on 3 November 2000.
</FONT>
<P align="left"><FONT size="2" color="#0865AB"><B>Key performance indicators</B>
</FONT>

<DIV align="left"><FONT size="2">Continued strong revenue performance in 2000 and active cost management led to
a pre-goodwill cost / income ratio of 70%, down from 79% in the previous year,
representing the result of significant cost management efforts on both
personnel and non-personnel expenses.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Corporate and Institutional Clients&#146; ratio of personnel cost to income
fell to 51% in 2000, from 55% in 1999. UBS Warburg continues to invest in top
quality professionals to help expand its capabilities and client reach and aims
to compensate its employees at similar levels to its global competitors.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Changes in non-personnel costs are less directly related to changes in
income than personnel costs. As a percentage of income, non-personnel costs
decreased to 19% in 2000, from 25% in 1999. Improvements in overall cost
management were offset by increased expenditure on technology and professional
fees and the incremental costs of the PaineWebber capital markets business.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Corporate and Institutional Clients&#146; non-performing loans rose CHF 905
million, or 78%, from CHF 1,163&nbsp;million at 31 December 1999 to CHF 2,068
million at 31 December 2000, reflecting the weaker credit environment in the
US. At the same time, the gross loans outstanding rose from CHF 72,717&nbsp;million
at 31 December 1999 to CHF 73,761&nbsp;million at 31 December 2000. As a result, the
ratio of non-performing loans to total loans increased to 2.8% at the end of
2000 from 1.6% at the end of 1999.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Market risk utilization, as measured by average VaR, continued to remain
well within the limit of CHF 450&nbsp;million, although increasing from an average
of CHF 213&nbsp;million in 1999 to an average of CHF 242&nbsp;million in 2000, reflecting
the exceptional trading opportunities in the early part of 2000.
</FONT></DIV>

<P align="left"><FONT size="2" color="#0865AB"><B>Results</B>
</FONT>

<DIV align="left"><FONT size="2">UBS Warburg&#146;s Corporate and Institutional Clients business unit delivered
record financial results in 2000, with each quarter performing significantly
above the levels in the comparable quarter of 1999. Pre-tax profit of CHF 5,023
million was more than double the CHF 2,146&nbsp;million achieved in 1999, itself a
good year.
</FONT></DIV>

<P align="right"><FONT size="2">61</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P><FONT size="2"><B>Review of Business Group Performance<BR>
UBS Warburg</B>
</FONT>
<P align="left"><FONT size="2"><B>Operating income</B>
</FONT>

<DIV align="left"><FONT size="2">Corporate and Institutional Clients generated revenues of CHF 18,033&nbsp;million in
2000, an increase of 44% over 1999.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Equities </I>revenues during 2000 were CHF 10,429&nbsp;million, or 82% higher than
1999&#146;s revenues of CHF 5,724&nbsp;million reflecting the strength of UBS Warburg&#146;s
global client franchise and increased market share in significantly stronger
secondary markets, and strong market-making and trading revenues. UBS Warburg&#146;s
secondary equity sales business continues to be ranked as one of the global
leaders, and the leading non-US equities house.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Fixed Income and Foreign Exchange </I>experienced a strong 2000, driven by
active fixed income markets, significant principal finance activity and a good
performance by the government bond and derivatives business, contributing to
overall revenues for the year 2000 of CHF 4,622&nbsp;million, an improvement of 8%,
or CHF 353&nbsp;million over 1999&#146;s revenues of CHF 4,269&nbsp;million. Revenues for 1999
also included revenues relating to exchange-traded derivatives and alternative
asset management, which were transferred to the Equities business area in 2000.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Market conditions for mergers and acquisitions, advisory work and primary
underwriting continued to be strong, driving <I>Corporate Finance&#146;s </I>excellent
performance. UBS Warburg&#146;s corporate client franchise continued to develop,
with strong performance in critical sectors in 2000, particularly
Telecommunications and Consumer Goods. Productivity per head also increased in
comparison to prior years. Overall, 2000 was a year of very strong growth in
this area for UBS Warburg, with revenues of CHF 2,701&nbsp;million, 31% ahead of
1999.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The Corporate Finance business area within Corporate and Institutional
Clients provides both advisory services and financing services. Financing
services include both equity and fixed-income offerings undertaken in
cooperation with the Equities and Fixed income business areas. Accordingly, a
portion of operating income associated with these services is allocated to
those areas.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Non core income</B>
</FONT>

<DIV align="left"><FONT size="2">In October and November 1998, UBS&#146;s Board of Directors mandated and undertook a
review of UBS&#146;s risk profile and risk management and of UBS&#146;s control processes
and procedures. Corporate and Institutional Clients used the review to define
its core and non-core business areas, and decided to wind down over time the
identified non-core businesses, and the associated loan portfolio. In 2000,
non-core revenues fell 42% compared to 1999, to CHF 281&nbsp;million.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS&#146;s non-core loan portfolio decreased approximately CHF 65&nbsp;billion, or
61%, from approximately CHF 106&nbsp;billion as of 31 December 1998 to CHF 41
billion as of 31 December 1999. It has further reduced since, to CHF 23&nbsp;billion
at 31 December 2000 and CHF 10&nbsp;billion at 31 December 2001.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Operating expenses</B>
</FONT>

<DIV align="left"><FONT size="2">Corporate and Institutional Clients continues to carefully manage its cost
base, with the pre-goodwill cost/income ratio remaining well below 1999 levels
at 70%. Personnel expenses increased 35% from 1999, to CHF 9,284&nbsp;million,
reflecting increased headcount and growth in performance-related compensation
in line with the excellent results. Personnel expenses include CHF 11&nbsp;million
of retention payments made to former PaineWebber staff.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses increased 14% compared to 1999, as a
result of increased expenditure on technology outsourcing, professional fees
and the incremental costs of the PaineWebber capital markets business.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Overall costs grew at a significantly slower rate than revenues,
delivering continued strong pre-tax profit growth.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Headcount</B>
</FONT>

<DIV align="left"><FONT size="2">Corporate and Institutional Clients headcount rose 20% during the year, to
15,262, mainly due to business growth in the Corporate Finance and Equities
areas, including the impact of the integration of 1,628 staff from the
PaineWebber capital markets businesses.
</FONT></DIV>

<P><FONT size="2">62</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P align="left"><FONT size="4" color="#7F7F7F"><B>UBS Capital</B>
</FONT>

<P align="left"><FONT size="2"><B>Business Unit Reporting</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="69%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2"><I>CHF million, except where indicated</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">% change from</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2">For the year ended</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865ab"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total operating income / (loss)</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>(868</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865ab"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">368</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">315</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Personnel expenses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>96</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">142</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">105</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(32</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">General and administrative expenses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>66</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">49</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">46</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">35</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Depreciation</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>2</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Amortization of goodwill and other intangible assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(100</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total operating expenses</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>164</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">195</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">158</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(16</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Business unit performance before tax</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>(1,032</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865ab"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">173</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">157</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="4" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Business unit performance before tax and
goodwill<SUP>1</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>(1,032</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865ab"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">175</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">162</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
<TD> <DIV>&nbsp;</DIV></TD></TR>

<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>KPI&#146;s</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Value creation (CHF billion)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>(1.4</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865ab"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="4" noshade></B></FONT></DIV></TD>
</TR>
</TABLE>
</CENTER>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="67%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">% change from</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2">As at</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865ab"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Investment (CHF billion)<SUP>2</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>5.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(9</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>

<TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="4" noshade></B></FONT></DIV></TD>
</TR>
<TR>
<TD> <DIV>&nbsp;</DIV></TD></TR>

<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Additional information</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Portfolio fair value (CHF billion)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>5.6</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(19</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Invested assets (CHF billion)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>1</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Regulatory equity used (average)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>800</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">600</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">340</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">33</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Headcount (full time equivalents)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>128</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">129</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">116</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>1</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Excludes the amortization of goodwill and other intangible assets.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>2</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Historic cost of investments made, less divestments and permanent impairments.</FONT></TD>
</TR>
</TABLE>

<DIV style="width: 100%; border: 1px solid black; padding: 12px;">
<P align="left"><FONT size="2"><B>Components of Operating Income</B>
</FONT>

<P><HR size="1" width="100%" noshade>
<P><FONT size="2">UBS Capital&#146;s primary source of operating income is capital gains from the
disposal or sale of its investments, which are recorded at the time of ultimate
divestment. As a result, appreciation in fair market value is recognized as
operating income only at the time of sale. The level of annual operating income
from UBS Capital is directly affected by the level of investment disposals that
take place during the year. Similarly, depreciation in fair market value is
only recognized against operating income if an investment becomes permanently
impaired and has to be written-down. Write-downs of the value of its
investments can negatively affect UBS Capital&#146;s operating income.
</FONT>
</DIV>


<P align="right"><FONT size="2">63</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><FONT size="2"><B>Review of Business Group Performance<BR>
UBS Warburg</B>
</FONT>
<P align="left"><FONT size="2"><B>Significant financial events</B>
</FONT>

<DIV align="left"><FONT size="2">There were no significant financial events that affected this business unit in
2001, 2000 or 1999.
</FONT></DIV>

<P align="left"><FONT size="4" color="#7F7F7F"><B>2001</B>
</FONT>

<DIV align="left"><FONT size="2">Full year results for UBS Capital reflect the very challenging market in 2001,
with few opportunities for divestments, and write-downs of several investments
as a result of the problems caused for some of our investee companies by the
deteriorating economic conditions. Pre-tax losses for 2001 of CHF 1,032
million, compared to pre-tax profits of CHF 173&nbsp;million in 2000.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Following a strategic review of the business, UBS will in future be
focused on private equity asset management, with a restricted level of direct
investments through UBS Capital, limited to those sectors and regions with a
strong performance track record. We expect results in 2002 to show continued
volatility, and net losses, unless there is a material improvement in economic
conditions.
</FONT></DIV>

<P align="left"><FONT size="2" color="#0865AB"><B>Key performance indicators</B>
</FONT>

<DIV align="left"><FONT size="2">UBS Capital&#146;s private equity investments have decreased to CHF 5.0&nbsp;billion at
31 December 2001, from CHF 5.5&nbsp;billion at the end of 2000, with the decline due
to write-downs on the book value of investments, as well as a small number of
divestments during the year, which more than offset the draw-down of previously
committed investments and the small level of other new investments during the
year.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The fair value of the portfolio at the end of December 2001 was CHF 5.6
billion, down 19% from CHF 6.9&nbsp;billion at 31 December 2000. The fair value
included net unrealized gains of CHF 0.6&nbsp;billion. Value reduction during 2001,
was CHF 1.4&nbsp;billion, compared to value creation of CHF 0.6&nbsp;billion in 2000.
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="y5838058380g33.gif" alt="(BAR GRAPH)">
</FONT>

<P align="center"><FONT size="2"><IMG src="y5838058380g34.gif" alt="(BAR GRAPH)">
</FONT>

<P align="left"><FONT size="2"><B>Results</B>
</FONT>

<DIV align="left"><FONT size="2">UBS Capital recorded an operating loss of CHF 868&nbsp;million in 2001, compared to
income of CHF 368&nbsp;million in 2000. Challenging markets and the continued
slow-down in corporate activity meant that there were few opportunities for
significant divestments in 2001, while weak economic conditions led to
deteriorating valuations across a range of industry sectors resulting in a high
level of write-downs of investments in the portfolio.
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="y5838058380g35.gif" alt="(BAR GRAPH)">
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Personnel expenses were CHF 96&nbsp;million in 2001, down from CHF 142&nbsp;million
in 2000, reflecting lower incentive compensation which is driven by realized
gains on divestments.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses were CHF 66&nbsp;million, up from CHF 49
million in 2000 due principally to professional fees relating to our strategic
review of the business.
</FONT></DIV>

<P><FONT size="2">64</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P align="left"><FONT size="4" color="#7F7F7F"><B>2000</B>
</FONT>

<P align="left"><FONT size="2" color="#0865AB"><B>Key performance indicators</B>
</FONT>

<DIV align="left"><FONT size="2">The book value of UBS Capital&#146;s private equity investments grew from CHF 3.0
billion at the end of 1999 to CHF 5.5&nbsp;billion at 31 December 2000. New
investments of CHF 2.1&nbsp;billion were made during the full year, including new
shareholdings across a diverse range of sectors. In addition, CHF 0.8&nbsp;billion
of investments made by PaineWebber were added to UBS Capital&#146;s private equity
portfolio in December 2000. The portfolio value was reduced by certain
write-downs in investments in second and fourth quarters 2000.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Until the introduction in 2001 of IAS 39, UBS Capital accounted for its
private equity investments at cost less permanent impairments. Our regular
portfolio review and valuation at 31 December 2000 resulted in an approximate
current fair value of CHF 6.9&nbsp;billion, compared to CHF 4.2&nbsp;billion at 31
December 1999. This equated to unrealized gains of approximately CHF 1.4
billion at 31 December 2000, compared to CHF 1.2&nbsp;billion at year-end 1999. The
value creation during the year 2000, including realized gains since 1 January
2000, and the increase in the portfolio&#146;s unrealized gains, was approximately
CHF 0.6&nbsp;billion.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Results</B>
</FONT>

<DIV align="left"><FONT size="2">In 2000, net profit was CHF 173&nbsp;million, up CHF 16&nbsp;million or 10% from CHF 157
million in 1999.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Operating income</B>
</FONT>

<DIV align="left"><FONT size="2">Operating income increased 17% to CHF 368&nbsp;million in 2000, from CHF 315&nbsp;million
in 1999. This reflects the realized gains from sales of investments in the
year, partially offset by write-downs of the value of several under-performing
companies in different sectors of the portfolio.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Operating expenses</B>
</FONT>

<DIV align="left"><FONT size="2">Personnel, general and administrative expenses were CHF 191&nbsp;million in 2000, an
increase from the previous year of CHF 40&nbsp;million, or 26%, driven mainly by
bonus expenses. Bonuses are accrued when an investment is successfully exited,
so personnel expenses move in line with successful divestments.
</FONT></DIV>

<P align="right"><FONT size="2">65</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><FONT size="2"><B>Review of Business Group Performance<BR>
UBS Warburg</B>
</FONT>
<P align="left"><FONT size="4" color="#7F7F7F"><B>Private Clients</B>
</FONT>
<P align="left"><FONT size="2"><B>Business Unit Reporting</B>
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="76%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2"><I>CHF million, except where indicated</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">% change from</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2">For the year ended</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865ab"><B>31.12.01<SUP>2</SUP></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>

<TD nowrap align="center" colspan="3"><FONT size="2">31.12.00<SUP>1, 2</SUP></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99<SUP>1</SUP></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>6,969</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,321</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">74</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">428</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Credit loss expense<SUP>3</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>(18</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865ab"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(3</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(3</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">500</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</tr>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total operating income</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>6,951</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,318</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">71</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">427</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Personnel expenses<SUP>4</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>5,080</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,106</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">121</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">359</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">General and administrative expenses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>1,489</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">355</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">63</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">319</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Depreciation</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>124</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">42</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">195</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Amortization of goodwill and other intangible assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(100</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total operating expenses</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>6,693</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,504</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">197</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">345</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Business unit performance before tax</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>258</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(186</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(126</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Business unit performance before tax and
goodwill<SUP>5</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>258</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(185</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(126</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>KPI&#146;s</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Invested assets (CHF billion)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>782</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">773</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">25</FONT></TD>
        <TD><FONT size="2"><SUP>6</SUP></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net new money (CHF billion)<SUP>7</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>36.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15.2</FONT></TD>
        <TD><FONT size="2"><SUP>6</SUP></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.0</FONT></TD>
        <TD><FONT size="2"><SUP>6</SUP></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Gross margin on invested assets (bps)<SUP>8</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>90</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">72</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">35</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">25</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cost / income ratio (%)<SUP>9</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>96</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">114</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">266</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cost / income ratio before goodwill
(%)<SUP>5, 9</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>96</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">114</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">266</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cost / income ratio before goodwill
and retention payments (%)<SUP>5, 9</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>90</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">105</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Recurring fees<SUP>10</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>2,277</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">430</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">430</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Financial advisors (full time equivalents)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>8,870</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,871</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="60%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2"><B>Additional information</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">% change from</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2">As at</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865ab"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Client assets (CHF billion)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>854</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Regulatory equity used (average)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>1,750</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,750</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">200</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(36</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Headcount (full time equivalents)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>20,678</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">21,814</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">581</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(5</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
<TD colspan="3" width="1%" align="left"><FONT size="1"><sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The 2000 and 1999 figures have been restated to reflect the restructuring of
the Group on 1 January 2001.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
<TD colspan="3" width="1%" align="left"><FONT size="1"><sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Private Clients results include PaineWebber for 2001 and for 2000 from the date of acquisition, 3 November 2000.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
<TD colspan="3" width="1%" align="left"><FONT size="1"><sup>3</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In management accounts, statistically derived adjusted expected loss rather than
the net IAS actual credit loss is reported in the business units (see Note 2 of
the Financial Statements).</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
<TD colspan="3" width="1%" align="left"><FONT size="1"><sup>4</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Includes retention payments in respect of the
PaineWebber acquisition. 2001: CHF 436&nbsp;million. 2000: CHF 117&nbsp;million.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
<TD colspan="3" width="1%" align="left"><FONT size="1"><sup>5</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excludes the amortization of goodwill and other intangible assets.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
<TD colspan="3" width="1%" align="left"><FONT size="1"><sup>6</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calculated using the former definition of assets under management.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
<TD colspan="3" width="1%" align="left"><FONT size="1"><sup>7</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excludes interest and dividend income.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
<TD colspan="3" width="1%" align="left"><FONT size="1"><sup>8</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income / average invested assets.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
<TD colspan="3" width="1%" align="left"><FONT size="1"><sup>9</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating expenses / operating income before credit loss expense.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
<TD colspan="3" width="1%" align="left"><FONT size="1"><sup>10</sup>&nbsp;&nbsp;&nbsp;Asset based and advisory revenues including fees from mutual funds, wrap fee
products and insurance products.</FONT></TD>
</TR>
</TABLE>

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 12px;">
<P align="left"><FONT size="2"><B>Components of Operating Income</B>
</FONT>
<HR size="1" width="100%" noshade>
<FONT size="2">The Private Clients business unit principally derives its operating income from:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">fees for financial planning and wealth management services;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">fees for discretionary management services; and</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">transaction-related fees.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">These fees are based on the market value of invested assets and the level of
transaction-related activity. As a result, operating income is affected by such
factors as fluctuations in invested assets, changes in market conditions,
investment performance and inflows and outflows of client funds.
</FONT>
</div>
<P align="right"><FONT size="2">66</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="2"><B>Significant financial events</B>
</FONT>

<DIV align="left"><FONT size="2">There were no significant financial events that affected this business unit in
2001, 2000 or 1999.
</FONT></DIV>

<P align="left"><FONT size="2"><B>PaineWebber</B>
</FONT>

<DIV align="left"><FONT size="2">The Private Clients business unit primarily consists of UBS PaineWebber, the
fourth largest private client business in the US, which became part of UBS
following the merger between UBS and Paine Webber Group, Inc., which was
completed on 3 November 2000.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The merger was accounted for using purchase accounting, so the results
shown for Private Clients for 2000 reflect the inclusion of the PaineWebber
businesses only for the period from 3 November 2000 until 31 December 2000.
Results for 1999 do not include any contribution from UBS PaineWebber, while
results for 2001 reflect a full year&#146;s contribution.
</FONT></DIV>

<P align="left"><FONT size="4" color="#7F7F7F"><B>2001</B>
</FONT>

<P><FONT size="2">Comparisons of full year results reflect the very different scale of the UBS
Warburg Private Clients business prior to the acquisition of PaineWebber in
November 2000.
</FONT>
<P align="left"><FONT size="2"><B>Key performance indicators</B>
</FONT>

<DIV align="left"><FONT size="2">At the end of 2001, Private Clients had CHF 782&nbsp;billion of invested assets,
compared to CHF 773&nbsp;billion at 31 December 2000, a change of 1%, with negative
market performance during the year more than offset by strong net new money
flows.
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="y5838058380g36.gif" alt="(BAR GRAPH)">
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Net new money for the year was CHF 36.0&nbsp;billion, compared to CHF 15.2
billion in 2000, more than half of which was earned in the last quarter of 2000
after the integration of PaineWebber. Private Clients&#146; ability to continue to
generate high levels of net new money despite the uncertain markets in 2001
reflects the strength of its client franchise amongst high net worth
individuals in the US.
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="y5838058380g37.gif" alt="(BAR GRAPH)">
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Gross Margin on invested assets increased to 90 basis points, from 72
basis points in 2000, reflecting the addition of UBS PaineWebber. Gross margin
in the pre-existing business for the 9&nbsp;months to 30 September 2000, before the
addition of UBS PaineWebber was 36 basis points. The gross margin fell slightly
during 2001, reflecting the effect of uncertain markets on transaction volumes.
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="y5838058380g38.gif" alt="(BAR GRAPH)">
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The cost / income ratio before goodwill and retention payments was 90% in
2001 compared to 105% in 2000. Until the addition of UBS PaineWebber, the
pre-existing business was loss making, reflecting the relatively early stage of
its business development. Cost control has remained a strong focus during the
year, with the cost income ratio in fourth quarter 2001 only one percentage
point higher than in fourth quarter 2000.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Recurring fees were CHF 2,277&nbsp;million in 2001. This metric was not tracked
prior to the
</FONT></DIV>

<P align="right"><FONT size="2">67</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P><FONT size="2"><B>Review of Business Group Performance<BR>
UBS Warburg</B>
</FONT>
<P align="center"><FONT size="2"><IMG src="y5838058380g39.gif" alt="(BAR GRAPH)">
</FONT>

<P><FONT size="2">integration of UBS PaineWebber in November 2000. During 2001, recurring
fees declined 6% to CHF 545&nbsp;million in fourth quarter 2001 compared to CHF 580
in first quarter 2001, due to the effects of market depreciation on client
assets &#150; recurring fees are priced based on the asset level at the end of the
prior quarter.
</FONT>
<P align="center"><FONT size="2"><IMG src="y5838058380g40.gif" alt="(BAR GRAPH)">
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;At the end of December 2001, Private Clients had 8,870 financial advisors,
unchanged from a year before. Although we have continued to recruit and train
new financial advisors during the year, the difficult market conditions have
led to higher turnover amongst the least productive advisors.
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="y5838058380g41.gif" alt="(BAR GRAPH)">
</FONT>

<P align="left"><FONT size="2"><B>Results</B>
</FONT>

<DIV align="left"><FONT size="2">Pre-tax profits were CHF 258&nbsp;million, a strong result relative to our peers,
achieved against a particularly poor market environment, with two successive
years of market declines in the US for the first time since the late 1970s
leading to much lower transaction volumes. In 2000, Private Clients incurred a
loss of CHF 186&nbsp;million.
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="y5838058380g42.gif" alt="(BAR GRAPH)">
</FONT>

<P align="left"><FONT size="2"><B>Operating income</B>
</FONT>

<DIV align="left"><FONT size="2">Operating income for the year was CHF 6,951&nbsp;million, compared to CHF 1,318
million in 2000. Revenues were resilient during 2001, declining just 11% from
first quarter to fourth quarter, despite recession and market uncertainty in
the US.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Operating expenses</B>
</FONT>

<DIV align="left"><FONT size="2">Total operating expenses were CHF 6,693&nbsp;million in 2001 compared to CHF 1,504
million in 2000, reflecting the addition of UBS PaineWebber.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Private Clients implemented a number of cost control initiatives during
the year, aimed at reducing discretionary expenditure and support costs, while
protecting the business&#146;s ability to serve its clients to the highest
standards.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Personnel expenses were CHF 5,080&nbsp;million in 2001, compared to CHF 1,106
million in 2000, reflecting the completely different scale of the business.
Expenses in 2001 included CHF 436&nbsp;million of retention payments for key UBS
PaineWebber staff, compared to CHF 117&nbsp;million in 2000. Through 2001 personnel
expenses reduced, from CHF 1,311&nbsp;million in first quarter to CHF 1,216&nbsp;million
in fourth quarter, reflecting lower performance related and variable
compensation and a reduction of support headcount.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses were CHF 1,489&nbsp;million in 2001,
compared to CHF
</FONT></DIV><P align="right"><FONT size="2">68</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left"><FONT size="2">355&nbsp;million in 2000, reflecting the addition of UBS PaineWebber. Cost control
efforts drove expenses down during 2001, with fourth quarter general and
administrative expenses 4% lower than in first quarter.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Depreciation expenses were CHF 124&nbsp;million in 2001, compared to CHF 42
million in 2000, reflecting the addition of UBS PaineWebber.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Headcount</B>
</FONT>

<DIV align="left"><FONT size="2">Headcount decreased 5% during the year from 21,814 at 31 December 2000 to
20,678 at 31 December 2001. We continue to monitor market conditions, but
prudent cost control in previous years means that we have not needed to make
franchise threatening cuts to our headcount. Financial advisor headcount is
almost unchanged over the year, but we continue to implement efficiency
measures to help manage support headcount downwards.
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="y5838058380g43.gif" alt="(BAR GRAPH)">
</FONT>

<P align="left"><FONT size="4" color="#7F7F7F"><B>2000</B>
</FONT>

<P><FONT size="2">Results for 2000 reflect the inclusion of UBS PaineWebber only for the period
from the merger, on 3 November 2000, until 31 December 2000.
</FONT>
<P align="left"><FONT size="2"><B>Key performance indicators</B>
</FONT>

<DIV align="left"><FONT size="2">At 31 December 2000, Private Clients had CHF 773&nbsp;billion of invested assets.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Net new money for the year was significant, at CHF 15.2&nbsp;billion. Private
Clients&#146; asset gathering continued successfully after the merger, with net new
money flows averaging CHF 202.3&nbsp;million per day in November and December 2000,
and totaling CHF 8.3&nbsp;billion between the merger and the end of the quarter.
This compared very favorably to the average pre-merger rate in the third
quarter of 2000 of CHF 172.5&nbsp;million per day, despite the effects of the
holiday season.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Results</B>
</FONT>

<DIV align="left"><FONT size="2">Private Clients recorded a net loss for 2000 of CHF 186&nbsp;million, compared to a
net loss in 1999 of CHF 126&nbsp;million. Adjusting for the addition of UBS
PaineWebber, the previously existing businesses made a loss of CHF 167&nbsp;million
in 2000, partly due to restructuring costs incurred in first quarter 2000.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Operating income</B>
</FONT>

<DIV align="left"><FONT size="2">Operating income was CHF 1,318&nbsp;million in 2000, an increase of CHF 1,247
million from the CHF 71&nbsp;million achieved in 1999. This change was mainly due to
CHF 1,225&nbsp;million income of UBS PaineWebber in November and December 2000.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Operating expenses</B>
</FONT>

<DIV align="left"><FONT size="2">Operating expenses were CHF 1,504&nbsp;million in 2000, up from CHF 197 in 1999
including CHF 1,244&nbsp;million at UBS PaineWebber in November and December.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Personnel expenses in 2000 were CHF 1,106&nbsp;million, an increase of CHF 985
million from 1999. CHF 955&nbsp;million of this increase resulted from UBS
PaineWebber, and included CHF 117&nbsp;million of retention payments to staff under
the terms of the PaineWebber merger agreement.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses in 2000 were CHF 355&nbsp;million, an
increase of CHF 292&nbsp;million from 1999, including CHF 258&nbsp;million from UBS
PaineWebber.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Headcount</B>
</FONT>

<DIV align="left"><FONT size="2">Total headcount at 31 December 2000 was 21,814, up from 581 at 31 December
1999, with the vast majority of the change due to the addition of UBS
PaineWebber.
</FONT></DIV>

<P align="right"><FONT size="2">69</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P><FONT size="2"><B>Review of Business Group Performance<BR>
Corporate Center</B>
</FONT>
<P align="left"><FONT size="4" color="#7F7F7F"><B>Corporate Center</B>
</FONT>

<P align="left"><FONT size="2"><B>Business Group Reporting</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="70%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2"><I>CHF million, except where indicated</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">% change from</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2">For the year ended</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865ab"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>678</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">358</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,010</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">89</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Credit loss recovery<SUP>1</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>236</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,161</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">448</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(80</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total operating income</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>914</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,519</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,458</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(40</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Personnel expenses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>546</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">522</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">92</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">General and administrative expenses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>207</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">431</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">839</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(52</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Depreciation</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>372</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">320</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">366</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Amortization of goodwill and other intangible assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>25</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">44</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">50</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(43</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total operating expenses</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>1,150</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,317</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,347</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(13</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Business Group performance before tax</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>(236</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865ab"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">202</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,111</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Business Group performance before tax and
goodwill<SUP>2</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>(211</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865ab"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">246</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,161</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="62%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2"><B>Additional information</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">% change from</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2">As at</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865ab"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Regulatory equity used (average)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>6,200</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,450</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,850</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(27</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Headcount (full time equivalents)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>1,132</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">986</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">862</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2"><B>Business Group Reporting Adjusted for Significant Financial Events<SUP>3</SUP></B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="70%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2"><I>CHF million, except where indicated</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">% change from</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2">For the year ended</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865ab"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>678</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">358</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">372</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">89</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Credit loss recovery<SUP>1</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>236</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,161</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">448</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(80</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total operating income</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>914</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,519</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">820</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(40</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Personnel expenses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>546</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">490</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">548</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">General and administrative expenses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>207</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">281</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">385</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(26</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Depreciation</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>372</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">320</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">366</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Amortization of goodwill and other intangible assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>25</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">44</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">50</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(43</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total operating expenses</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>1,150</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,135</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,349</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Business Group performance before tax</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>(236</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865ab"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">384</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(529</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Business Group performance before tax and
goodwill<SUP>2</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>(211</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865ab"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">428</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(479</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>
<FONT size="1"><sup>1</sup>&nbsp;&nbsp;&nbsp;In order to show the relevant Business Group performance over time, adjusted
expected loss figures rather than the net IAS actual credit loss expenses are
reported for all business units. The statistically derived adjusted expected
losses reflect the inherent counterparty and country risks in the respective
portfolios. The difference between the statistically derived adjusted expected
loss figures and the net IAS actual credit loss expenses recorded at Group
level is reported in the Corporate Center (see Note 2 to the Financial
Statements).</FONT><BR>
&nbsp;<BR>

<FONT size="1"><sup>2</sup>&nbsp;&nbsp;&nbsp;Excludes the amortization of goodwill and other intangible
assets.</FONT><BR>
&nbsp;<BR>
<FONT size="1"><sup>3</sup>&nbsp;&nbsp;&nbsp;Excludes Significant Financial Events: Income, year ended 31
December 1999, CHF 38&nbsp;million from the Long Term Capital Management (LTCM)
fund, CHF 1,490&nbsp;million for the sale of our 25% stake in Swiss Life /
Rentenanstalt and CHF 110&nbsp;million for the sale of Julius Baer registered
shares. Personnel expenses, year ended 31 December 2000, CHF 32&nbsp;million for the
PaineWebber integration. General and administrative expenses, year ended 31
December 2000, CHF 150&nbsp;million net additional provision relating to the US
Global Settlement. Personnel expenses, year ended 31 December 1999, CHF 456
million for the Pension Fund Accounting Credit. General and administrative
expenses, year ended 31 December 1999, CHF 300&nbsp;million for the UBS / SBC
Restructuring Provision and CHF 154&nbsp;million for the increase in the provision
for the US Global Settlement.</FONT><BR>

<P><FONT size="2">70</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P align="left"><FONT size="2"><B>Significant financial events</B>
</FONT>

<DIV align="left"><FONT size="2">There were no significant financial events in Corporate Center in 2001.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Significant financial events booked in Corporate Center in 2000 and 1999 were:
</FONT></DIV>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Personnel expenses of CHF 32&nbsp;million relating to the integration of PaineWebber into UBS in 2000.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Costs of CHF 154&nbsp;million in 1999 and CHF 150&nbsp;million in 2000 in General and administrative
expenses in connection with the US Global Settlement of World War II related claims.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Operating income of CHF 1,490&nbsp;million from the sale of UBS&#146;s 25% stake in Swiss
Life/Rentenanstalt, CHF 110&nbsp;million from the sale of Julius Baer registered shares, and CHF 38
million from UBS&#146;s residual holding in Long Term Capital Management L.P., all in 1999.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">A credit to Personnel expenses in 1999 of CHF 456&nbsp;million in connection with excess pension fund
employer pre-payments.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&#150;&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Costs of CHF 300&nbsp;million in General and administrative expenses in 1999 in respect of an
additional restructuring charge relating to the 1998 merger between UBS and SBC.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="4" color="#7F7F7F"><B>2001</B>
</FONT>

<P align="left"><FONT size="2" color="#0865AB"><B>Results</B>
</FONT>

<DIV align="left"><FONT size="2">Corporate Center recorded a pre-tax loss of CHF 236&nbsp;million in 2001, compared
to a pre-tax profit of CHF 384&nbsp;million in 2000, adjusted for significant
financial events.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Operating income</B>
</FONT>

<DIV align="left"><FONT size="2">The credit loss expense or recovery booked in Corporate Center represents the
difference between the adjusted statistically expected losses charged to the
business units and the actual credit loss recognized in the Group income
statement. UBS Group&#146;s credit loss expense increased to CHF 498&nbsp;million in
2001, compared to a recovery of CHF 130&nbsp;million in 2000. For both 2000 and
2001, actual credit loss was less than the charge to the business units,
resulting in a credit loss recovery in Corporate Center of CHF 236&nbsp;million in
2001, compared to a recovery of CHF 1,161&nbsp;million in 2000.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Operating income decreased by CHF 605&nbsp;million from 2000 to CHF 914&nbsp;million
in 2001, principally reflecting the swing in the credit loss results, offset by
higher income from treasury activities.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Operating expenses</B>
</FONT>

<DIV align="left"><FONT size="2">Total operating expenses were CHF 1,150&nbsp;million in 2001, 1% higher than in
2000.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses for 2001 were CHF 74&nbsp;million lower
than in 2000, at CHF 207&nbsp;million. This was due to lower corporate real estate
costs and lower professional fees connected to the US global settlement of
World War II related claims, offset by higher IT costs and one-off charges
relating to the bankruptcy of SAir Group.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In 2001 personnel expenses were CHF 546&nbsp;million, an increase of 11%
compared to 2000, driven by severance payments and the full year cost of senior
management and other additional personnel added through the PaineWebber merger.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Headcount</B>
</FONT>

<DIV align="left"><FONT size="2">Headcount increased 15% during 2001 to 1,132 at 31 December 2001, driven by the
transfer of International Mobility Program participants to Corporate Center
headcount and the transfer of human resources staff from UBS Warburg. The
International Mobility Program provides outstanding young employees of UBS with
opportunities for work experience overseas.
</FONT></DIV>

<P align="left"><FONT size="4" color="#7F7F7F"><B>2000</B>
</FONT>

<P align="left"><FONT size="2" color="#0865AB"><B>Results</B>
</FONT>

<P align="left"><FONT size="2"><B>Operating income</B>
</FONT>

<DIV align="left"><FONT size="2">Adjusted for significant financial events, operating income before credit loss
expense decreased CHF 14&nbsp;million, or 4%, from CHF 372&nbsp;million in 1999 to CHF
358&nbsp;million in 2000. Gains and losses attributable to Corporate Center arise
from funding, capital and balance sheet management, the management of corporate
real estate and the management of foreign currency activities.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Credit loss expense in Corporate Center reconciles the difference between
management accounting and financial accounting, that is between the adjusted
statistically calculated expected losses charged to the business units and the
actual credit loss expense recognized in the Group income statement. The Swiss
econ-
</FONT></DIV>

<P align="right"><FONT size="2">71</FONT>

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<P><FONT size="2"><B>Review of Business Group Performance<BR>
Corporate Center</B>
</FONT>
<P><FONT size="2">omy was strong in 2000, leading to credit loss expenses below the statistically
calculated expected level, and to a net write back of credit loss provisions of
CHF 695&nbsp;million, resulting in a credit of CHF 130&nbsp;million at the Group level.
Corporate Center&#146;s credit loss recovery of CHF 1,161&nbsp;million reflects the
balancing item between this amount and the CHF 1,031&nbsp;million expected loss
charged to the business units.
</FONT>
<P align="left"><FONT size="2"><B>Operating expenses</B>
</FONT>

<DIV align="left"><FONT size="2">Operating expenses decreased from CHF 1,349&nbsp;million in 1999 to CHF 1,135
million in 2000.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Headcount</B>
</FONT>

<DIV align="left"><FONT size="2">Headcount in Corporate Center increased 124 during 2000, reflecting the
addition of staff from PaineWebber.
</FONT></DIV>


<P><FONT size="2">72</FONT>

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<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>

<P align="right"><FONT size="2">73</FONT>


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<P><FONT size="2"><IMG src="y5838058380p11.gif" alt="(Sailboat graphic)">
</FONT>
<P><FONT size="2">74</FONT>

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<P><FONT size="2"><IMG src="y5838058380p12.gif" alt="(UBS Group Financial Statements)">
</FONT>
<P align="right"><FONT size="2">75</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><FONT size="2"><B>UBS Group Financial Statements<BR>
Table of Contents</B>
</FONT>

<P align="left"><FONT size="5"><B>Financial Statements<BR>
Table of Contents</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="75%">
<TR valign="bottom">
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="83%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2" color="#0865AB"><B>Financial Statements</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>78</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">UBS Group Income Statement</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">78</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">UBS Group Balance Sheet</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">79</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">UBS Group Statement of Changes in Equity</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">80</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">UBS Group Statement of Cash Flows</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">82</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2" color="#0865AB"><B>Notes to the Financial Statements</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>83</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Summary of Significant Accounting Policies</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">83</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2a</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Segment Reporting by Business Group</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">92</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2b</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Segment Reporting by Geographic Location</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">95</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Income Statement</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>96</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">3</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Net Interest Income</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">96</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">4</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Net Fee and Commission Income</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">96</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">5</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Net Trading Income</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">97</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">6</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Other Income</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">97</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">7</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Personnel Expenses</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">97</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">8</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">General and Administrative Expenses</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">98</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">9</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Earnings per Share (EPS)&nbsp;and Outstanding Shares</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">98</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Balance Sheet: Assets</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>99</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">10a</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Due from Banks and Loans to Customers</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">99</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">10b</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Allowances and Provisions for Credit Losses</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">100</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">10c</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Impaired Loans</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">100</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">10d</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Non-Performing Loans</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">101</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">11</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Securities Borrowing, Securities Lending, Repurchase and Reverse Repurchase Agreements and Other Collateralized Transactions</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">102</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">12</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Trading Portfolio</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">103</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">13</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Financial Investments</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">104</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">14</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Investments in Associates</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">106</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">15</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Property and Equipment</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">106</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">16</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Goodwill and Other Intangible Assets</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">107</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">17</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Other Assets</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">107</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Balance Sheet: Liabilities</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>108</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">18</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Due to Banks and Customers</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">108</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">19</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Debt Issued</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">108</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">20</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Other Liabilities</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">114</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">21</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Provisions, including Restructuring Provision</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">114</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">22</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Income Taxes</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">116</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">23</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Minority Interests</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">118</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">24</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Derivative Instruments</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">118</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">76</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="75%">
<TR valign="bottom">
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="83%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Off-Balance Sheet and other Information</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>123</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">25</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Pledged Assets</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">123</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">26</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Fiduciary Transactions</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">123</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">27</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Commitments and Contingent Liabilities</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">124</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">28</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Operating Lease Commitments</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">125</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">29</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Litigation</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">126</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">30</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Financial Instruments Risk Position</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">127</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Risk</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">127</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Risk</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">129</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On-balance sheet assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">129</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)(ii)&nbsp;&nbsp;&nbsp;&nbsp;Off-balance sheet financial instruments</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">130</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)(iii)&nbsp;&nbsp;&nbsp;Credit risk mitigation techniques</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">130</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency Risk</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">131</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liquidity Risk</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">132</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Adequacy</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">133</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">31</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Fair Value of Financial Instruments</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">135</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">32</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Retirement Benefit Plans and Other Employee Benefits</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">137</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">33</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Equity Participation Plans</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">141</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Participation Plans Offered</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">141</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Share Awards</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">143</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Option Awards</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">144</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation Expense</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">145</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pro-Forma Net Income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">145</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">34</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Related Parties</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">146</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">35</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Post&#150;Balance Sheet Events</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">147</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">36</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Significant Subsidiaries and Associates</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">147</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">37</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Acquisition of Paine Webber Group, Inc.</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">151</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">38</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Currency Translation Rates</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">151</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">39</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Swiss Banking Law Requirements</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">151</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">40</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Reconciliation to US GAAP</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">154</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">41</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Additional Disclosures Required under US GAAP and SEC Rules</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">164</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2" color="#0865AB"><B>Report of the Group Auditors</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>169</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="right"><FONT size="2">77</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P align="left"><FONT size="2"><B>UBS Group Financial Statements<BR>
Financial Statements</B>
</FONT>

<!-- link2 "Financial Statements" -->
<DIV align="left"><A NAME="028"></A></DIV>
<P align="left"><FONT size="5">Financial Statements
</FONT>

<!-- link2 "UBS Group Income Statement" -->
<DIV align="left"><A NAME="029"></A></DIV>
<P align="left"><FONT size="2"><B>UBS Group Income Statement</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="52%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2"><I>CHF million, except per share
data</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">% change from</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2">For the year ended</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Note</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Operating income</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>52,277</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">51,745</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">35,604</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest expense</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(44,236</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(43,615</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(29,695</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net interest income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8,041</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,130</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,909</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Credit loss expense / recovery</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(498</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">130</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(956</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net interest income after
credit loss expense / recovery</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>7,543</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,260</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,953</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(9</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net fee and commission income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>20,211</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16,703</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12,607</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">21</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net trading income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8,802</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9,953</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,719</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(12</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>558</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,486</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,146</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(62</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total operating income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>37,114</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">36,402</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">28,425</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Operating expenses</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Personnel expenses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>19,828</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">17,163</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12,577</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">General and administrative expenses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>7,631</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,765</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,098</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Depreciation of property and equipment</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,614</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,608</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,517</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Amortization of goodwill and
other intangible assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,323</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">667</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">340</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">98</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total operating expenses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>30,396</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">26,203</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">20,532</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Operating profit before tax and
minority interests</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6,718</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,199</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,893</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(34</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Tax expense</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">22</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,401</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,320</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,686</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(40</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net profit before minority interests</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>5,317</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,879</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,207</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(33</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Minority interests</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">23</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(344</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(87</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(54</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">295</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net profit</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,973</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,792</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,153</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(36</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Basic earnings per share (CHF)<SUP>1</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3.93</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.44</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.07</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(39</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Basic earnings per share before
goodwill (CHF)<SUP>1, 2</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4.97</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.35</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(29</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Diluted earnings per share (CHF)<SUP>1</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3.78</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.35</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.02</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(40</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Diluted earnings per share before
goodwill (CHF)<SUP>1, 2</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4.81</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.89</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.30</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(30</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>1</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">All earnings per share figures have been restated for the 3 for 1 share split
which took place on 16 July 2001.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>2</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Excludes the amortization of goodwill
and other intangible assets.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">78</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<!-- link2 "UBS Group Balance Sheet" -->
<DIV align="left"><A NAME="030"></A></DIV>
<P align="left"><FONT size="2"><B>UBS Group Balance Sheet</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="60%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">% change from</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Note</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>

<TD nowrap align="center" colspan="3"><FONT size="2">31.12.00<SUP>1</SUP></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Assets</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash and balances with central banks</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>20,990</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,979</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">605</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Due from banks</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>27,526</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">29,147</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(6</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash collateral on securities borrowed</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>162,938</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">177,857</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(8</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Reverse repurchase agreements</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>269,256</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">193,801</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">39</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Trading portfolio assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>397,886</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">315,588</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">26</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Positive replacement values</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">24</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>73,447</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">57,875</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">27</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Loans, net of allowance for credit losses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>226,545</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">244,842</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(7</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Financial investments</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>28,803</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">19,583</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">47</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Accrued income and prepaid expenses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>7,554</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,062</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Investments in associates</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>697</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">880</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(21</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Property and equipment</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8,695</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,910</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(2</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Goodwill and other intangible assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>19,085</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">19,537</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(2</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">17,22</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>9,875</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9,491</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total assets</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,253,297</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,087,552</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><I>Total subordinated assets</I></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B><I>407</I></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><I>475</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><I>(14</I></FONT></TD>
        <TD nowrap><FONT size="2"><I>)</I></FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Liabilities</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Due to banks</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>106,531</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">82,240</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">30</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash collateral on securities lent</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>30,317</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">23,418</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">29</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Repurchase agreements</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>368,620</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">295,513</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">25</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Trading portfolio liabilities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>105,798</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">82,632</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">28</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Negative replacement values</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">24</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>71,443</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">75,923</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(6</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Due to customers</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>333,781</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">310,679</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Accrued expenses and deferred income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>17,289</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">21,038</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(18</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Debt issued</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">19</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>156,218</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">129,635</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">21</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other liabilities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">20,21,22</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>15,658</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18,756</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(17</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total liabilities</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,205,655</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,039,834</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Minority interests</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">23</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,112</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,885</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">43</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Shareholders&#146; equity</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Share capital</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3,589</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,444</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(19</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Share premium account</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>14,408</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">20,885</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(31</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Gains / (losses)&nbsp;not recognized in the income statement</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(193</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(687</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(72</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Retained earnings</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>29,103</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">24,191</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">20</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Treasury shares</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(3,377</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(4,000</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(16</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total shareholders&#146; equity</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>43,530</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">44,833</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(3</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="5" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total liabilities, minority interests and shareholders&#146; equity</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,253,297</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,087,552</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><I>Total subordinated liabilities</I></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B><I>13,818</I></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><I>13,996</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><I>(1</I></FONT></TD>
        <TD nowrap><FONT size="2"><I>)</I></FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>1</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Changes have been made to prior year to conform to the current presentation
(see Note 1: Summary of Significant Accounting Policies).</FONT></TD>
</TR>
</TABLE>
<P align="right"><FONT size="2">79</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P align="left"><FONT size="2"><B>UBS Group Financial Statements<BR>
Financial Statements</B>
</FONT>

<!-- link2 "UBS Group Statement of Changes in Equity" -->
<DIV align="left"><A NAME="031"></A></DIV>
<P align="left"><FONT size="2"><b>UBS Group Statement of Changes in
Equity</b></FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="72%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2"><i>CHF million</i></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2"><i>For the year ended</i></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Issued and paid up share capital</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Balance at the beginning of the year</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,444</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,309</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,300</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Issue of share capital</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>12</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">135</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Capital repayment by par value reduction<SUP>3</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(683</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cancellation of second trading line treasury shares (2000 Program)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(184</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Balance at the end of the year</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3,589</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,444</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,309</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Share premium</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Balance at the beginning of the year</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>20,885</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14,437</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13,617</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Premium on shares issued and warrants exercised</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>80</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">139</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">45</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net premium / (discount)&nbsp;on treasury share and
own equity derivative activity</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(239</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(391</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">775</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Share premium increase due to PaineWebber acquisition</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,198</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Borrow of own shares to be delivered</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,895</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Settlement of own shares to be delivered</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(2,502</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(3,393</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cancellation of second trading line treasury shares (2000 Program)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(3,816</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Balance at the end of the year</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>14,408</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">20,885</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14,437</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">

<TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Gains
/ (losses)&nbsp;not recognized in the income statement<br>
Foreign currency translation</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Balance at the beginning of the year</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(687</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(442</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(456</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Movements during the year</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(82</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(245</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Subtotal &#150; balance at the end of the year</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(769</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(687</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(442</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Unrealized gains / (losses)&nbsp;on available for sale investments, net of taxes</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Balance at the beginning of the year</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Change in accounting policy<SUP>1</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,577</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net unrealized gains / (losses)&nbsp;on available for sale investments</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(92</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Gains reclassified to the income statement</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(461</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Losses reclassified to the income statement</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>11</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Subtotal &#150; balance at the end of the year</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,035</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Change in fair value of derivative instruments designated as cash flow hedges, net of taxes</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Balance at the beginning of the year</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Change in accounting policy<SUP>1</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(380</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net unrealized gains / (losses)&nbsp;on the revaluation of cash flow hedges</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(316</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net losses reclassified to the income statement</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>237</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Subtotal &#150; balance at the end of the year</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(459</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Balance at the end of the year</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(193</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(687</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(442</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Retained earnings</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Balance at the beginning of the year</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>24,191</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">20,327</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16,224</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Change in accounting policy<SUP>1</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(61</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Balance at the beginning of the year (restated)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>24,130</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">20,327</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16,224</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net profit for the year</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,973</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,792</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,153</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Dividends paid<SUP>2, 3</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(3,928</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(2,050</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Balance at the end of the year</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>29,103</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">24,191</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">20,327</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Treasury shares, at cost</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Balance at the beginning of the year</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(4,000</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(8,023</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(4,891</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Acquisitions</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(13,506</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(16,330</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(6,595</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Disposals</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>10,129</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">20,353</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,463</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cancellation of second trading line treasury shares (2000 Program)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,000</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Balance at the end of the year</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(3,377</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(4,000</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(8,023</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total shareholders&#146; equity</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>43,530</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">44,833</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">30,608</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>1</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Opening adjustments to reflect the adoption of IAS 39 (see Note 1: Summary of
Significant Accounting Policies).</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>2</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Dividends declared per share were CHF 1.50
in 2000 and CHF 1.83 in 1999, both paid in the year 2000.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>3</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">On 16 July 2001,
UBS made a distribution to shareholders of CHF 1.60 per share, paid in the form
of a reduction in the par value of its shares, from CHF 10.00 to CHF 8.40. At
the same time, UBS split its share 3 for 1, resulting in a new par value of CHF
2.80 per share.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">80</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P align="left"><FONT size="2"><B>UBS Group Statement of Changes in Equity (continued)</B>
</FONT>

<P align="left"><FONT size="2"><B>Shares issued</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="43%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="2">Number of shares</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">% change from</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="11"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2">For the year
ended</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Balance at the beginning of the year</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,333,139,187</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,292,679,486</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,289,857,836</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Issue of share capital</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3,843,661</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,459,701</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,821,650</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(14</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">

<TD><FONT size="2">Issue
of share capital due to<br>
PaineWebber acquisition</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">36,000,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">

<TD><FONT size="2">Cancellation
of second trading line<br>
treasury shares (2000 Program)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(55,265,349</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Balance at the end of the year</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,281,717,499</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,333,139,187</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,292,679,486</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(4</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2"><B>Treasury shares</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="43%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="2">Number of shares</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">% change from</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="11"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2">For the year
ended</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Balance at the beginning of the year</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>55,265,349</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">110,621,142</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">73,370,094</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(50</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Acquisitions</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>162,818,045</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16,824,039</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">87,659,019</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">868</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Disposals</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(121,563,094</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(72,179,832</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(50,407,971</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">68</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">Cancellation of second trading line<br>
treasury shares (2000 Program)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(55,265,349</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Balance at the end of the year</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>41,254,951</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">55,265,349</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">110,621,142</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(25</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">During the year a total of 55,265,349 shares acquired under the second trading
line buyback program 2000 were cancelled. At 31 December 2001, a maximum of
13,017,716 shares can be issued against the excercise of options from former
PaineWebber employee option plans. Out of the total number of 41,254,951
treasury shares, 23,064,356 shares (CHF 1,834&nbsp;million) were acquired under the
second trading line buyback program 2001 and are earmarked for cancellation.
The Board of Directors will propose to the Annual General Meeting on 18 April
2002 to reduce the outstanding number of shares and the share capital by the
number of shares purchased for cancellation.
</FONT>
<P align="right"><FONT size="2">81</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P align="left"><FONT size="2"><B>UBS Group Financial Statements<BR>
Financial Statements</B>
</FONT>

<!-- link2 "UBS Group Statement of Cash Flows" -->
<DIV align="left"><A NAME="032"></A></DIV>
<P align="left"><FONT size="2"><B>UBS Group Statement of Cash Flows</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="3%">&nbsp;</TD>
        <TD width="67%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left" colspan="2"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left" colspan="2"><FONT size="2">For the year ended</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
</TR>
<TR>
        <TD colspan="14" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Cash flow from / (used in) operating activities</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net profit</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,973</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,792</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,153</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Adjustments to reconcile net profit to cash flow from /
(used in) operating activities</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Non-cash items included in net profit and other adjustments:</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Depreciation of property and equipment</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,614</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,608</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,517</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Amortization of goodwill and other intangible assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,323</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">667</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">340</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Credit loss expense / (recovery)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>498</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(130</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">956</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Equity in income of associates</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(72</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(58</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(211</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Deferred tax expense</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>292</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">544</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">479</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net loss / (gain)&nbsp;from investing activities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>513</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(730</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(2,282</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net (increase) / decrease in operating assets:</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net due from / to banks</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>27,306</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(915</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(5,298</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Reverse repurchase agreements,
cash collateral on securities borrowed</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(60,536</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(81,054</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(12,656</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Trading portfolio including net replacement values
and securities pledged as collateral</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(78,456</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11,553</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(49,956</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Loans / due to customers</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>42,813</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12,381</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">17,222</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Accrued income, prepaid expenses and other assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(424</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,923</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,545</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net increase / (decrease)&nbsp;in operating liabilities:</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Repurchase agreements, cash collateral on securities lent</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>80,006</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">50,762</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">52,958</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Accrued expenses and other liabilities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(5,235</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,313</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(7,366</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Income taxes paid</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(1,742</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(959</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1,063</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="14" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net cash flow from / (used in) operating activities</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>12,873</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11,697</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,338</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="14" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Cash flow from / (used in) investing activities</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Investments in subsidiaries and associates</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(467</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(9,729</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1,720</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Disposal of subsidiaries and associates</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>95</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">669</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,782</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Purchase of property and equipment</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(2,021</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1,640</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(2,820</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Disposal of property and equipment</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>380</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">335</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,880</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net (investment) / divestment in financial investments</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(5,770</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(8,770</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">356</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="14" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net cash flow from / (used in) investing activities</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(7,783</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(19,135</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,478</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="14" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Cash flow from / (used in) financing activities</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net money market paper issued</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>24,226</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,125</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13,128</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net movements in treasury shares and
treasury share contract activity</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(6,038</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(647</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(2,312</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Capital issuance</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>12</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Capital repayment by par value reduction</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(683</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Dividends paid</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(3,928</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(2,050</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Issuance of long-term debt</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>18,233</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14,884</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12,661</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Repayment of long-term debt</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(18,477</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(24,640</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(7,112</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Issuance of trust preferred securities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,291</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,683</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Dividend payments to / and purchase from minority interests</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(461</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(73</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(689</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="14" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net cash flow from / (used in) financing activities</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>18,103</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1,581</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13,635</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Effects of exchange rate differences</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(304</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">112</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">148</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="14" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net increase / (decrease)&nbsp;in cash equivalents</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>22,889</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(8,907</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18,599</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash and cash equivalents, beginning of the year</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>93,370</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">102,277</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">83,678</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="14" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Cash and cash equivalents, end of the year</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>116,259</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">93,370</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">102,277</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="14" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Cash and cash equivalents comprise:</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash and balances with central banks</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>20,990</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,979</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,073</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Money market paper<SUP>1</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>69,938</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">66,454</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">69,717</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Due from banks maturing in less than three months</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>25,331</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">23,937</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">27,487</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="14" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>116,259</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">93,370</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">102,277</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="14" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>1</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Money market paper is included in the Balance sheet under Trading portfolio
assets and Financial investments.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">82</FONT>

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<P align="left"><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<!-- link2 "Notes to the Financial Statements" -->
<DIV align="left"><A NAME="033"></A></DIV>
<P align="left"><FONT size="5">Notes to the Financial Statements
</FONT>

<!-- link2 "Note 1 Summary of Significant Accounting Policies" -->
<DIV align="left"><A NAME="034"></A></DIV>
<P align="left"><FONT size="2"><B>Note 1 Summary of Significant Accounting Policies</B>
</FONT>

<P align="left"><FONT size="2"><B>a) Basis of accounting</B>
</FONT>

<DIV align="left"><FONT size="2">UBS AG and subsidiaries (&#147;UBS&#148; or the &#147;Group&#148;) provide a broad range of
financial services including advisory services, underwriting, financing, market
making, asset management, brokerage, and retail banking on a global level. The
Group was formed on 29 June 1998 when Swiss Bank Corporation and Union Bank of
Switzerland merged. The merger was accounted for using the uniting of interests
method of accounting.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The consolidated financial statements of the Group (the &#147;Financial
Statements&#148;) are prepared in accordance with International Accounting Standards
and stated in Swiss francs (CHF), the currency of the country in which UBS AG
is incorporated. On 12 February 2002 the Board of Directors approved them for
issue.</FONT></DIV>

<P align="left"><FONT size="2"><B>b) Use of estimates in the preparation of Financial Statements</B>
</FONT>

<DIV align="left"><FONT size="2">In preparing the Financial Statements, management is required to make estimates
and assumptions that affect reported income, expenses, assets, liabilities and
disclosure of contingent assets and liabilities. Use of available information
and application of judgement are inherent in the formation of estimates. Actual
results in the future could differ from such estimates and the differences may
be material to the Financial Statements.</FONT></DIV>

<P align="left"><FONT size="2"><B>c) Consolidation</B>
</FONT>

<DIV align="left"><FONT size="2">The Financial Statements comprise those of the parent company (UBS AG), its
subsidiaries and certain special purpose entities, presented as a single
economic entity. The effects of intra-group transactions are eliminated in
preparing the Financial Statements. Subsidiaries and special purpose entities
which are directly or indirectly controlled by the Group are consolidated.
Subsidiaries acquired are consolidated from the date control is transferred to
the Group. Subsidiaries to be divested are consolidated up to the date of
disposal. Temporarily controlled entities that are acquired and held with a
view to their subsequent disposal, are recorded as Financial investments.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Assets held in an agency or fiduciary capacity are not assets of the Group
and are not reported in the Financial Statements.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Equity and net income attributable to minority interests are shown
separately in the Balance sheet and Income statement, respectively.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Investments in associates in which the Group has a significant influence
are accounted for under the equity method of accounting. Significant influence
is normally evidenced when UBS owns 20% or more of a company&#146;s voting rights.
Investments in associates are initially recorded at cost and the carrying
amount is increased or decreased to recognize the Group&#146;s share of the
investee&#146;s profits or losses after the date of acquisition.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The Group sponsors the formation of companies, which may or may not be
directly or indirectly owned subsidiaries, for the purpose of asset
securitization transactions and to accomplish certain narrow and well defined
objectives. These companies may acquire assets directly or indirectly from UBS
or its affiliates. Some of these companies are bankruptcy-remote entities whose
assets are not available to satisfy the claims of creditors of the Group or any
of its subsidiaries. Such companies are consolidated in the Group&#146;s Financial
Statements when the substance of the relationship between the Group and the
company indicate that the company is controlled by the Group. Certain
transactions of consolidated entities meet the criteria for derecognition of
financial assets. Derecognition of a financial asset takes place when the Group
loses control of the contractual rights that comprise the financial asset.
These transactions do not affect the consolidation status of an entity.</FONT></DIV>

<P align="right"><FONT size="2">83</FONT>

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<P align="left"><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<P align="left"><FONT size="2"><B>d) Foreign currency translation</B>
</FONT>

<DIV align="left"><FONT size="2">Foreign currency transactions are recorded at the rate of exchange on the date
of the transaction. At the balance sheet date, monetary assets and liabilities
denominated in foreign currencies are reported using the closing exchange rate.
Exchange differences arising on the settlement of transactions at rates
different from those at the date of the transaction, and unrealized foreign
exchange differences on unsettled foreign currency monetary assets and
liabilities, are recognized in the income statement.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Exchange differences on non-monetary financial assets are a component of
the change in their fair value. Depending on the classification of a
non-monetary financial asset, exchange differences are either recognized in the
income statement (applicable for example for equity securities held for
trading), or within Shareholder&#146;s equity if non-monetary financial assets are
classified as available-for-sale financial investments.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Assets and liabilities of foreign entities are translated at the exchange
rates at the balance sheet date, while income statement items and cash flows
are translated at average rates over the year. Differences resulting from the
use of these different exchange rates are recognized directly in Foreign
currency translation within Shareholders&#146; equity.</FONT></DIV>

<P align="left"><FONT size="2"><B>e) Business and geographical segments</B>
</FONT>

<DIV align="left"><FONT size="2">The Group is organized on a worldwide basis into Business Groups and the
Corporate Center. This organizational structure is the basis upon which the
Group reports its primary segment information.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Segment income, segment expenses and segment performance include transfers
between business segments and between geographical segments. Such transfers are
accounted for at prices in line with charges to unaffiliated customers for
similar services.</FONT></DIV>

<P align="left"><FONT size="2"><B>f) Cash and cash equivalents</B>
</FONT>

<DIV align="left"><FONT size="2">Cash and cash equivalents consist of Cash and balances with central banks,
balances included in Due from banks that mature in less than three months, and
Money market paper included in Trading portfolio assets and Financial
investments.</FONT></DIV>

<P align="left"><FONT size="2"><B>g) Fee income</B></FONT>

<DIV align="left"><FONT size="2">Brokerage fees earned from executing securities transactions are recorded when
the service has been provided. Portfolio and other management, advisory and
other service fees are recognized based on the terms of the applicable service
contracts. Asset management fees related to investment funds are recognized
ratably over the period the service is provided. The same principle is applied
for fees earned for wealth management, financial planning and custody services
that are continuously provided over an extended period of time.
Transaction-related fees earned from merger and acquisition and other advisory
services, securities underwriting, fund raising, and from other investment
banking and similar services that have a non-recurring character, are
recognized at the time the service has been completed.</FONT></DIV>

<P align="left"><FONT size="2"><B>h) Securities borrowing and lending</B>
</FONT>

<DIV align="left"><FONT size="2">Securities borrowed and securities lent are recorded at the amount of cash
collateral advanced or received. The Group monitors the market value of the
securities borrowed and lent on a daily basis and calls for additional
collateral when appropriate.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Fees and interest received or paid are recorded as interest income or
interest expense, on an accrual basis.</FONT></DIV>

<P align="left"><FONT size="2"><B>i) Repurchase and reverse repurchase transactions</B>
</FONT>

<DIV align="left"><FONT size="2">Securities purchased under agreements to resell (reverse repurchase agreements)
and securities sold under agreements to repurchase (repurchase agreements) are
generally treated as collateralized financing transactions and are carried at
the amounts at which the securities were acquired or sold, plus accrued
interest. The Group monitors the market value of the underlying securities,
(which collateralize the related receivables) on a daily basis and requests
additional collateral when appropriate.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Interest earned on reverse repurchase agreements and interest incurred on
repurchase agreements is recognized as interest income and interest expense,
over the life of each agreement.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The Group offsets reverse repurchase agreements and repurchase agreements
with the same counterparty for transactions covered by legally enforceable
master netting agreements when net or simultaneous settlement is intended.</FONT></DIV>

<P align="left"><FONT size="2"><B>j) Trading portfolio</B>
</FONT>

<DIV align="left"><FONT size="2">Trading portfolio assets consist of money market paper, other debt instruments
and equity instru-</FONT></DIV>

<P><FONT size="2">84</FONT>

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<P><FONT size="2">ments as well as traded loans and precious metals which are owned by the Group
(&#147;long&#148; positions). Obligations to deliver trading securities sold but not yet
purchased are reported as Trading portfolio liabilities. Trading portfolio
liabilities consist of money market paper, other debt instruments and equity
instruments which the Group has sold to third parties but does not own (&#147;short&#148;
positions).
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The trading portfolio is carried at fair value, which includes valuation
allowances for instruments, for which liquid markets do not exist, to adjust
primarily for credit and settlement risks. Gains and losses realized on
disposal or redemption and unrealized gains and losses from changes in the fair
value of trading portfolio assets or liabilities are reported as Net trading
income. Interest and dividend income and expense on trading portfolio assets or
liabilities are included in Interest and dividend income or Interest and
dividend expense, respectively.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;When the Group becomes party to a contract classified in its trading
portfolio, it recognizes from that date (trade date) in the income statement
any unrealized profits and losses arising from revaluing that contract to fair
value. On a date subsequent to the trade date, the terms of spot and forward
trading transactions are fulfilled (settlement date) and a resulting financial
asset or liability is recognized on the balance sheet at the fair value of the
consideration given or received plus the change in fair value of the contract
since the trade date.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The determination of fair values of trading portfolio assets or
liabilities is based on quoted market prices in active markets or dealer price
quotations, pricing models (using assumptions based on market and economic
conditions), or management&#146;s estimates, as applicable.</FONT></DIV>

<P align="left"><FONT size="2"><B>k) Loans originated by the Group</B>
</FONT>

<DIV align="left"><FONT size="2">Loans originated by the Group include loans where money is provided directly to
the borrower, other than those that are originated with the intent to be sold
immediately or in the short term, which are recorded as Trading portfolio
assets. A participation in a loan from another lender is considered to be
originated by the Group, provided it is funded on the date the loan is
originated by the lender. Purchased loans are either classified as Financial
investments available-for-sale, or as Trading portfolio assets, as appropriate.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Loans originated by the Group are recognized when cash is advanced to
borrowers. They are initially recorded at cost, which is the fair value of the
cash given to originate the loan, including any transaction costs, and are
subsequently measured at amortized cost using the effective interest rate
method.</FONT></DIV>

<P align="left"><FONT size="2"><B>l) Allowance and provision for credit losses</B>
</FONT>

<DIV align="left"><FONT size="2">An allowance for credit losses is established if there is objective evidence
that the Group will
be unable to collect all amounts due. The allowance and provision for credit
losses represents management&#146;s estimate of probable losses inherent in the loan
portfolio and other lending-related commitments. Such commitments normally
include letters of credit, guarantees and commitments to extend credit.
However, credit risk exposures are also inherent in other instruments.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The allowance for credit losses is reported as a reduction of loans
whereas the provision for credit losses for lending related commitments is
reported in Other liabilities. Additions to the allowances and provisions for
credit losses are made through the credit loss expense account. Allowance and
provision for credit exposures are evaluated at a counterparty-specific and/or
country-specific level based on following principles:</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Counterparty-specific: Individual credit exposures are evaluated based
upon the borrower&#146;s character, overall financial condition, resources and
payment record; the prospects for support from any financially responsible
guarantors; and, if appropriate, the realizable value of any collateral.
Impairment is measured and allowances for credit losses are established for the
difference between the carrying amount and its estimated recoverable amount.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;A loan is considered impaired when management determines that it is
probable that the Group will not be able to collect all amounts due according
to the original contractual terms, unless such loans are secured, in process of
collection, or other factors exist which make the Group expect that all future
cash flows according to the original terms of the contract will be received. An
impaired loan is classified as non-performing when the contractual payments of
principal and/or interest are in arrears for 90&nbsp;days or more.</FONT></DIV>

<P align="right"><FONT size="2">85</FONT>

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<P align="left"><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;When a loan has been identified as impaired, the carrying amount of the loan is
reduced by recording specific allowances for credit losses to its estimated
recoverable amount, which is the present value of expected future cash flows
discounted at the original effective interest rate of the loan. Upon impairment
the accrual of interest income based on the original terms of the loan is
discontinued. The increase of the present value of impaired loans due to the
passage of time is reported as interest income.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;All impaired loans are reviewed and analyzed at least annually. Any
subsequent changes to the amounts and timing of the expected future cash flows
compared to the prior estimates will result in a change in the allowance for
credit losses and be charged to credit loss expense. If there are indications
of significant probable losses in the portfolio that have not been specifically
identified, allowances for credit losses would also be provided for on a
portfolio basis.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;An allowance for an impairment is reversed only when the credit quality
has improved such that there is reasonable assurance of timely collection of
principal and interest in accordance with the original contractual terms of the
loan agreement.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;A write-off is made when all or part of a loan is deemed uncollectible or
in the case of debt forgiveness. Write-offs are charged against previously
established allowances for credit losses and reduce the principal amount of a
loan. Recoveries in part or in full of amounts previously written off are
credited to credit loss expense.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Country-specific: Probable losses resulting from exposures in countries
experiencing political and transfer risk, countrywide economic distress, or
problems regarding the legal enforceability of contracts are assessed using
country specific scenarios and taking into consideration the nature of the
individual exposures. Specific country allowances are established based on this
assessment, and exclude exposures addressed in counterparty-specific
allowances.</FONT></DIV>

<P align="left"><FONT size="2"><B>m) Securitizations</B>
</FONT>

<DIV align="left"><FONT size="2">The Group securitizes various consumer and commercial financial assets, which
generally results in the sale of these assets to special-purpose vehicles
which, in turn issue securities to investors. Financial assets are partially or
wholly derecognized when the Group gives up control of the contractual rights
that comprise the financial asset.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Interests in the securitized financial assets may be retained in the form
of senior or subordinated tranches, interest-only strips or other residual
interests (&#147;retained interests&#148;). Retained interests are primarily recorded in
Trading portfolio assets and carried at fair value. The determination of fair
values of retained interest is generally based on listed market prices or by
determining the present value of expected future cash flows using pricing
models that incorporate management&#146;s best estimates of critical assumptions
which may include credit losses, discount rates, yield curves and other
factors.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Gains or losses on securitization depend in part on the carrying amount of
the transferred financial assets, allocated between the financial assets
derecognized and the retained interests based on their relative fair values at
the date of the transfer. Gains or losses on securitization are recorded in Net
trading income.</FONT></DIV>

<P align="left"><FONT size="2"><B>n) Financial investments</B>
</FONT>

<DIV align="left"><FONT size="2">Financial investments are classified as available-for-sale and recorded on a
settlement date basis. Management determines the appropriate classification of
its investments at the time of the purchase. Financial investments consist of
money market paper, other debt instruments and equity instruments, including
private equity investments.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Available-for-sale financial investments may be sold in response to needs
for liquidity or changes in interest rates, foreign exchange rates or equity
prices.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Available-for-sale financial investments are carried at fair value.
Unrealized gains or losses on available-for-sale investments are reported in
Shareholders&#146; equity, net of applicable taxes, until such investment is sold,
collected or otherwise disposed of, or until such investment is determined to
be impaired. If an available-for-sale investment is determined to be impaired,
the cumulative unrealized gain or loss previously recognized in Shareholders&#146;
equity is included in net profit or loss for the period and reported in Other
income. A financial investment is considered impaired if its carrying value
exceeds the recoverable amount. For non-quoted investments, the recoverable
amount is determined by applying recognized valuation techniques. Quoted
financial investments are considered impaired</FONT></DIV>

<P><FONT size="2">86</FONT>

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<P><FONT size="2">if the decline in market price below cost is of such a magnitude that recovery
of the cost value cannot be reasonably expected within the foreseeable future.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;On disposal of an available-for-sale investment, the accumulated
unrealized gain or loss included in Shareholders&#146; equity is transferred to net
profit or loss for the period and reported in Other income. Gains and losses on
disposal are determined using the average cost method.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The determination of fair values of available-for-sale financial
investments is generally based on quoted market prices in active markets,
dealer price quotations, discounted expected cash flows using market rates
commensurate with the credit quality and maturity of the investment or based
upon review of the investee&#146;s financial results, condition and prospects
including comparisons to similar companies for which quoted market prices are
available.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Interest and dividend income on available-for-sale financial investments
is included in Interest and dividend income from financial investments.</FONT></DIV>

<P align="left"><FONT size="2"><B>o) Property and equipment</B>
</FONT>

<DIV align="left"><FONT size="2">Property and equipment includes bank occupied properties, investment
properties, software, IT and communication and other machines and equipment.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Bank-occupied property is defined as property held by the Group for use in
the supply of services or for administrative purposes whereas investment
property is defined as property held by the Group to earn rentals and/or for
capital appreciation. If a property of the Group includes a portion that is
bank occupied and another portion that is held to earn rentals or for capital
appreciation, the classification is based on whether or not these portions can
be sold separately. If both portions of the property can be sold separately
these portions are accounted for as bank-occupied property and investment
property, respectively. If the portions can not be sold separately, the whole
property is classified as bank-occupied property unless the portion used by the
bank is minor. The classification of property is reviewed on a regular basis to
account for major changes in its usage. In 2001, investment properties with a
carrying value of CHF 350&nbsp;million (cost CHF 447&nbsp;million less accumulated
depreciation of CHF 97&nbsp;million) have been reclassified to Bank occupied
property. Assets with a value of CHF 144&nbsp;million related to the PaineWebber
acquisition were transferred from Other machines and equipment to IT, software
and communication, and CHF 30&nbsp;million for leasehold improvements were
reclassified from Investment properties to Other machines and equipment.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Software development costs are capitalized when they meet certain criteria
relating to identifiability, it is probable that future economic benefits will
flow to the enterprise, and the cost can be measured reliably. Internally
developed software meeting these criteria is classified in Property and
equipment on the balance sheet.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Property and equipment is carried at cost less accumulated depreciation
and accumulated impairment losses. Property and equipment is periodically
reviewed for impairment.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Property and equipment is depreciated on a straight-line basis over its
estimated useful life as follows:</FONT></DIV>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="59%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="36%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">Properties</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">
Not exceeding 50&nbsp;years</FONT></TD>
</TR>
<TR>
        <TD colspan="3" valign="top" align="left"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">Other machines and equipment</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">
Not exceeding 10&nbsp;years</FONT></TD>
</TR>
<TR>
        <TD colspan="3" valign="top" align="left"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">IT, software and communication</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">
Not exceeding 3&nbsp;years</FONT></TD>
</TR>
<TR>
        <TD colspan="3" valign="top" align="left"><HR size="1" noshade></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Property formerly bank-occupied or leased to third parties under an
operating lease, which the Group has decided to dispose of and foreclosed
property are defined as Properties held for resale and disclosed in Other
assets. They are carried at the lower of cost or recoverable value. During
2001, properties with a carrying value of CHF 293&nbsp;million (cost CHF 482&nbsp;million
less accumulated depreciation of CHF 189&nbsp;million) have been reclassified from
Investment property to Property held for resale.
</FONT>
<P align="left"><FONT size="2"><B>p) Goodwill and other intangible assets</B>
</FONT>

<DIV align="left"><FONT size="2">Goodwill represents the excess of the cost of an acquisition over the fair
value of the Group&#146;s share of net identifiable assets of the acquired entity at
the date of acquisition.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Other intangible assets are comprised of separately identifiable
intangible items arising from acquisitions and certain purchased trademarks and
similar items.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Goodwill and other intangible assets are recognized as assets and are
amortized using the straight-line basis over their estimated useful economic
life, not exceeding 20&nbsp;years. At each balance sheet date, goodwill and other
intangible assets are reviewed for indications of impair-</FONT></DIV>

<P align="right"><FONT size="2">87</FONT>

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<P align="left"><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<P><FONT size="2">ment. If such indications exist an analysis is performed to assess whether the
carrying amount of goodwill or other intangible assets is fully recoverable. A
write-down is made if the carrying amount exceeds the recoverable amount.
</FONT>
<P align="left"><FONT size="2"><B>q) Income taxes</B>
</FONT>

<DIV align="left"><FONT size="2">Income tax payable on profits, based on the applicable tax laws in each
jurisdiction, is recognized as an expense in the period in which profits arise.
The tax effects of income tax losses available for carry-forward are recognized
as an asset when it is probable that future taxable profit will be available
against which those losses can be utilized.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liabilities are recognized for temporary differences between
the carrying amounts of assets and liabilities in the Group balance sheet and
their amounts as measured for tax purposes, which will result in taxable
amounts in future periods. Deferred tax assets are recognized for temporary
differences which will result in deductible amounts in future periods, but only
to the extent it is probable that sufficient taxable profits will be available
against which these differences can be utilized.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax assets and liabilities are measured at the tax rates that are
expected to apply in the period in which the asset will be realized or the
liability will be settled based on enacted rates.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Current and deferred tax assets and liabilities are offset when they arise
from the same tax reporting group and relate to the same tax authority and when
the legal right to offset exists.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Current and deferred taxes are recognized as income tax benefit or expense
except for deferred taxes recognized or disposed of upon the acquisition or
disposal of a subsidiary.</FONT></DIV>

<P align="left"><FONT size="2"><B>r) Debt issued</B>
</FONT>

<DIV align="left"><FONT size="2">Debt issued is initially measured at cost, which is the fair value of the
consideration received, net of transaction costs incurred. Subsequent
measurement is at amortized cost, using the effective interest rate method to
amortize cost at inception to the redemption value over the life of the debt.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Combined debt instruments that are related to non-UBS AG equity
instruments, foreign exchange or credit instruments or indices are considered
structured instruments. The embedded derivative is separated from the host
contract and accounted for as a stand alone derivative if the criteria for
separation are met. The host contract is subsequently measured at amortized
cost.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Debt instruments with embedded derivatives that are related to UBS AG
shares or to a derivative instrument that has UBS AG shares as underlying are
separated into a liability and an equity component at issue date, if they will
be physically settled. Initially, a portion of the net proceeds from issuing
the combined debt instrument are allocated to the equity component based on its
fair value and reported in Share premium account. The determination of fair
values is generally based on listed market prices or option pricing models.
Subsequent changes in fair value of the separated equity component are not
recognized. The remaining amount is allocated to the liability component and
reported as Debt issued. The liability component is subsequently measured at
amortized cost.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;However, if the combined instrument or the embedded derivative related to
UBS AG shares is cash settled or the holder of the hybrid instrument has the
right to require cash settlement, then the separated derivative is accounted
for as a trading instrument with changes in fair value recorded in income.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;It is the Group&#146;s policy to hedge the fixed interest rate risk on debt
issues (except for certain subordinated long-term notes issues, see Note 30a)
and apply fair value hedge accounting. The effect is such that when hedge
accounting is applied to fixed rate debt instruments, the carrying value of
debt issues are adjusted for changes in fair value related to the hedged
exposure rather than carried at amortized cost. See v) Derivative instruments
for further discussion.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Interest expense on debt instruments is included in Interest on debt
issued.</FONT></DIV>

<P align="left"><FONT size="2"><B>s) Treasury shares</B>
</FONT>

<DIV align="left"><FONT size="2">UBS AG shares held by the Group are classified in Shareholders&#146; equity as
Treasury shares and accounted for at weighted average cost. The difference
between the proceeds from sales of treasury shares and their cost (net of tax,
if any) is classified as Share premium.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Contracts that require physical settlement or net share settlement in UBS
AG shares or provide the Group with a choice to physically settle are
classified as Shareholders&#146; equity and reported as Share premium. Upon
settlement of such con-</FONT></DIV>

<P><FONT size="2">88</FONT>

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<P><FONT size="2">tracts the proceeds received less cost (net of tax, if any), are reported as
Share premium.
</FONT>
<P align="left"><FONT size="2"><B>t) Retirement benefits</B>
</FONT>

<DIV align="left"><FONT size="2">The Group sponsors a number of retirement benefit plans for its employees
worldwide. These plans include both defined benefit and defined contribution
plans and various other retirement benefits such as post-employment medical
benefits. Group contributions to defined contribution plans are expensed when
employees have rendered services in exchange for such contributions, generally
in the year of contribution.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The Group uses the projected unit credit actuarial method to determine the
present value of its defined benefit obligations and the related current
service cost and, where applicable, past service cost.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The principal actuarial assumptions used by the actuary are set out in
Note 32.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The Group recognizes a portion of its actuarial gains and losses as income
or expenses if the net cumulative unrecognized actuarial gains and losses at
the end of the previous reporting period exceeded the greater of:</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="97%">&nbsp;</TD>
</TR>
<TR>
        <TD colspan="3" valign="top" align="left"><HR size="1" noshade></TD>
</TR>
<TR valign="top">
        <TD align="left" nowrap><FONT size="2">a)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">10% of present value of the defined benefit obligation at that date
(before deducting plan assets); and</FONT></TD>
</TR>
<TR>
        <TD colspan="3" valign="top" align="left"><HR size="1" noshade></TD>
</TR>
<TR valign="top">
        <TD align="left" nowrap><FONT size="2">b)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">10% of the fair value of any plan assets at that date.</FONT></TD>
</TR>
<TR>
        <TD colspan="3" valign="top" align="left"><HR size="1" noshade></TD>
</TR>
</TABLE>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The unrecognized actuarial gains and losses exceeding the greater of the
two values are recognized in the income statement over the expected average
remaining working lives of the employees participating in the plans.
</FONT>
<P align="left"><FONT size="2"><B>u) Equity participation plans</B>
</FONT>

<DIV align="left"><FONT size="2">The Group provides various equity participation plans in the form of stock
plans and stock option plans. UBS generally uses the intrinsic value based
method of accounting for such awards. Consequently, compensation expense is
measured as the difference between the quoted market price of the stock at the
measurement date less the amount, if any, that the employee is required to pay,
or by the excess of stock price over option strike price, if any. The Group&#146;s
policy is to recognize compensation expense for equity awards at the date of
grant.</FONT></DIV>

<P align="left"><FONT size="2"><B>v) Derivative instruments</B>
</FONT>

<DIV align="left"><FONT size="2">All derivative instruments of the Group are carried at fair value on the
balance sheet and are reported as Positive or Negative replacement values. Fair
values are obtained from quoted market prices, dealer price quotations,
discounted cash flow models and option pricing models, which consider current
market and contractual prices for the underlying instrument, as well as time
value of money, yield curve and volatility of the underlying. The Group offsets
positive and negative replacement values with the same counterparty for
transactions covered by legally enforceable master netting agreements.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Where the Group enters into derivatives for trading purposes, realized and
unrealized gains and losses are recognized in Net trading income.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The Group also uses derivative instruments as part of its asset and
liability management activities to manage exposures to interest rate risks,
credit risks and foreign currency risks. The Group applies either fair value or
cash flow hedge accounting when it meets the specified criteria to obtain hedge
accounting treatment. Derivative instruments not qualifying for hedge
accounting are treated as derivative instruments used for trading purposes. The
Group has entered into economic hedges of credit risk within the loan portfolio
using credit default swaps to which it does not apply hedge accounting.
However, in the event the Group recognizes an impairment on a loan that is
economically hedged in this way, the gain on the credit default swap is offset
against Credit loss expense/recovery. See Note 24 for additional information.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In a qualifying hedge of exposures to changes in fair value, the change in
fair value of the hedging derivative is recognized in net profit and loss. The
change in fair value of the hedged item attributable to the hedged risks
adjusts the carrying value of the hedged item and is also recognized in net
profit or loss. If the hedge relationship is terminated, the unamortized fair
value adjustment of the hedged item is amortized to net profit or loss over the
original hedge term or recognized in income if the hedged item is derecognized.
In a qualifying cash flow hedge, the effective portion of the gain or loss on
the hedging derivative is recognized in Shareholders&#146; equity while the
ineffective portion is reported in net profit or loss. When the hedged firm
commitment or forecasted transaction results in income or expense, then the
associated gain or loss on the hedging derivative is removed from Shareholders&#146;
equity and included in net profit</FONT></DIV>

<P align="right"><FONT size="2">89</FONT>

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<P align="left"><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<P><FONT size="2">or loss in the same period during which the forecasted transaction affects net
profit or loss. If the forecasted transaction is no longer expected to occur,
the cumulative gain or loss on the hedging derivative is recognized immediately
in net profit or loss. If the hedge relationship is terminated, the cumulative
gain or loss on the hedging derivative that initially had been reported in
Shareholders&#146; equity when the hedge was effective, remains in Shareholders&#146;
equity until the committed or forecasted transaction occurs, at which point it
is reported in net profit or loss.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In some cases, a derivative may be part of a hybrid instrument that
includes both a derivative and a host contract. This is known as an embedded
derivative. An embedded derivative is separated from the host contract and
accounted for as a stand alone derivative instrument if and only if the
following conditions are met: the economic characteristics and risks of the
embedded derivative are not closely related to the economic characteristics and
risks of the host contract, the host contract is not carried at fair value with
changes in fair value reported in net profit or loss, and the embedded
derivative meets the definition of a derivative.</FONT></DIV>

<P align="left"><FONT size="2"><B>w) Comparability</B>
</FONT>

<DIV align="left"><FONT size="2">Certain amounts have been reclassified from previous years to conform to the
2001 presentation.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The Group adopted the following revised or new International Accounting
Standards and Interpretations of the Standing Interpretation Committee (SIC)&nbsp;in
2001:</FONT></DIV>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="30%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="65%">&nbsp;</TD>
</TR>
<TR>
        <TD colspan="3" valign="top" align="left"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">IAS 12 (Revised)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Income Taxes</FONT></TD>
</TR>
<TR>
        <TD colspan="3" valign="top" align="left"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">IAS 39</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Financial Instruments: Recognition
and Measurement</FONT></TD>
</TR>
<TR>
        <TD colspan="3" valign="top" align="left"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">IAS 40</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Investment Property</FONT></TD>
</TR>
<TR>
        <TD colspan="3" valign="top" align="left"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">Interpretation SIC 17</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Equity &#150; Costs of an
Equity Transaction</FONT></TD>
</TR>
<TR>
        <TD colspan="3" valign="top" align="left"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">Interpretation SIC 18</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Consistency &#150; Alternative Methods</FONT></TD>
</TR>
<TR>
        <TD colspan="3" valign="top" align="left"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">Interpretation SIC 19</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Reporting Currency &#150;
Measurement and Presentation of
Financial Statements under
IAS 21 and IAS 29</FONT></TD>
</TR>
<TR>
        <TD colspan="3" valign="top" align="left"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">Interpretation SIC 22</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Business Combinations &#150;
Subsequent Adjustment of
Fair Values and
Goodwill Initially Reported</FONT></TD>
</TR>
<TR>
        <TD colspan="3" valign="top" align="left"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">Interpretation SIC 24</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Earnings Per Share &#150; Financial
Instruments and Other Contracts
that May Be Settled in Shares</FONT></TD>
</TR>
<TR>
        <TD colspan="3" valign="top" align="left"><HR size="1" noshade></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Additional SIC interpretations became effective during 2001, which are not
applicable to the Group. The implementation of the above standards and
interpretations had no material impact on the Group&#146;s Financial Statements in
2001 except for the following:
</FONT>
<P><FONT size="2"><I>IAS 39, Recognition and measurement of financial instruments</I>
</FONT>
<DIV align="left"><FONT size="2">The Group adopted IAS 39 prospectively as at 1 January 2001. The Standard
provides comprehensive guidance on accounting for financial instruments.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Upon adoption, the Group decided to record unrealized gains and losses
arising from changes in the fair value of available-for-sale financial
investments directly in Shareholders&#146; equity until such investment is disposed
of or until such investment is determined to be impaired.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;As a result of the adoption of IAS 39, the following adjustments or
changes in classification occurred:</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Gains/losses not recognized in the income statement is a new component of
Shareholders&#146; equity as at 1 January 2001. It includes unrealized gains and
losses on available for sale financial investments and on derivatives
designated as cash flow hedges as well as Foreign currency translation. The
opening adjustment as at 1 January 2001 to financial investments recorded as
available for sale was a net unrealized gain of CHF 1,769&nbsp;million (CHF 1,577
million net of taxes), and for derivatives designated as cash flow hedges an
unrealized net loss of CHF 506&nbsp;million (CHF 380&nbsp;million net of taxes).</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Available-for-sale financial investments were previously carried at the
lower of cost or market value and private equity investments were carried at
cost less write-downs for impairments in value. Reductions of the carrying
amount of available-for-sale financial investments and private equity
investments and reversals of such reductions as well as gains and losses on
disposal are included in Other income. As at 1 January 2001 these financial
investments are now classified as available-for-sale financial investments and
carried at fair value. Changes in fair value are reported in Gains/losses not
recognized in the income statement within Shareholders&#146; equity until these
investments are disposed of. At the time an available-for-sale financial
investment is</FONT></DIV>

<P><FONT size="2">90</FONT>

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<P><FONT size="2">determined to be impaired, the cumulative unrealized loss previously recognized
in Shareholders&#146; equity is included in net profit or loss for the period.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The opening adjustment to Retained earnings, a net debit of CHF 61&nbsp;million
as at 1 January 2001, consisted of CHF 19&nbsp;million reflecting the impact of
adopting the new hedge accounting rules and CHF 42&nbsp;million reflecting the
impact of remeasuring assets to either amortized cost or fair value as required
under the Standard.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Properties held for resale include properties formerly bank-occupied or
leased to third parties under an operating lease, which the Group has decided
to dispose of, and foreclosed properties which the Group received in
satisfaction of a secured loan and which it does not intend to occupy. As at 1
January 2001, Properties held for resale in the amount of CHF 984&nbsp;million were
reclassified from Financial investments to Other assets. Comparative amounts
have been reclassified accordingly.</FONT></DIV>

<P><FONT size="2"><I>Money market paper and Money market paper issued</I>
</FONT>
<DIV align="left"><FONT size="2">Money market paper held for trading is now disclosed within Trading portfolio
assets and Money market paper held as available-for-sale is now disclosed
within Financial investments. Money market paper issued is disclosed within
Debt issued. Interest income on Money market paper held as available-for-sale
is disclosed as Interest and dividend income from financial investments. These
changes became effective as at 1 January 2001 and all prior periods presented
have been reclassified.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The reclassification of Money market paper in the amount of CHF 66,454
million as at 31 December 2000 resulted in an increase of Trading portfolio
assets by CHF 62,292&nbsp;million and Financial investments by CHF 4,162&nbsp;million for
the year ended 31 December 2000. Money market paper issued in the amount of CHF
74,780&nbsp;million as at 31 December 2000 was reclassified to Debt issued.</FONT></DIV>

<P align="right"><FONT size="2">91</FONT>

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<P align="left"><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<!-- link2 "Note 2a Segment Reporting by Business Group" -->
<DIV align="left"><A NAME="035"></A></DIV>
<P align="left"><FONT size="2"><B>Note 2a Segment Reporting by Business Group</B>
</FONT>

<P><FONT size="2">UBS is organized into three Business Groups: UBS Switzerland, UBS Warburg and
UBS Asset Management, and our Corporate Center.
</FONT>
<P align="left"><FONT size="2"><B>UBS Switzerland</B>
</FONT>

<DIV align="left"><FONT size="2">UBS Switzerland is the leading bank in Switzerland. It is made up of two
business units.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The Private Banking business unit offers a comprehensive range of products
and services individually tailored for wealthy clients, from offices around the
world. It is the world&#146;s largest private banking business.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Within Switzerland, the Private and Corporate Clients business unit
provides a complete set of banking and securities services for individual and
corporate clients, focused foremost on customer service excellence,
profitability and growth via multi-channel distribution.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The two business units share technological and physical infrastructure,
and have joint departments supporting major functions such as e-commerce,
financial planning and wealth management, and investment policy and strategy.</FONT></DIV>

<P align="left"><FONT size="2"><B>UBS Asset Management</B>
</FONT>

<DIV align="left"><FONT size="2">UBS Asset Management is a leading institutional asset manager and mutual fund
provider, offering a broad range of asset management services and products for
institutional and individual clients across the world.</FONT></DIV>

<P align="left"><FONT size="2"><B>UBS Warburg</B>
</FONT>

<DIV align="left"><FONT size="2">UBS Warburg operates globally as a client-driven securities, investment banking
and wealth management firm. It is made up of three business units.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Corporate and Institutional Clients provides innovative products,
top-quality research and advice, and comprehensive access to the world&#146;s
capital markets, for both its own corporate and institutional clients and for
the other parts of the UBS Group.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS Capital is the private equity business unit of UBS Warburg, investing UBS
and third party funds, primarily in unlisted companies.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS PaineWebber, one of the top US wealth managers, became part of UBS
Warburg in November 2000. On 1 January 2002, UBS PaineWebber was separated from
UBS Warburg and in future years will be reported as a separate Business Group
within UBS.</FONT></DIV>

<P align="left"><FONT size="2"><B>Corporate Center</B>
</FONT>

<DIV align="left"><FONT size="2">UBS&#146;s Business Groups are accountable for their results and enjoy considerable
autonomy in pursuing their business objectives. The Corporate Center ensures
that the Business Groups operate as a coherent and effective whole with a
common set of values and principles. Corporate Center&#146;s remit covers areas such
as risk management, financial reporting, marketing and communications, funding,
capital and balance sheet management and management of foreign currency
earnings.</FONT></DIV>

<P><FONT size="2">92</FONT>

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<P align="left"><FONT size="2"><B>Note 2a Segment Reporting by Business Group (continued)</B>
</FONT>

<P><FONT size="2">The Business Group results are presented on a management reporting basis.
Consequently, internal charges and transfer pricing adjustments have been
reflected in the performance of each business. Revenue sharing agreements are
used to allocate external customer revenues to a Business Group on a reasonable
basis. Transactions between Business Groups are conducted at arm&#146;s length. The
segment reporting for all periods presented reflects the changes in business
unit structure implemented
1 January 2001.
</FONT>
<P align="left"><FONT size="2" color="#0865AB"><B>For the year ended 31 December 2001</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="48%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">UBS</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">UBS Asset</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">UBS</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Corporate</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Switzerland</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Management</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Warburg</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Center</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">UBS Group</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13,475</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,110</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">21,349</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">678</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">37,612</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Credit loss expense<SUP>1</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(604</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(130</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">236</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(498</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total operating income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12,871</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,110</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">21,219</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">914</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">37,114</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Personnel expenses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,764</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,003</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13,515</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">546</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">19,828</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">General and administrative expenses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,600</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">564</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,260</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">207</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,631</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Depreciation</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">616</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">46</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">580</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">372</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,614</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Amortization of goodwill
and other intangible assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">41</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">266</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">991</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">25</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,323</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total operating expenses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,021</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,879</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">19,346</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,150</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">30,396</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Business Group performance
before tax</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,850</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>231</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,873</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(236</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6,718</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Tax expense</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,401</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net profit before minority interests</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>5,317</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Minority interests</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(344</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net profit</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,973</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="5" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Other information as at 31 December 2001</B><SUP>2</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">313,389</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,988</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,045,297</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(111,377</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,253,297</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total liabilities and minority interests</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">304,875</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,638</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,022,907</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(122,653</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,209,767</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Capital expenditure</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">540</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">37</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">633</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">811</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,021</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>

<P><FONT size="1"><sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to show the relevant Business Group performance over time, adjusted
expected loss figures rather than the IAS actual net credit loss expense are
reported for each Business Group. The statistically derived adjusted expected
losses reflect the inherent counterparty and country risks in the respective
portfolios. The difference between the statistically derived adjusted expected
loss figures and the IAS actual net credit loss expense recorded at Group
level for financial reporting purposes is reported in the Corporate Center. The
Business Group breakdown of the net credit loss expense for financial reporting
purposes of CHF 498&nbsp;million for the year ended 31 December 2001 is as follows:
UBS Switzerland CHF 123&nbsp;million, UBS Warburg CHF 375&nbsp;million.
</FONT>

<DIV align="left"><FONT size="1"><sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The funding
surplus or requirement is reflected in each Business Group and adjusted in
Corporate Center.
</FONT></DIV>

<P align="right"><FONT size="2">93</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P align="left"><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<P align="left"><FONT size="2"><b>Note 2a Segment Reporting by
Business Group (continued)</b></FONT>

<P align="left"><FONT size="2" color="#0865AB"><b>For the year ended
31 December 2000</b>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="50%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">UBS</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">UBS Asset</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">UBS</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Corporate</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Switzerland</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Management</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Warburg</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Center</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">UBS Group</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14,371</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,953</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">19,590</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">358</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">36,272</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Credit loss recovery<SUP>1</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(785</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(246</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,161</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">130</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total operating income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13,586</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,953</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">19,344</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,519</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">36,402</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Personnel expenses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,143</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">880</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,618</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">522</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">17,163</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">General and administrative expenses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,699</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">439</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,196</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">431</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,765</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Depreciation</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">633</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">49</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">606</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">320</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,608</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Amortization of goodwill
and other intangible assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">70</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">263</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">290</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">44</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">667</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total operating expenses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,545</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,631</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14,710</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,317</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">26,203</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Business Group performance
before tax</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>5,041</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>322</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,634</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>202</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>10,199</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Tax expense</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,320</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net profit before minority interests</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>7,879</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Minority interests</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(87</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net profit</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>7,792</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="5" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Other information as at 31 December 2000</B><SUP>2</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">281,780</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,727</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">870,608</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(71,563</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,087,552</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total liabilities and minority interests</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">272,134</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,513</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">846,451</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(81,379</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,042,719</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P>

<p><font size="1"><sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to show the relevant Business Group performance over time, adjusted
expected loss figures rather than the IAS actual net credit loss expense are
reported for each Business Group. The statistically derived adjusted expected
losses reflect the inherent counterparty and country risks in the respective
portfolios. The difference between the statistically derived adjusted expected
loss figures and the IAS actual net credit loss expense recorded at Group level
for financial reporting purposes is reported in the Corporate Center. The
Business Group breakdown of the net credit loss recovery for financial
reporting purposes of CHF 130&nbsp;million for the year ended 31 December 2000 is as
follows: UBS Switzerland CHF 695&nbsp;million recovery, UBS Warburg CHF 565&nbsp;million
expense.<br>
<sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;The funding surplus or requirement is reflected in each Business
Group and adjusted in Corporate Center.</font>


<P align="left"><FONT size="2" color="#0865AB"><B>For the year ended 31 December 1999</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="50%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">UBS</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">UBS Asset</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">UBS</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Corporate</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Switzerland</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Management</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Warburg</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Center</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">UBS Group</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12,884</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,369</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13,118</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,010</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">29,381</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Credit loss expense<SUP>1</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1,071</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(333</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">448</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(956</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total operating income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11,813</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,369</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12,785</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,458</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">28,425</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Personnel expenses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,882</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">516</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,087</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">92</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12,577</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">General and administrative expenses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,450</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">271</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,538</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">839</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,098</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Depreciation</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">475</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">32</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">644</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">366</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,517</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Amortization of goodwill
and other intangible assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">38</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">113</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">139</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">50</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">340</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total operating expenses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,845</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">932</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,408</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,347</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">20,532</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Business Group performance
before tax</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3,968</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>437</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,377</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,111</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>7,893</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Tax expense</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,686</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net profit before minority interests</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6,207</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Minority interests</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(54</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net profit</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6,153</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="5" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Other information as at 31 December 1999</B><SUP>2</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">254,577</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,451</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">719,568</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(88,040</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>896,556</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total liabilities and minority interests</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">270,137</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,614</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">693,633</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(102,436</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>865,948</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P>

<p><font size="1"><sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to show the relevant Business Group performance over time, adjusted
expected loss figures rather than the IAS actual net credit loss expense are
reported for each Business Group. The statistically derived adjusted expected
losses reflect
the inherent counterparty and country risks in the respective portfolios. The
difference between the statistically derived adjusted expected loss figures and
the IAS actual net credit loss expense recorded at Group level for financial
reporting purposes is reported in the Corporate Center. The Business Group
breakdown of the net credit loss expense for financial reporting purposes of
CHF 956&nbsp;million for the year ended 31 December 1999 is as follows: UBS
Switzerland
CHF 965&nbsp;million expense and Corporate Center CHF 9&nbsp;million
recovery.<br>
<sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
funding surplus or requirement is reflected in each Business Group and adjusted
in Corporate Center.</font>
<P><FONT size="2">94</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<!-- link2 "Note 2b Segment Reporting by Geographic Location" -->
<DIV align="left"><A NAME="036"></A></DIV>
<P align="left"><FONT size="2"><B>Note 2b Segment Reporting by Geographic Location</B>
</FONT>

<P><FONT size="2">The geographic analysis of total assets is based on customer domicile whereas
operating income and capital expenditure is based on the location of the office
in which the transactions and assets are recorded. Because of the global nature
of financial markets the Group&#146;s business is managed on an integrated basis
worldwide, with a view to profitability by product line. The geographical
analysis of operating income, total assets, and capital expenditure is provided
in order to comply with International Accounting Standards, and does not
reflect the way the Group is managed. Management believes that analysis by
Business Group, as shown in Note 2a to these Financial Statements, is a more
meaningful representation of the way in which the Group is managed.
</FONT>
<P align="left"><FONT size="2" color="#0865AB"><B>For the year ended 31 December 2001</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="39%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2"><B>Total operating income</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2"><B>Total assets</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2"><B>Capital expenditure</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>CHF million</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Share %</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>CHF million</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Share %</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>CHF million</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Share %</B></FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Switzerland</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14,223</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">38</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">195,321</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,039</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">52</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Rest of Europe</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,411</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">20</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">236,775</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">19</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">303</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Americas</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13,587</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">37</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">691,157</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">55</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">630</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">31</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Asia / Pacific</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,859</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">126,725</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">48</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Africa / Middle East</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">34</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,319</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>37,114</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>100</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,253,297</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>100</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,021</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>100</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2" color="#0865AB"><B>For the year ended 31 December 2000</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="39%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2"><B>Total operating income</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2"><B>Total assets</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2"><B>Capital expenditure</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>CHF million</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Share %</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>CHF million</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Share %</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>CHF million</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Share %</B></FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Switzerland</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15,836</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">44</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">211,851</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">19</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,135</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">43</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Rest of Europe</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,907</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">30</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">305,342</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">28</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">311</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Americas</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,976</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">19</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">474,617</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">44</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,169</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">44</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Asia / Pacific</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,626</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">87,831</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">36</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Africa / Middle East</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">57</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,911</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>36,402</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>100</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,087,552</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>100</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,659</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>100</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2" color="#0865AB"><B>For the year ended 31 December 1999</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="39%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2"><B>Total operating income</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2"><B>Total assets</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2"><B>Capital expenditure</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>CHF million</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Share %</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>CHF million</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Share %</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>CHF million</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Share %</B></FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Switzerland</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14,976</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">52</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">207,702</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">23</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,990</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">70</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Rest of Europe</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,626</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">27</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">303,365</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">34</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">356</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Americas</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,861</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">281,974</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">31</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">386</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Asia / Pacific</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,945</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">96,469</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">87</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Africa / Middle East</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">17</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,046</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>28,425</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>100</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>896,556</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>100</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,820</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>100</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P align="right"><FONT size="2">95</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<P align="left"><FONT size="4" color="#7F7F7F"><B>Income Statement</B>
</FONT>

<!-- link2 "Note 3 Net Interest Income" -->
<DIV align="left"><A NAME="037"></A></DIV>
<P align="left"><FONT size="2"><B>Note 3 Net Interest Income</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="64%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">% change from</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2">For the year ended</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Interest income</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest earned on loans and advances<SUP>1</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>16,955</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">20,413</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18,340</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(17</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest earned on securities borrowed and
reverse repurchase agreements</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>18,337</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">19,088</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11,422</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(4</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest and dividend income from financial
investments<SUP>2</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>453</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">402</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">244</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest and dividend income from trading portfolio</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>16,532</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11,842</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,598</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">40</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>52,277</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">51,745</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">35,604</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Interest expense</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest on amounts due to banks and customers</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>14,088</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15,660</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13,845</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(10</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest on securities lent and repurchase agreements</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>14,517</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14,915</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,446</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(3</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest and dividend expense from trading portfolio</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>7,815</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,309</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,070</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">47</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest on debt issued</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>7,816</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,731</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,334</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>44,236</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">43,615</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">29,695</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net interest income</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8,041</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,130</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,909</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>

<P><FONT size="1"><sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Includes interest income from finance leasing and other interest income. All
prior year figures have been restated accordingly.</FONT>

<DIV align="left"><FONT size="1"><sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Includes interest
income from money market paper available for sale which was previously
disclosed as other interest income. All prior year figures have been restated
accordingly.</FONT></DIV>

<!-- link2 "Note 4 Net Fee and Commission Income" -->
<DIV align="left"><A NAME="038"></A></DIV>
<P align="left"><FONT size="3"><B>Note 4 Net Fee and Commission Income</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="64%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">% change from</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2">For the year ended</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Underwriting fees</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,158</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,434</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">905</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">50</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Corporate finance fees</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,339</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,772</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,298</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(24</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">

<TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Brokerage fees<SUP>1</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6,445</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,742</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,934</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Investment fund fees</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,276</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,821</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,915</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">52</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Fiduciary fees</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>355</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">351</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">317</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Custodian fees</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,356</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,439</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,583</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(6</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Portfolio and other management and
advisory fees<SUP>1</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,650</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,666</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,612</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">27</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Insurance-related and other fees<SUP>1</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>538</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">111</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">57</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">385</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total Security trading and investment activity fees</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>21,117</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">17,336</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12,621</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">22</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Credit-related fees and commissions</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>307</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">310</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">372</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Commission income from other services</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>946</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">802</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">765</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total fee and commission income</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>22,370</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18,448</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13,758</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">21</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Brokerage fees paid</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,281</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,084</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">795</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>878</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">661</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">356</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">33</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total fee and commission expense</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,159</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,745</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,151</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">24</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net fee and commission income</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>20,211</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16,703</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12,607</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">21</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>

<P>
<DIV align="left"><FONT size="1"><sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Fee and commission income from insurance products now reported in
Insurance-related and other fees was previously reported in Brokerage fees and
in Portfolio and other management and advisory fees. All prior year figures
have been restated accordingly.</FONT></DIV>

<P><FONT size="2">96</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<!-- link2 "Note 5 Net Trading Income" -->
<DIV align="left"><A NAME="039"></A></DIV>
<P align="left"><FONT size="2"><B>Note 5 Net Trading Income</B>
</FONT>

<P><FONT size="2">Foreign exchange net trading income include gains and losses from spot and
forward contracts, options, futures, and translation of foreign currency assets
and liabilities, bank notes, precious metals, and commodities. Fixed income net
trading income includes the results of making markets in instruments of both
developed and emerging countries in government securities, corporate debt
securities, money market instruments, interest rate and currency swaps,
options, and other derivatives. Equities net trading income includes the
results of making markets globally in equity securities and equity derivatives
such as swaps, options, futures, and forward contracts.
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="56%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">% change from</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2">For the year ended</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Foreign
exchange<SUP>1</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,045</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,287</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,108</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">59</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Fixed income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,731</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">912</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,603</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">199</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Equities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,026</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,754</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,008</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(48</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net trading income</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8,802</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9,953</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,719</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(12</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>1</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Includes other trading income such as banknotes, precious metals and
commodities.</FONT></TD>
</TR>
</TABLE>

<!-- link2 "Note 6 Other Income" -->
<DIV align="left"><A NAME="040"></A></DIV>
<P align="left"><FONT size="2"><B>Note 6 Other Income</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="5%">&nbsp;</TD>
        <TD width="50%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left" colspan="2"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">% change from</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left" colspan="2"><FONT size="2">For the year ended</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="18" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="6" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Gains / losses from disposal of associates and subsidiaries</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net gain from disposal of:</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Consolidated subsidiaries</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">57</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(95</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Investments in associates</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">26</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,813</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(100</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="18" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">83</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,821</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(96</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="18" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Financial Investments available for sale</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net gain from disposal of:</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Private equity investments</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>454</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">919</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">374</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(51</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other financial investments</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>256</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">162</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">180</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">58</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Impairment charges on private equity investments
and other financial investments</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(1,294</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(507</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(102</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">155</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="18" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(584</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">574</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">452</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="18" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net income from investments in property</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>68</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">96</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(20</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(29</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Equity in income of associates</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>72</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">58</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">211</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">24</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other<SUP>1</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>999</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">675</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">682</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">48</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="18" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total other income</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>558</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,486</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,146</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(62</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="18" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>1</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Includes income from properties held for disposal.</FONT></TD>
</TR>
</TABLE>

<!-- link2 "Note 7 Personnel Expenses" -->
<DIV align="left"><A NAME="041"></A></DIV>
<P align="left"><FONT size="2"><B>Note 7 Personnel Expenses</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="56%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">% change from</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2">For the year ended</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Salaries and bonuses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>15,238</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13,523</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9,872</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Contractors</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>729</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">725</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">886</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Insurance and social contributions</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>984</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">959</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">717</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Contribution to retirement plans</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>603</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">475</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">27</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Employee share plans</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>103</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">97</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">151</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other personnel expenses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,171</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,384</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">943</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">57</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total personnel expenses</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>19,828</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">17,163</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12,577</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P align="right"><FONT size="2">97</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<!-- link2 "Note 8 General and Administrative Expenses" -->
<DIV align="left"><A NAME="042"></A></DIV>
<P align="left"><FONT size="2"><B>Note 8 General and Administrative Expenses</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="49%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">% change from</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2">For the year ended</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Occupancy</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>1,314</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">979</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">847</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">34</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Rent and maintenance of machines and equipment</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>632</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">520</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">410</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">22</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Telecommunications and postage</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>1,213</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">914</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">756</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">33</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Administration</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>906</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">750</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">784</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">21</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Marketing and public relations</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>574</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">480</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">335</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">20</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Travel and entertainment</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>700</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">656</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">552</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Professional fees</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>667</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">660</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">526</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">IT and other outsourcing</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>1,224</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,246</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,289</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(2</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>401</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">560</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">599</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(28</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total general and administrative expenses</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>7,631</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,765</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,098</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>

<!-- link2 "Note 9 Earnings per Share (EPS)&nbsp;and Outstanding Shares" -->
<DIV align="left"><A NAME="043"></A></DIV>
<P align="left"><FONT size="2"><B>Note 9 Earnings per Share (EPS)&nbsp;and Outstanding Shares</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="49%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">% change from</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2">For the year ended</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Earnings (CHF million)</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net profit</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>4,973</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,792</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,153</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(36</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net profit before goodwill amortization<SUP>1</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>6,296</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,459</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,493</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(26</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net profit for diluted EPS</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>4,874</B></FONT></TD>
        <TD nowrap valign="top"><FONT size="2"><B><SUP>2</SUP></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,778</FONT></TD>
        <TD nowrap valign="top"><FONT size="2"><SUP>2</SUP></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,153</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(37</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net profit before goodwill amortization for
diluted EPS<SUP>1</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>6,197</B></FONT></TD>
        <TD nowrap valign="top"><FONT size="2"><B><SUP>2</SUP></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,445</FONT></TD>
        <TD nowrap valign="top"><FONT size="2"><SUP>2</SUP></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,493</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(27</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Weighted average shares outstanding</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Weighted average shares outstanding</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>1,266,038,193</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,209,087,927</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,214,227,446</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Potentially dilutive ordinary shares resulting from
outstanding options, warrants and convertible
debt securities<SUP>3</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>22,539,745</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16,489,773</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,898,010</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">37</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Weighted average shares outstanding for
diluted EPS</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>1,288,577,938</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,225,577,700</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,225,125,456</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Earnings per share (CHF)</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Basic EPS</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>3.93</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.44</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.07</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(39</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Basic EPS before goodwill amortization<SUP>1</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>4.97</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.35</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(29</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Diluted EPS</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>3.78</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.35</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.02</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(40</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Diluted EPS before goodwill amortization<SUP>1</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>4.81</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.89</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.30</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(30</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>

<P><FONT size="1"><sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excludes amortization of goodwill and other intangible assets.</FONT>

<DIV align="left"><FONT size="1"><sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
profit has been adjusted for the dilutive impact of own equity derivative
activity.</FONT></DIV>

<DIV align="left"><FONT size="1"><sup>3</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equivalent shares outstanding on options that were not
dilutive for the respective periods but could potentially dilute earnings per
share in the future were 28,741,886, 27,524,280 and 72,135,783 for the years
ended 31 December 2001, 31 December 2000 and 31 December 1999,
respectively.</FONT></DIV>

<P>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="3%">&nbsp;</TD>
        <TD width="46%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left" colspan="2"><FONT size="2"><B>Shares outstanding</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">% change from</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left" colspan="2"><FONT size="2">As at</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="18" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total ordinary shares issued</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>1,281,717,499</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,333,139,187</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,292,679,486</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(4</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Own shares to be delivered</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">28,444,788</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Second trading line treasury shares</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(2000 program)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">55,265,349</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(2001 program)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>23,064,356</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other treasury shares</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>18,190,595</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">110,621,142</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="18" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total treasury shares</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>41,254,951</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">55,265,349</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">110,621,142</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(25</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="18" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Outstanding shares</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>1,240,462,548</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,306,318,626</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,182,058,344</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(5</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="18" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">All shares and earnings per share figures have been restated for the 3 for 1
share split which took place on 16 July 2001.
</FONT>
<P><FONT size="2">98</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><FONT size="4" color="#7F7F7F"><B>Balance Sheet: Assets</B>
</FONT>

<!-- link2 "Note 10a Due from Banks and Loans to Customers" -->
<DIV align="left"><A NAME="044"></A></DIV>
<P align="left"><FONT size="2"><B>Note 10a Due from Banks and Loans to Customers</B>
</FONT>

<P align="left"><FONT size="2"><B>By type of exposure</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="5%">&nbsp;</TD>
        <TD width="67%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap colspan="2"><FONT size="2"><I>CHF
million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="10" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Banks</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>28,261</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">30,064</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Allowance for credit losses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(735</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(917</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="10" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net due from banks</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>27,526</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">29,147</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="10" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Loans to customers</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Mortgages</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>126,211</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">120,554</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other loans</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>107,512</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">133,898</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="10" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Subtotal</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>233,723</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">254,452</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Allowance for credit losses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(7,178</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(9,610</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="10" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net loans to customers</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>226,545</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">244,842</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="10" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net due from banks and loans to customers</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>254,071</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">273,989</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="10" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><I>thereof subordinated</I></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B><I>249</I></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><I>393</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="10" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2"><B>By geographical region</B> (based on the location of the borrower)
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="70%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Switzerland</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>158,996</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">164,645</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Rest of Europe</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>42,279</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">46,882</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Americas</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>42,809</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">52,939</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Asia / Pacific</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>15,986</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16,504</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Africa / Middle East</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,914</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,546</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Subtotal</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>261,984</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">284,516</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Allowance for credit losses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(7,913</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(10,527</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net due from banks and loans to customers</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>254,071</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">273,989</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2"><B>By type of collateral</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="70%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Secured by real estate</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>128,259</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">122,898</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Collateralized by securities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>30,635</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">37,714</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Guarantees and other collateral</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>20,217</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">28,373</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Unsecured</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>82,873</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">95,531</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Subtotal</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>261,984</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">284,516</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Allowance for credit losses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(7,913</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(10,527</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net due from banks and loans to customers</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>254,071</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">273,989</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P align="right"><FONT size="2">99</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<!-- link2 "Note 10b Allowances and Provisions for Credit Losses" -->
<DIV align="left"><A NAME="045"></A></DIV>
<P align="left"><FONT size="2"><B>Note 10b Allowances and Provisions for Credit Losses</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="65%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>Country risk</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>Specific</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>allowances</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>Total</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Total</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>allowances</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>and provisions</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Balance at the beginning of the year</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>9,289</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,292</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>10,581</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13,398</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Write-offs</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(2,967</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(41</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(3,008</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(2,995</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Recoveries</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>81</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>81</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">163</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Increase / (decrease)&nbsp;in credit loss allowance and provision</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>756</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(258</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>498</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(130</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Foreign currency translation and other adjustments</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>53</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>13</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>66</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">145</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Balance at the end of the year</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>7,212</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,006</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8,218</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,581</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><I>CHF million</I></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">As a reduction of Due from banks</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>735</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">917</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">As a reduction of Loans to customers</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>7,178</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9,610</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Subtotal</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>7,913</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,527</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Included in other liabilities related to commitments
and contingent liabilities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>305</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">54</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total allowances and provisions for credit losses</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8,218</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,581</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>

<!-- link2 "Note 10c Impaired Loans" -->
<DIV align="left"><A NAME="046"></A></DIV>
<P align="left"><FONT size="2"><B>Note 10c Impaired Loans</B>
</FONT>

<P><FONT size="2">A loan is classified as impaired if the book value of the claim exceeds the
present value of the cash flows actually expected in future periods &#150; interest
payments, scheduled principal repayments and including liquidation of
collateral. Impaired obligations are thus obligations where losses are probable
and estimable. A provision is then made with respect to the loan in question.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="82%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Impaired loans<SUP>1, 2</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>14,629</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18,494</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Amount of allowance for credit losses related to impaired loans</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>7,294</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9,685</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">

<TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Average
impaired loans<sup>3</sup></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>16,555</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">20,804</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>1</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">All impaired loans have a specific allowance for credit losses.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>2</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Interest income on impaired loans was CHF 504&nbsp;million for 2001.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>3</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Average balances
were calculated from quarterly data.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">100</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<!-- link2 "Note 10d Non-Performing Loans" -->
<DIV align="left"><A NAME="047"></A></DIV>
<P align="left"><FONT size="2"><B>Note 10d Non-Performing Loans</B>
</FONT>

<P><FONT size="2">When principal, interest or commission are overdue by 90&nbsp;days, loans are
classified as non-performing, the recognition of interest or commission income
ceases according to the original terms of the loan agreement. Allowances are
provided for non-performing loans to reflect their net estimated recoverable
amount.
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="79%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Non-performing loans</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8,639</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,452</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Amount of allowance for credit losses related to
non-performing loans</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>5,374</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,329</font></td>
        <td align="left"><font size="2"><SUP>1</SUP></FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Average non-performing loans<SUP>2</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>9,648</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11,884</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>1</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">31 December 2000 figure has been restated to account for an overallocation of
allowances to non-performing loans.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>2</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Average balances are calculated from
quarterly data.</FONT></TD>
</TR>
</TABLE>

<P>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="79%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Non-performing loans at beginning of year</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>10,452</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13,073</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net additions / (reductions)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,111</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(290</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Write-offs and disposals</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(2,924</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(2,331</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Non-performing loans at the end of the year</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8,639</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,452</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2"><B>By type of exposure</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="5%">&nbsp;</TD>
        <TD width="74%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left" colspan="2"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="10" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Banks</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>386</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">172</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Loans to customers</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Mortgages</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,659</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,586</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>5,594</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,694</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="10" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total loans to customers</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8,253</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,280</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="10" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total non-performing loans</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8,639</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,452</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="10" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2"><B>By geographical region</B> (based on the location of the borrower)
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="79%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Switzerland</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6,531</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,588</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Rest of Europe</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>466</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">342</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Americas</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>737</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,865</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Asia / Pacific</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>653</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">307</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Africa / Middle East</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>252</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">350</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total non-performing loans</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8,639</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,452</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P align="right"><FONT size="2">101</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<!-- link2 "Note 11 Securities Borrowing, Securities Lending, Repurchase and Reverse Repurchase Agreements and Other Collateralized Transactions" -->
<DIV align="left"><A NAME="048"></A></DIV>
<P align="left"><FONT size="2"><B>Note 11 Securities Borrowing, Securities Lending, Repurchase and Reverse
Repurchase Agreements and Other Collateralized Transactions</B>
</FONT>

<P><FONT size="2">The Group enters into collateralized reverse repurchase and repurchase
agreements and securities borrowing and securities lending transactions that
may result in credit exposure in the event that the counterparty to the
transaction is unable to fulfill its contractual obligations. The Group
minimizes credit risk associated with these activities by monitoring
counterparty credit exposure and collateral values on a daily basis and
requiring additional collateral to be deposited with or returned to the Group
when deemed necessary.
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="52%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>Securities</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>Securities</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Securities</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Securities</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>borrowed</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>lent</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">borrowed</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">lent</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Cash collateral by counterparty</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Banks</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>155,214</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>27,640</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">159,619</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18,291</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Customers</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>7,724</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,677</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18,238</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,127</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total cash collateral on
securities borrowed and lent</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>162,938</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>30,317</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">177,857</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">23,418</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="52%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>Reverse</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Reverse</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>repurchase</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>Repurchase</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">repurchase</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Repurchase</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>agreements</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>agreements</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">agreements</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">agreements</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Agreements by counterparty</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Banks</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>197,902</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>213,942</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">144,505</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">175,421</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Customers</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>71,354</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>154,678</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">49,296</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">120,092</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total repurchase and
reverse repurchase agreements</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>269,256</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>368,620</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">193,801</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">295,513</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>

<P><FONT size="2">Under reverse repurchase, securities borrowing, and other collateralized
arrangements, the Group obtains securities on terms which permit it to repledge
or resell the securities to others. At 31 December 2001, the Group held CHF 593
billion (CHF 478&nbsp;billion at 31 December 2000) of securities on such terms, CHF
475&nbsp;billion (CHF 407&nbsp;billion at 31 December 2000) of which have been either
pledged or otherwise transferred to others in connection with its financing
activities or to satisfy its commitments under short sale transactions.
</FONT>

<P><FONT size="2">102</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link2 "Note 12 Trading Portfolio" -->
<DIV align="left"><A NAME="049"></A></DIV>
<P align="left"><FONT size="2"><B>Note 12 Trading Portfolio</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="76%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>

<TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><b>31.12.01</b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Trading portfolio assets</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Money market paper<SUP>1</SUP></B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>63,164</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">62,292</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Debt instruments</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Swiss government and government agencies</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,246</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,104</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">US Treasury and government agencies</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>95,203</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">19,769</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other government</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>18,811</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">33,222</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Corporate listed instruments</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>108,114</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">64,514</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other unlisted instruments<SUP>2</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>32,781</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">26,583</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>256,155</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">145,192</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><I>thereof pledged as collateral</I></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B><I>153,464</I></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><I>63,071</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><I>thereof can be repledged or resold by the counterparty</I></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B><I>101,517</I></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><I>49,687</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Equity instruments</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Listed instruments</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>67,772</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">102,571</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Unlisted instruments</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6,367</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,320</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><I>thereof pledged as collateral</I></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B><I>21,264</I></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><I>8,683</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><I>thereof can be repledged or resold by the counterparty</I></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B><I>19,939</I></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><I>9,761</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>74,139</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">104,891</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Precious metals</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,428</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,213</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total trading portfolio assets</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>397,886</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">315,588</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Trading portfolio liabilities</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Debt instruments</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Swiss government and government agencies</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>565</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">439</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">US Treasury and government agencies</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>25,117</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13,645</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other government</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>12,187</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,070</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Corporate listed instruments</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>10,868</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">31,905</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other unlisted instruments</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>30,793</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">192</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>79,530</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">51,251</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Equity instruments</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>26,268</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">31,381</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total trading portfolio liabilities</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>105,798</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">82,632</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>1</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">CHF 29,895&nbsp;million is pledged with central banks (CHF 28,395&nbsp;million at 31
December 2000).</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>2</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Includes CHF 6,139&nbsp;million of traded loans reclassified to
trading portfolio assets at 31 December 2001, upon the adoption of IAS 39. The
amounts at 31 December 2000</font></td></tr>
<tr><td colspan="3"><font size="1">have not been
restated.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">The Group trades money market paper, debt, equity, precious metals, foreign
currency and derivatives to meet the financial needs of its customers and to
generate revenue through its trading activities. Note 24 provides a description
of the various classes of derivatives together with the related notional
amounts, whereas Note11 provides further details about cash collateral on
securities borrowed and lent and repurchase and reverse repurchase agreements.
</FONT>
<P align="right"><FONT size="2">103</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<!-- link2 "Note 13 Financial Investments" -->
<DIV align="left"><A NAME="050"></A></DIV>
<P align="left"><FONT size="2"><B>Note 13 Financial Investments</B>
</FONT>

<P><FONT size="2">Due to the adoption of IAS 39, Financial investments, available for sale, are
reported at fair value from 1 January 2001. 31 December 2000 amounts have not
been restated.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="78%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Money market paper</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6,774</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,162</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Debt instruments</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Listed</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,194</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,403</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Unlisted</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>10,348</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,803</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>11,542</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,206</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Equity investments</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Listed</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,949</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,119</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Unlisted</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,819</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,438</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3,768</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,557</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Private equity investments</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6,719</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,658</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total financial investments</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>28,803</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">19,583</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><I>thereof eligible for discount at central banks</I></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B><I>10,370</I></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><I>381</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>

<P><FONT size="2">The following table gives additional disclosure in respect of the valuation
methods used in 2000.
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="78%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>Book Value</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Fair Value</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.00</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00<SUP>1</SUP></FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Valued at fair value</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Money market paper</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,162</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,162</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Valued at amortized cost</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Debt instruments</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>5,851</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,853</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Valued at the lower of cost or market value</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Debt instruments</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>355</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">367</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Equity instruments</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,557</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,031</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,912</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,398</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Valued at cost less adjustments for impairments</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Private equity investments</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6,658</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,940</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total financial investments</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>19,583</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">21,353</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>1</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">This column is presented for comparison purposes only and does not reflect
amounts recorded in the Financial Statements.</FONT></TD>
</TR>
</TABLE>

<P><FONT size="2">104</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="2"><B>Note 13 Financial Investments (continued)</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="54%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="2">Unrealized gains</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="2">Unrealized losses</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="2">not recognized</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="2">not recognized</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="2">in the income statement</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="2">in the income statement</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="11"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="11"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Fair value</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Gross</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Tax effect</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Net</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Gross</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Tax effect</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Net</FONT></TD>
</TR>
<TR>
        <TD colspan="29" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>31 December 2001</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Money market paper</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,774</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Debt securities issued by the Swiss national
government and agencies</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">36</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Debt securities issued by Swiss local governments</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">45</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Debt securities issued by US Treasury and agencies</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">32</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Debt securities issued by foreign governments and
official institutions</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,089</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">31</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">20</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Corporate debt securities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,218</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Mortgage-backed securities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other debt securities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">117</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Equity securities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,768</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">627</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">206</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">421</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">65</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">19</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">46</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Private equity investments</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,719</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,189</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">28</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,161</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">539</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">526</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="29" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>28,803</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>1,856</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>247</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>1,609</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>607</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>33</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>574</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="29" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="4" noshade></B></FONT></DIV></TD>
</TR>
</TABLE>
</CENTER>

<P align="left"><FONT size="2"><B>Contractual maturities of the investments in debt instruments</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="47%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2">Within 1 year</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2">1&#150;5 years</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2">5&#150;10 years</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2">Over 10 years</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million, except percentages</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Amount</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Yield (%)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Amount</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Yield (%)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Amount</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Yield (%)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Amount</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Yield (%)</FONT></TD>
</TR>
<TR>
        <TD colspan="33" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>31 December 2001</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Swiss national government and agencies</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.26</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.50</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.43</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Swiss local governments</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.36</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">38</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.90</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.59</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">US Treasury and agencies</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">24</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.38</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.15</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Foreign governments and
official institutions</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,014</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.97</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,048</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.01</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">27</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.88</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Corporate debt securities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">63</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.53</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,102</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.59</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">30</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.22</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">23</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15.37</FONT></TD>
        <TD valign="top" nowrap><FONT size="1"><SUP>1</SUP></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Mortgage-backed securities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.41</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other debt securities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.77</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">87</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.91</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">28</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.56</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="33" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total fair value</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>5,091</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>6,314</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>113</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>24</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="33" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="4" noshade></B></FONT></DIV></TD>
</TR>
</TABLE>
</CENTER>

<P><FONT size="1"><sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The yield presented is the current contractual yield based on current market
rates at 31 December 2001, but may not represent the yield through maturity
since this is a floating rate debt instrument.</FONT>

<P><FONT size="2">Proceeds from sales and maturities of investment securities available for sale
during the year ended 31 December 2001 were CHF 27,910&nbsp;million. Gross gains of
CHF 223&nbsp;million and gross losses of CHF 28&nbsp;million were realized on those sales
in 2001.
</FONT>
<P align="right"><FONT size="2">105</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<!-- link2 "Note 14 Investments in Associates" -->
<DIV align="left"><A NAME="051"></A></DIV>
<P align="left"><FONT size="2"><b>Note 14 Investments in Associates
</b></FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="76%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Carrying amount at the beginning of the year</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>880</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,102</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Additions</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>11</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">65</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Disposals</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(216</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)<SUP>2</SUP></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(287</FONT></TD>
        <TD nowrap><FONT size="2">)<SUP>1</SUP></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>74</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">62</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Write-offs</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(2</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(4</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Change in equity</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(50</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(58</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Carrying amount at the end of the year</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>697</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">880</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>1</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Primarily consists of disposal of an investment in National Versicherung AG.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>2</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Includes a transfer of CHF 172&nbsp;million to Financial Investments following a
review of the level of influence by the bank over certain investees. The impact
of this reclassification on net profit is immaterial.</FONT></TD>
</TR>
</TABLE>
<!-- link2 "Note 15 Property and Equipment" -->
<DIV align="left"><A NAME="052"></A></DIV>
<P align="left"><FONT size="2"><B>Note 15 Property and Equipment</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="48%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>IT, soft-</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Other</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Bank</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>ware and</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>machines</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>occupied</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Investment</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>communi-</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>and</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>properties</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>properties5</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>cation</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>equipment</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Historical cost</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Balance at the beginning of the year</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,807</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,830</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,257</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,737</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>18,631</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">17,210</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Additions</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">222</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">148</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">919</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">728</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,017</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,640</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Additions from acquired companies</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,019</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Disposals<SUP>1</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(179</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(132</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(184</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(220</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(715</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(769</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Reclassifications<SUP>2</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">447</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(959</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">144</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(114</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(482</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(432</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Foreign currency translation</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>24</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(37</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Balance at the end of the year</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9,297</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">893</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,146</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,143</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>19,479</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18,631</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Accumulated depreciation</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Balance at the beginning of the year</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,840</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">550</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,074</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,257</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>9,721</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,509</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Depreciation<SUP>3</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">262</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">933</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">446</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,654</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,885</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Disposals<SUP>1</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(162</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(40</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(76</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(125</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(403</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(453</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Reclassifications<SUP>2</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">97</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(286</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(189</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(176</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Foreign currency translation</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(4</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(44</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Balance at the end of the year</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,039</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">239</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,932</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,574</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>10,784</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9,721</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net book value at the end of the
year<SUP>4</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,258</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">654</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,214</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,569</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8,695</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,910</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>1</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Includes write-offs of fully depreciated assets.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>2</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Properties held for
resale and foreclosed properties have been reclassified (see Note1: Summary of
significant accounting policies).</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>3</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Depreciation of CHF 1,654&nbsp;million at 31
December 2001 and CHF 1,885&nbsp;million at 31 December 2000 includes CHF 40&nbsp;million
in 2001 and CHF 277&nbsp;million in 2000 which were charged against the UBS / SBC
restructuring provision.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>4</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Fire insurance value of property and equipment is
CHF 15,531&nbsp;million (2000: CHF 14,570&nbsp;million).</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>5</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">At 31 December 2001 the
fair value of Investment properties was CHF 990&nbsp;million.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">106</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<!-- link2 "Note 16 Goodwill and Other Intangible Assets" -->
<DIV align="left"><A NAME="053"></A></DIV>
<P align="left"><FONT size="2"><B>Note 16 Goodwill and Other Intangible Assets</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="56%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>Other</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>intangible</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>Goodwill</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>assets</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Historical cost</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Balance at the beginning of the year</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>16,272</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,894</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>21,166</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,534</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Additions</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>454</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>456</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">17,841</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Write-offs<SUP>1</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(232</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(15</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(247</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(16</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Foreign currency translation</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>325</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>92</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>417</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1,193</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Balance at the end of the year</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>16,819</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,973</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>21,792</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">21,166</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Accumulated amortization</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Balance at the beginning of the year</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,445</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>184</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,629</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">991</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Amortization</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,025</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>298</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,323</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">667</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Write-offs<SUP>1</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(232</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(15</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(247</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(16</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Foreign currency translation</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(1</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(13</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Balance at the end of the year</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,241</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>466</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,707</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,629</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net book value at the end of the year</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>14,578</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,507</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>19,085</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">19,537</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>1</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Represents write-offs of fully amortized goodwill and other intangible
assets.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">A significant portion of the Goodwill and other intangible assets relates to
the acquisition of Paine Webber Group, Inc. For more information, please refer
to Note 37.
</FONT>
<!-- link2 "Note 17 Other Assets" -->
<DIV align="left"><A NAME="054"></A></DIV>
<P align="left"><FONT size="2"><B>Note 17 Other Assets</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="68%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Note</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Deferred tax assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">22</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3,449</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,208</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Settlement and clearing accounts</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,431</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,153</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">VAT and other tax receivables</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>452</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">419</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Prepaid pension costs</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>567</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">405</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Properties held for resale</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>844</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">984</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other receivables</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3,132</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,322</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total other assets</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>9,875</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9,491</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P align="right"><FONT size="2">107</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<!-- link1 "Balance Sheet: Liabilities" -->
<DIV align="left"><A NAME="055"></A></DIV>
<P align="left"><FONT size="4" color="#7F7F7F"><B>Balance Sheet: Liabilities</B>
</FONT>

<!-- link2 "Note 18 Due to Banks and Customers" -->
<DIV align="left"><A NAME="056"></A></DIV>
<P align="left"><FONT size="2"><B>Note 18 Due to Banks and Customers</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="76%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Due to banks</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>106,531</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">82,240</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Due to customers in savings and investment accounts</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>67,782</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">68,213</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other amounts due to customers</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>265,999</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">242,466</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total due to customers</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>333,781</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">310,679</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total due to banks and customers</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>440,312</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">392,919</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<!-- link2 "Note 19 Debt Issued" -->
<DIV align="left"><A NAME="057"></A></DIV>
<P align="left"><FONT size="2"><B>Note 19 Debt Issued</B>
</FONT>

<P><FONT size="2">The Group issues both CHF and non-CHF denominated fixed and floating rate debt.
Floating rate debt pays interest based on the three-month or six-month London
Interbank Offered Rate (LIBOR).
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Subordinated debt securities are unsecured obligations of the Group and
are subordinated in right of payment to all present and future senior
indebtedness and certain other obligations of the Group. At 31 December 2001
and 31 December 2000, the Group had CHF 14,598&nbsp;million and CHF 14,233&nbsp;million,
respectively, in subordinated debt. Subordinated debt usually pays interest
annually and provides for single principal payments upon maturity. At 31
December 2001 and 31 December 2000, the Group had CHF 42,613&nbsp;million and CHF
40,622&nbsp;million, respectively, in unsubordinated debt (excluding money market
paper).
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The Group issues debt with returns linked to equity, foreign exchange and
credit instruments or indices. As described in Note 1r), derivatives embedded
in these instruments are separated from the host debt contract and reported as
stand alone derivatives. The amount recorded within Debt issued represents the
host contract after the separation of the embedded derivative. At 31 December
2001 and 31 December 2000, the Group had CHF 1,397&nbsp;million and CHF 1,380
million, respectively, in convertible and exchangeable debt on UBS shares and
notes with warrants attached on UBS shares outstanding.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In addition the Group uses interest rate and foreign exchange derivatives
to manage the risk inherent in certain debt issues. In the case of interest
rate risk management, the Group applies hedge accounting as discussed in Note 1
&#150; Summary of Significant Accounting Policies and Note 24 &#150; Derivative
Instruments. As a result of applying hedge accounting, the carrying value of
Debt issued has increased by CHF 220&nbsp;million to reflect changes in fair value
due to interest rate risk.
</FONT></DIV>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="74%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Money market paper issued</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>99,006</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">74,780</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total bond issues</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>51,061</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">48,179</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Shares in bond issues of the Swiss Regional or
Cantonal Banks&#146; Central Bond Institutions</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>934</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,305</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Medium-term notes</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>5,217</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,371</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total debt issued</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>156,218</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">129,635</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">108</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><FONT size="2"><B>Note 19 Debt Issued (continued)</B>
</FONT>

<P align="left"><FONT size="2"><B>Contractual maturity date</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="26%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2"><B>UBS AG (Parent Bank)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2"><B>Subsidiaries</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Fixed</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Floating</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Fixed</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Floating</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>Total</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="2"><B>CHF million</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>rate</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>rate</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>rate</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>rate</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2002</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">64,596</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,503</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">48,161</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,779</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>116,039</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2003</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,287</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">887</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,461</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">125</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8,760</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2004</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,661</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">778</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,451</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,164</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6,054</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2005</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,119</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,041</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">700</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">227</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>5,087</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2006</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,343</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,833</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,242</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">635</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>7,053</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2007&#150;2009</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,930</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">592</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,353</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,708</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>7,583</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Thereafter</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,581</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">984</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,387</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">690</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>5,642</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>85,517</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>7,618</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>56,755</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6,328</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>156,218</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">The table above shows the split between fixed and floating rate debt issues
based on the contractual terms. However, it should be noted that the Group uses
interest rate swaps to hedge many of the fixed rate debt issues, which changes
their re-pricing characteristics into that of floating rate debt.
</FONT>
<P><FONT size="2">The table below shows the notional amount and stated interest rate on the
Group&#146;s publicly placed bonds prior to the separation of any embedded
derivatives or the application of hedge accounting. As a result, the notional
amount shown does not necessarily correspond to the carrying amount of the debt
and the stated interest rate on the debt does not necessarily refelect the
effective interest rate the Group is paying to service its debt after the
separation of embedded derivatives and the application of hedge accounting.
</FONT>
<P align="left"><FONT size="2"><B>Publicly placed bond issues of UBS AG (Parent Bank) outstanding as at 31.12.2001<SUP>1</SUP></B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="6%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="19%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="20%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Notional</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>amount</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Early</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>in millions</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="2"><B>Year of</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Interest</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>redemption</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>in local</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="2"><B>issue</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>rate in %</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Remarks</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Maturity</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>option</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Currency</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>currency</B></FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1992</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7.250</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10.01.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">CHF</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">150</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2000</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13.250</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">GOAL on Carrefour shares</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18.01.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">EUR</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">45</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2000</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12.500</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">GOAL on Bayer shares</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18.01.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">EUR</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">85</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2000</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.100</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">Convertible into Nikkei 225 Index</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">28.01.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">JPY</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1992</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7.000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">subordinated</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">06.02.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" colspan="3"><FONT size="2">CHF</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">200</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">FRN</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">Resettable Daily Accrual Note</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">08.02.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">200</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1986</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10.02.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">CHF</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">250</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2000</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.300</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12.02.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">JPY</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,807</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.980</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">28.02.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">130</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16.000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">GOAL on JP Morgan Chase shares</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">01.03.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">30</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">20.750</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">GOAL on Nokia shares</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">01.03.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">EUR</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">135</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">GOAL on</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11.250</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">Royal Dutch Petroleum shares</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">08.03.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">EUR</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">85</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11.250</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">GOAL on Allianz shares</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">08.03.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">EUR</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">50</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2000</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9.010</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">GOAL on ABB shares</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14.03.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">CHF</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">366</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1998</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.750</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18.03.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">250</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18.000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">GOAL on Alcatel shares</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">22.03.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">EUR</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">75</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2000</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10.010</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">GOAL on UBS shares</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10.04.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">CHF</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">100</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1996</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18.04.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">CHF</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">200</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2000</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18.500</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">GOAL on Motorola shares</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">28.05.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">75</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">23.125</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">GOAL on EMC Corp shares</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">31.05.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">45</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1990</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7.500</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">subordinated</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">07.06.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">CHF</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">300</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="8%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="87%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">PIP</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
Protected Index Participation</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">PEP</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
Protected Equity Participation</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">GOAL</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
Geld- oder Aktien-Lieferung (cash or share delivery)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">BULS</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
Bullish Underlying Linked Securities</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">GROI</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
Guaranteed Return On Investment</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">FRN</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
Floating Rate Note</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="right"><FONT size="2">109</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<div align="left"><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT></div>

<div align="left"><FONT size="2"><B>Note 19 Debt Issued (continued)<BR><BR>
Publicly placed bond issues of UBS AG (Parent Bank) outstanding as at 31.12.2001<SUP>1</SUP></B>
</FONT></div>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="6%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="27%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Notional</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>amount</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Early</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>in millions</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="2"><B>Year of</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Interest</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>redemption</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>in local</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="2"><B>issue</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>rate in %</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Remarks</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Maturity</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>option</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Currency</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>currency</B></FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2000</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18.250</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">GOAL on Intel shares</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">27.06.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">50</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1997</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.500</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">08.07.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">300</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">19.500</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">GOAL on Deutsche Telecom shares</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">08.07.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">EUR</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">45</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1992</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7.500</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">subordinated</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10.07.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">CHF</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">200</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">19.250</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">GOAL on SAP shares</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15.07.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">EUR</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">45</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">19.500</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">GOAL on Cisco Systems shares</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">23.07.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">60</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8.000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">GOAL on Nestl&#233; shares</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">25.07.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">CHF</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">325</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12.250</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">GOAL on Deutsche Post shares</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">25.07.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">EUR</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">45</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18.250</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">GOAL on UBS shares</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">31.07.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">45</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2000</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8.375</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">GOAL on DaimlerChrysler shares</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">07.08.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">EUR</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">70</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14.125</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">GOAL on Home Depot shares</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15.08.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">30</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14.000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">GOAL on Deutsche Bank shares</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">19.08.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">EUR</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">70</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1996</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">23.08.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">CHF</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">299</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">26.000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">GOAL on Uniphase Corporaton shares</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12.09.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">51</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2000</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9.000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">GOAL on UBS shares</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">02.10.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">CHF</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">345</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1992</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7.000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">subordinated</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16.10.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">CHF</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">200</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1996</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.750</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18.10.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">250</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12.500</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">GOAL on AOL Time Warner shares</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">01.11.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">48</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1995</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.375</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">07.11.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">CHF</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">250</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10.000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">GOAL on Credit Suisse shares</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15.11.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">CHF</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">325</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7.375</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">GOAL on Novartis shares</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">22.11.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">CHF</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">100</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8.125</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">GOAL on Roche shares</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">06.12.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">CHF</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">325</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1996</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.250</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">20.12.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">CHF</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">350</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8.000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">GOAL on UBS shares</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">26.02.2003</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">CHF</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">220</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1993</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.875</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">subordinated</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">03.03.2003</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">CHF</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">200</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8.750</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">GOAL on General Electric shares</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">07.03.2003</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">105</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1997</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.500</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">Indexed to UBS Currency Portfolio</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14.03.2003</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">EUR</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">51</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">Convertible into</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1998</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">UBS Dutch Corporate Basket</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">20.03.2003</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">EUR</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">57</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8.500</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">GOAL on PepsiCo shares</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">28.03.2003</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">30</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1993</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.500</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">subordinated</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">31.03.2003</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">CHF</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">200</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1993</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">subordinated</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">31.03.2003</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">CHF</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">200</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">FRN</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">BULS on technology stock basket</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10.04.2003</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">80</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">BULS on Celestica and others</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">28.04.2003</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">40</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">BULS on Biotech shares</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16.05.2003</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">32</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7.250</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">GOAL on Aventis shares</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">05.06.2003</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">EUR</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">55</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1995</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">FRN</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">subordinated</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">20.06.2003</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">CHF</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">200</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8.250</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">GOAL on Pfizer shares</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16.07.2003</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">45</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1993</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">26.11.2003</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">CHF</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">200</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1994</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">FRN</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">subordinated</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">06.01.2004</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">300</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2000</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.500</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">Convertible into NTT shares</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10.02.2004</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">40</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14.04.2004</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">46</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">Cliquet GROI on NASDAQ 100 Index</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">27.05.2004</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">40</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1991</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.250</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">subordinated</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">25.06.2004</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">CHF</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">300</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1999</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.500</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">01.07.2004</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">EUR</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">250</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.750</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">Exchangeable bonds on Yukos</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">31.08.2004</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">310</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1997</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7.375</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">subordinated</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">26.11.2004</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">GBP</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">265</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1993</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.750</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">subordinated</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">08.01.2005</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">08.01.2003</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">CHF</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">200</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1995</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">subordinated</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">07.02.2005</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">CHF</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">150</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1995</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.500</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10.02.2005</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">CHF</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">150</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2000</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">Convertible into Nasdaq 100 Index</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18.02.2005</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">50</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2000</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">Convertible into STOXX 50 Index</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">21.03.2005</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">EUR</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">50</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="8%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="87%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">PIP</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
Protected Index Participation</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">PEP</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
Protected Equity Participation</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">GOAL</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
Geld- oder Aktien-Lieferung (cash or share delivery)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">BULS</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
Bullish Underlying Linked Securities</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">GROI</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
Guaranteed Return On Investment</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">FRN</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
Floating Rate Note</FONT></TD>
</TR>
</TABLE>
</CENTER>
<FONT size="2">110</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><FONT size="2"><B>Note 19 Debt Issued (continued)</B>
</FONT>

<P align="left"><FONT size="2"><b>Publicly placed bond issues of UBS
AG (Parent Bank) outstanding as at 31.12.2001<SUP>1</SUP></b>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="6%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="27%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Notional</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>amount</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Early</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>in millions</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="2"><B>Year of</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Interest</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>redemption</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>in local</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="2"><B>issue</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>rate in %</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Remarks</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Maturity</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>option</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Currency</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>currency</B></FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1995</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.625</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">subordinated</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15.04.2005</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">CHF</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">150</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2000</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">Convertible into Nikkei 225 Index</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">31.05.2005</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">JPY</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1995</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">FRN</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">subordinated</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">20.06.2005</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">GBP</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">249</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1995</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.750</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">subordinated</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15.07.2005</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">200</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1995</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.250</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">subordinated</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18.07.2005</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">CHF</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">200</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1995</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">subordinated</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">24.08.2005</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">CHF</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">250</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18.10.2005</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">288</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1995</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.500</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">21.11.2005</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">CHF</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">300</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1999</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">PEP on Internet Perf. Basket</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">08.12.2005</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">50</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1999</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.500</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">26.01.2006</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">EUR</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">650</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">Equity Exchangeables into</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">Euro. Insurance Basket</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">01.02.2006</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">EUR</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">100</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1996</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.250</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">subordinated</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">06.02.2006</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">CHF</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">250</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1996</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14.02.2006</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">CHF</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">200</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2000</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.500</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">29.03.2006</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">CHF</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">250</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">Bermuda Callable</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">FRN</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">Daily Accrual Range Note</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">29.06.2006</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">98</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1996</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7.250</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">subordinated</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">17.07.2006</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">500</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7.500</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">Bermuda Callable Daily Accrual Note</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">26.07.2006</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">39</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">FRN</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">Callable Reverse Floater</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">17.08.2006</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">30</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1996</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7.250</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">subordinated</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">01.09.2006</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">150</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">BULS on S&#038;P 500</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">01.09.2006</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">54</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.500</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">GOAL on UBS shares</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">02.10.2006</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">CHF</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">66</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1995</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">subordinated</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">07.11.2006</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">CHF</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">250</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1996</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">FRN</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">subordinated</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">06.12.2006</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">EUR</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">254</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">Zero-rate Note O'Connor Fund</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">29.12.2006</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">EUR</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">40</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1997</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8.000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">subordinated</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">08.01.2007</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">GBP</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">237</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1997</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8.000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">subordinated</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">08.01.2007</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">GBP</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">296</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1997</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.750</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">subordinated</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12.03.2007</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">EUR</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">197</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">FRN</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">Fixed/Reverse Floating Note</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">02.11.2007</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">59</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">Notes on World Index Basket</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11.12.2007</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">EUR</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">50</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1998</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.500</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">27.08.2008</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">CHF</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">300</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1997</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.875</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">subordinated</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18.08.2009</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">EUR</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">329</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1995</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7.375</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">subordinated</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15.07.2015</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">150</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1995</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7.000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">subordinated</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15.10.2015</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">300</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1997</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7.375</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">subordinated</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15.06.2017</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">300</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1995</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7.500</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">subordinated</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15.07.2025</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">350</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1995</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">FRN</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">subordinated</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18.12.2025</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">GBP</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">149</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1996</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7.750</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">subordinated</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">01.09.2026</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">300</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="8%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="87%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">PIP</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
Protected Index Participation</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">PEP</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
Protected Equity Participation</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">GOAL</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
Geld- oder Aktien-Lieferung (cash or share delivery)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">BULS</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
Bullish Underlying Linked Securities</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">GROI</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
Guaranteed Return On Investment</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">FRN</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
Floating Rate Note</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="right"><FONT size="2">111</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<P align="left"><FONT size="2"><b>Note 19 Debt Issued (continued)</b>
</FONT>

<P align="left"><FONT size="2"><b>Publicly placed bond issues of UBS
subsidiaries outstanding as at 31.12.2001<SUP>1</SUP></b>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="6%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="27%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Notional</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>amount</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Early</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>in millions</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="2"><B>Year of</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Interest</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>redemption</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>in local</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="2"><B>issue</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>rate in %</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Remarks</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Maturity</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>option</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Currency</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>currency</B></FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Brooklands Euro Referenced
Linked Notes 2001-1 Ltd</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">FRN</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">20.12.2003</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">20.12.2003</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">EUR</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">50</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">FRN</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">20.12.2013</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">20.12.2013</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">EUR</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">50</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Alpine Partners L.P.</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2000</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">FRN</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">08.10.2009</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">08.01.2003</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">709</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>North Street</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2000</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">FRN</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">28.04.2011</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">31</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2000</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">FRN</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">28.04.2011</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">40</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2000</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">FRN</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">28.04.2011</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">36</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2000</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">20.000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">28.04.2011</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">43</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2000</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9.490</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">30.10.2011</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">36</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2000</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18.000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">30.10.2011</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">43</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2000</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">FRN</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">30.10.2011</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">61</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2000</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">FRN</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">30.10.2011</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">33</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">FRN</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">30.04.2031</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">100</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">FRN</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">30.04.2031</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">60</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">FRN</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">30.07.2031</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">100</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">FRN</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">30.07.2031</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">60</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>UBS Americas Inc.
(former PaineWebber)</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1999</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.020</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">22.04.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">45</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1995</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8.250</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">01.05.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">125</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2000</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">FRN</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15.07.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">100</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1992</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7.750</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">02.09.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">175</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1999</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">FRN</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18.11.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">40</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1993</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7.875</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">17.02.2003</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">100</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2000</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.270</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13.03.2003</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">JPY</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1998</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.320</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18.03.2003</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">45</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1993</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.785</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">01.07.2003</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">30</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1998</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.450</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">01.12.2003</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">340</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1999</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">FRN</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11.05.2004</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">45</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1999</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.375</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">17.05.2004</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">525</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1999</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.580</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13.10.2004</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">30</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1999</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.670</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15.03.2005</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">45</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1995</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8.875</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15.03.2005</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">125</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1998</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.520</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">06.04.2005</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">30</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1993</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.500</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">01.11.2005</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">200</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1996</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.750</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">01.02.2006</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">100</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1998</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.720</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">01.04.2008</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">35</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1998</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.730</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">03.04.2008</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">43</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1998</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.550</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15.04.2008</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">250</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1996</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7.625</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15.10.2008</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">150</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1999</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7.625</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">01.12.2009</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">275</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1998</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.640</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14.04.2010</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">30</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1994</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7.625</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">17.02.2014</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">200</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1997</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8.060</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">17.01.2017</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">25</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1997</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8.080</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="right"><FONT size="2">subordinated</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">01.03.2037</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">01.03.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">199</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>UBS Principal Finance LLC</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2000</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8.670</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">20.01.2009</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">20.01.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">102</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="8%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="87%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">PIP</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
Protected Index Participation</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">PEP</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
Protected Equity Participation</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">GOAL</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
Geld- oder Aktien-Lieferung (cash or share delivery)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">BULS</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
Bullish Underlying Linked Securities</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">GROI</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
Guaranteed Return On Investment</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">FRN</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
Floating Rate Note</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">112</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><FONT size="2"><B>Note 19 Debt Issued (continued)</B>
</FONT>

<P align="left"><FONT size="2"><B>Publicly placed bond issues of UBS subsidiaries outstanding as at 31.12.2001<SUP>1</SUP></B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="6%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="27%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Notional</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>amount</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Early</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>in millions</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="2"><B>Year of</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Interest</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>redemption</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>in local</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="2"><B>issue</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>rate in %</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Remarks</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Maturity</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>option</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Currency</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>currency</B></FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Eisberg Finance
Ltd.</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1998</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">FRN</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15.06.2004</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10.10.2003</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">41</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1998</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">FRN</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15.06.2004</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10.10.2003</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">65</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1998</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">FRN</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15.06.2004</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10.10.2003</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">83</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>UBS Finance
N.V., Cura&#231;ao</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1990</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9.125</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">08.02.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">225</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1992</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">FRN</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13.11.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">250</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1997</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">29.01.2027</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">EUR</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">210</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1998</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">03.03.2028</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">03.03.2003</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">EUR</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">77</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>UBS Australia
Holdings Ltd.</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1999</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">25.02.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">AUD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">104</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1999</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">25.02.2004</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">AUD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">104</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>SBC Glacier
Finance Ltd.</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1997</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">FRN</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10.09.2004</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10.09.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">36</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1997</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">FRN</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10.09.2004</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10.03.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">798</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1997</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">FRN</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10.09.2006</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10.03.2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">798</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>UBS Warburg AG</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1998</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">19.12.2005</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">EUR</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">56</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">30.06.2006</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">202</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">30.06.2006</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">EUR</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">505</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">31.07.2006</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">EUR</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">500</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">30.09.2006</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">CHF</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">200</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">30.09.2006</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">200</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">02.01.2007</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">EUR</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">100</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">02.01.2007</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">EUR</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">100</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">02.01.2007</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">EUR</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">100</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">30.09.2011</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">EUR</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">50</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>1</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">In this table only bonds with a carrying value exceeding CHF 50&nbsp;million have
been disclosed. The total notional amount of the bonds disclosed in this table
is CHF 40,859&nbsp;million. The total notional amount of publicly placed bonds of
UBS Group is CHF 48,646&nbsp;million of the total bond issues.</FONT></TD>
</TR>
</TABLE>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="8%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="87%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">PIP</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
Protected Index Participation</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">PEP</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
Protected Equity Participation</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">GOAL</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
Geld- oder Aktien-Lieferung (cash or share delivery)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">BULS</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
Bullish Underlying Linked Securities</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">GROI</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
Guaranteed Return On Investment</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="1">FRN</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="1">
Floating Rate Note</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="right"><FONT size="2">113</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<!-- link2 "Note 20 Other Liabilities" -->
<DIV align="left"><A NAME="058"></A></DIV>
<P align="left"><FONT size="3"><B>Note 20 Other Liabilities</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="72%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Note</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Provisions, including restructuring provision</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">21</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,748</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,024</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Provision for commitments and contingent liabilities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10b</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>305</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">54</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Current tax liabilities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,799</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,423</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Deferred tax liabilities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">22</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,827</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,565</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">VAT and other tax payables</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>622</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,071</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Settlement and clearing accounts</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,473</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,906</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other payables</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3,884</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,713</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total other liabilities</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>15,658</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18,756</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>

<!-- link2 "Note 21 Provisions, including Restructuring Provision" -->
<DIV align="left"><A NAME="059"></A></DIV>
<P align="left"><FONT size="3"><B>Note 21 Provisions, including Restructuring Provision</B>
</FONT>

<P align="left"><FONT size="2"><B>Business risk provisions</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="68%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Balance at the beginning of the year</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>2,294</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,182</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">New provisions charged to income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>384</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">746</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Provisions applied</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>(1,020</B></FONT></TD>
        <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1,316</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Recoveries and adjustments</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>90</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">682</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Balance at the end of the year</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>1,748</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,294</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="68%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Litigation</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>712</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">598</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Operational</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>240</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">374</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>796</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,322</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>1,748</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,294</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>

<P align="left"><FONT size="2"><B>UBS / SBC merger restructuring provision</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="5%">&nbsp;</TD>
        <TD width="77%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left" colspan="2"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="10" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Balance at the beginning of the year</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>730</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,429</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Addition</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Applied<SUP>1</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Personnel</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(370</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(188</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">IT</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(23</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(63</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Premises</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(302</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(399</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(14</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(49</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="10" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total utilized during the year</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(709</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(699</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="10" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Released to the Income Statement</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(21</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="10" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Balance at the end of the year</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">730</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="10" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total provisions, including restructuring provision</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,748</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,024</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="10" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>

<DIV align="left"><FONT size="1"><sup>1</sup>&nbsp;The expense categories refer to the nature of the expense rather than the
income statement expense line.</FONT></DIV>

<P><FONT size="2">114</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="3"><B>Note 21 Provisions, including Restructuring Provision (continued)</B>
</FONT>

<P align="left"><FONT size="2"><B>Cumulative utilization, since establishment of UBS/SBC merger restructuring<BR>
provision through 31 December 2001</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="5%">&nbsp;</TD>
        <TD width="48%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left" colspan="2"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Personnel</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>IT</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Premises</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Other</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Total</B></FONT></TD>
</TR>
<TR>
        <TD colspan="22" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">UBS Switzerland</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">837</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,109</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">219</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">220</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,385</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Private and Corporate Clients</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">707</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">974</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">209</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">217</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,107</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Private Banking</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">130</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">135</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>278</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">UBS Asset Management</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">34</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>46</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">UBS Warburg</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,983</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">373</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">413</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,770</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Corporate Center</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">106</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">34</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,421</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">517</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,078</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="22" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Group total</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>2,960</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>1,525</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>1,641</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>1,153</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>7,279</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="22" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Released to the Income Statement</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>21</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="22" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>7,300</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="22" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>

<P><FONT size="2">At the announcement of the UBS / SBC merger in December 1997, it was
communicated that the merged firm&#146;s operations in various locations would be
combined, resulting in vacant properties, reductions in personnel, elimination
of redundancies in the information technology platforms, exit costs and other
costs. As a result, a restructuring provision of CHF 7,300&nbsp;million (of which
CHF 7,000&nbsp;million was recognized as a restructuring expense in 1997 and CHF 300
million was recognized as a component of general and administrative expense in
the fourth quarter of 1999) was established, to be used over a period of four
years.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The restructuring provision included approximately CHF 3,000&nbsp;million for
employee termination benefits, CHF 1,500&nbsp;million for sale and lease breakage
costs associated with the closure of premises, CHF 1,650&nbsp;million for IT
integration projects and write-offs of equipment which management had committed
to dispose of and CHF 1,150&nbsp;million for other costs classified as Personal
expenses, General and administrative expense or Other income.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The employee terminations affected all functional levels and all operating
Business Groups. CHF 2,000&nbsp;million of the provision related to employee
termination benefits reflects the costs of eliminating approximately 7,800
positions, after considering attrition and redeployment within the Company. CHF
1,000&nbsp;million of the provision related to payments to maintain stability in the
workforce during the integration period. As of 31 December 2001, approximately
7,100 employees had been made redundant or retired early.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;At 31 December 2001, the restructuring plan was completed, substantially
in accordance with the above-mentioned plans. The remaining balance of the
restructuring provision of CHF 21&nbsp;million was recognized in the income
statement.
</FONT></DIV>

<P align="right"><FONT size="2">115</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P align="left"><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<!-- link2 "Note 22 Income Taxes" -->
<DIV align="left"><A NAME="060"></A></DIV>
<P align="left"><FONT size="3"><B>Note 22 Income Taxes</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="5%">&nbsp;</TD>
        <TD width="53%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap colspan="2"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap colspan="2"><FONT size="2">For the year ended</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
</TR>
<TR>
        <TD colspan="14" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Domestic</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Current payable</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>563</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,325</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">849</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Deferred</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>231</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">233</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">511</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Foreign</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Current payable</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>546</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">451</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">359</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Deferred</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>61</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">311</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(33</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="14" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total income tax expense</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,401</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,320</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,686</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="14" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">The Group made net tax payments, including domestic and foreign taxes, of CHF
1,742&nbsp;million, CHF 959&nbsp;million and CHF 1,063&nbsp;million for the full years of
2001, 2000 and 1999, respectively.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The components of operating profit before tax, and the differences between
income tax expense reflected in the financial statements and the amounts
calculated at the Swiss statutory rate of 25% are as follows:
</FONT></DIV>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="5%">&nbsp;</TD>
        <TD width="70%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap colspan="3"><FONT size="2"><I>CHF
million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap colspan="2"><FONT size="2">For the year ended</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
</TR>
<TR>
        <TD colspan="14" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Operating profit before tax</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6,718</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,199</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,893</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
<TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Domestic</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>5,565</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,079</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,957</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Foreign</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,153</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,120</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">936</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="14" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Income taxes at Swiss statutory rate of 25%</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,680</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,550</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,973</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Increase / (decrease)&nbsp;resulting from:</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Applicable tax rates differing from Swiss statutory rate</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(239</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(336</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">55</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Tax losses not recognized</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>77</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">164</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">39</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Previously unrecorded tax losses now recognized</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(630</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(655</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(215</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Lower taxed income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(499</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(401</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(278</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Non-deductible goodwill amortization</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>429</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">159</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">98</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other non-deductible expenses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>134</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">432</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">34</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Adjustments related to prior years</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>371</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">245</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(112</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Change in deferred tax valuation allowance</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>78</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">162</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">92</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="14" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Income tax expense</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,401</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,320</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,686</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="14" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">116</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><FONT size="3"><B>Note 22 Income Taxes (continued)</B>
</FONT>

<P><FONT size="2">Significant components of the Group&#146;s deferred income tax
assets and liabilities (gross)&nbsp;are as follows:
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="68%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Deferred tax assets</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Compensation and benefits</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,778</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,705</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Restructuring provision</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">160</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Allowance for credit losses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>122</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">148</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net operating loss carry forwards</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,902</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,690</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Trading assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>259</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">24</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,365</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,045</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6,426</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,772</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Valuation allowance</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(2,977</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(2,564</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net deferred tax assets</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3,449</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,208</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Deferred tax liabilities</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Property and equipment</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>449</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">457</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Investments</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>464</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">86</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other provisions</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>571</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">133</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Trading assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>298</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">306</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,045</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">583</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total deferred tax liabilities</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,827</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,565</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">The change in the balance of net deferred tax assets and deferred tax
liabilities does not equal the deferred tax expense in those years. This is due
to the effect of foreign currency rate changes on tax assets and liabilities
denominated in currencies other than CHF and also due to the acquisition of
PaineWebber.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain foreign branches and subsidiaries of the Group have deferred tax
assets related to net operating loss carry forwards and other items. Because
realization of these assets is uncertain, the Group has established valuation
allowances of CHF 2,977&nbsp;million (CHF 2,564&nbsp;million at 31 December 2000). For
companies that suffered tax losses in either the current or preceding year an
amount of CHF 965&nbsp;million (CHF 59&nbsp;million at 31 December 2000) has been
recognized as deferred tax assets based on expectations that sufficient taxable
income will be generated in future years to utilize the tax loss carry
forwards.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The company provides deferred income taxes on undistributed earnings of
non-Swiss subsidiaries except to the extent that such earnings are indefinitely
invested. In the event these earnings were distributed, additional taxes of
approximately CHF 22&nbsp;million would be due.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At 31 December 2001 net operating loss carry forwards totaling CHF 7,462
million are available to reduce future taxable income of certain branches and
subsidiaries.</FONT></DIV>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="80%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">The carry forwards expire as follows:</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="5" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Within 1&nbsp;year</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>123</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">From 2 to 4&nbsp;years</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>148</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">After 4&nbsp;years</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>7,191</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="5" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>7,462</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="5" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P align="right"><FONT size="2">117</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<!-- link2 "Note 23 Minority Interests" -->
<DIV align="left"><A NAME="061"></A></DIV>
<P align="left"><FONT size="3"><B>Note 23 Minority Interests</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="78%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Balance at the beginning of the year</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,885</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">434</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Issuance of trust preferred securities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,291</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,594</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Increases</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Decreases and dividend payments</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(461</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(73</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Foreign currency translation</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>53</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(159</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Minority interest in net profit</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>344</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">87</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Balance at the end of the year</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,112</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,885</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<!-- link2 "Note 24 Derivative Instruments" -->
<DIV align="left"><A NAME="062"></A></DIV>
<P align="left"><FONT size="3"><B>Note 24 Derivative Instruments</B>
</FONT>

<P align="left"><FONT size="2"><B>Type of derivatives</B>
</FONT>

<DIV align="left"><FONT size="2">The Group uses the following derivative financial instruments for both trading
and hedging purposes:
</FONT></DIV>

<P><FONT size="2"><I>Swaps</I>
</FONT>
<DIV align="left"><FONT size="2">Swaps are transactions in which two parties exchange cash flows on a specified
notional amount for a predetermined period. The major types of swaps
transactions undertaken by the Group are described below.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swap contracts generally represent the contractual exchange
of fixed and floating rate payments of a single currency, based on a notional
amount and an interest reference rate.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency swaps generally involve the exchange of two different
currency principal balances at inception and re-exchanged at an agreed upon
rate at a specified future date. In addition, foreign currency interest rate
swaps include the exchange of interest payments based on the two different
currency principal balances and interest reference rates.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Credit default swaps (CDS)&nbsp;are instruments where the seller of the CDS
promises to pay the buyer an amount equal to the loss that would be incurred on
holding an underlying reference asset as a result of a defined credit event.
The buyer is not required to hold the underlying reference asset. The buyer
pays the seller a credit protection fee expressed in basis points, the amount
of which is dependent on the credit spread of the reference asset.
</FONT></DIV>

<P><FONT size="2"><I>Forwards and futures</I>
</FONT>
<DIV align="left"><FONT size="2">Forwards and futures are contractual obligations to buy or sell a financial
instrument on a future date at a specified price. Forward contracts are
effectively tailor-made agreements that are transacted between counterparties
in the over-the-counter market (OTC), whereas futures are standardized
contracts that are transacted on regulated exchanges.
</FONT></DIV>

<P><FONT size="2"><I>Options</I>
</FONT>
<DIV align="left"><FONT size="2">Options are contractual agreements under which the seller (writer)&nbsp;grants the
purchaser the right, but not the obligation, either to buy (call option) or
sell (put option) by or at a set date, a specified amount of a financial
instrument at a predetermined price. The seller receives a premium from the
purchaser for this right.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Derivatives held or issued for trading purposes</B>
</FONT>

<DIV align="left"><FONT size="2">Most of the Group&#146;s derivative transactions relate to sales and trading
activities. Sales activities include the structuring and marketing of
derivative products to customers at competitive prices to enable them to
transfer, modify or reduce current or expected risks. Trading involves
market-making, positioning and arbitrage activities. Market-making involves
quoting bid and offer prices to other market participants with the intention of
generating revenues based on spread and volume. Positioning involves managing
market risk positions with the expectation of profiting from favorable
movements in prices, rates or indices. Arbitrage activities involve identifying
and profiting from price differentials between markets and products.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Derivatives held or issued for hedging purposes</B>
</FONT>

<DIV align="left"><FONT size="2">The Group enters into various derivative financial instruments which are
designated and qualify</FONT></DIV>

<P><FONT size="2">118</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left"><FONT size="2">as either fair value or cash flow hedges. The Group also enters into derivative
transactions to hedge against economic risk exposures that do not receive hedge
accounting treatment. As stated in Note 1 Summary of Significant Accounting
Policies, the Group uses CDS to economically hedge credit risk exposures in the
loan portfolio to which it does not apply hedge accounting. Gains on CDS used
as economic hedges have been offset against Credit loss expense/recovery.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Derivatives designated and accounted for as hedging instruments</B>
</FONT>

<DIV align="left"><FONT size="2">At inception of a hedge, the Group formally documents the relationship between
hedging instruments and hedged items. This includes its risk management
objectives and strategies for undertaking the hedge transaction, which are in
accordance with the Group&#146;s risk management policies, together with the methods
that will be used to assess the effectiveness of the hedging relationship. In
accordance with this, the Group formally assesses, both at the inception of the
hedge and on an ongoing basis, whether the derivatives used in its hedging
transactions have been highly effective in offsetting changes in the fair value
or cash flows of the hedged item. In the case of hedging a forecasted
transaction, the transaction must be highly probable and present an exposure to
variations in cash flows that could ultimately affect reported net profit or
loss. A hedge is normally regarded as highly effective if, at inception and
throughout the life of the hedge, the Group can expect changes in the fair
value or cash flows of the hedged item to be almost fully offset by the changes
in the fair value or cash flows of the hedging instrument, and actual results
are within a range of 80% to 125%. The Group discontinues hedge accounting when
it is determined that a derivative is not, or has ceased to be, highly
effective as a hedge, or if the derivative expires, or is sold, terminated, or
exercised.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;A highly effective hedging relationship is one in which the Group achieves
offsetting changes in fair value or cash flows for the risk being hedged. Hedge
ineffectiveness (which represents the amount by which the changes in the fair
value of the derivative differ from changes in the fair value of the hedged
item or where changes in the cash flow of the derivative differ from expected
changes in the cash flow of the hedged item) and gains and losses on components
of a derivative that are excluded from assessing hedge effectiveness are
recorded in current period earnings.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Fair value hedges</B>
</FONT>

<DIV align="left"><FONT size="2">The Group&#146;s fair value hedges principally consist of interest rate swaps that
are used to protect against changes in the fair value of fixed-rate long-term
debt due to changes in market interest rates.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;For the year ended 31 December 2001, the Group recognized a net loss of
CHF 12&nbsp;million (reported as Net trading income in the Financial Statements),
which represents the ineffective portion of fair value hedges. Foreign currency
interest rate swaps are also used as hedging instruments but only the interest
rate element is designated against the interest rate risk exposure of the
underlying hedged debt instruments. Therefore, when measuring hedge
effectiveness, we consider only changes in fair value due to market interest
rates. For the year ended 31 December 2001, CHF 275&nbsp;million of foreign currency
transaction net gains associated with foreign currency interest rate swaps used
as fair value hedges were excluded from the assessment of hedge effectiveness.
These foreign currency transaction gains were recorded as Net trading income.
As of 31 December 2001, the fair values of outstanding derivatives designated
as fair value hedges was a CHF 895&nbsp;million net unrealized gain.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Cash flow hedges of individual variable rate assets and liabilities</B>
</FONT>

<DIV align="left"><FONT size="2">The Group also uses interest rate swaps to protect against changes in cash
flows of certain variable rate debt issues. For the year ended 31 December
2001, there has been no material gain or loss associated with ineffective
portions of cash flow hedges. Gains and losses on derivative contracts that are
reclassified from accumulated Gains/losses not recognized in the income
statement to current period earnings are included in Net interest income. As of
31 December 2001, CHF 14&nbsp;million of the deferred net gains on derivative
instruments accumulated in shareholders&#146; equity is expected to be reclassified
into earnings during the next twelve months at the time the hedged cash flows
occur. As of 31 December 2001, the</FONT></DIV>

<P align="right"><FONT size="2">119</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<P align="left"><FONT size="3"><B>Note 24 Derivative Instruments (continued)</B>
</FONT>

<P><FONT size="2">fair value of outstanding derivatives designated as cash flow hedges was a CHF
16&nbsp;million net unrealized gain recorded in shareholders&#146; equity.
</FONT>
<P align="left"><FONT size="2"><B>Cash flow hedges of forecasted transactions</B>
</FONT>

<DIV align="left"><FONT size="2">The Group applies hedge accounting for its non-trading interest rate risk in
major currencies by analyzing expected cash flows on an enterprise basis. The
objective is to protect against changes in future interest cash flows relating
to the forecasted reinvestment or re-borrowing of cash flows due to changes in
market interest rates. The Group accumulates information about financial assets
and liabilities that it uses to estimate and aggregate cash flows and to
schedule such estimated cash flows into applicable future periods in which they
are expected to be paid or received. The forecasted cash flows include the
expected future reinvestment or re-borrowing of financial assets and
liabilities and are extended over a twenty-four year period. The Group has
hedges that extend over this twenty-four year period. These cash flows are
based on the contractual terms of the instruments and other factors, including
estimates of prepayments and defaults. The aggregate cash flows form the basis
for identifying the non-trading interest rate risk of the Group. Interest rate
swaps are designated as hedges of these forecasted cash inflows and outflows.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The schedule of forecasted cash flows as of 31 December 2001 is as
follows.
</FONT></DIV>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="37%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">&#060;1 year</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">1&#150;3 years</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">3&#150;5 years</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">5&#150;10 years</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">over 10 years</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash in flows (Assets)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">92,483</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">154,733</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">81,015</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">92,027</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11,253</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash out flows (Liabilities)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">183,482</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">299,566</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">229,368</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">401,674</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">352,707</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net cash flows</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(90,999</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(144,833</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(148,353</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(309,647</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(341,454</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">Gains and losses on derivative contracts that are reclassified from accumulated
Gains/losses not recognized in the income statement to current period earnings
are included in Net interest income. As of 31 December 2001, the fair value of
outstanding derivatives designated as cash flow hedges of forecasted
transactions was a CHF 554&nbsp;million unrealized loss. Amounts reclassified from
Gains/losses not recognized in the income statement to the Income statement due
to discontinued hedges of forecasted transactions were immaterial.
</FONT>

<P align="left"><FONT size="2"><B>Notional amounts and replacement values</B>
</FONT>

<DIV align="left"><FONT size="2">The following table provides the notional amounts and the positive and negative
replacement values of the Group&#146;s derivative transactions.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The notional amount is the amount of a derivative&#146;s underlying asset,
reference rate or index and is the basis upon which changes in the value of
derivatives are measured. It provides an indication of the volume of business
transacted by the Group but does not provide any measure of risk.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Some derivatives are standardized in terms of their notional amounts and
settlement dates, and these are designed to be bought and sold in active
markets (exchange traded). Others are packaged specifically for individual
customers and are not exchange traded, although they may be bought and sold
between counterparties at negotiated prices (OTC instruments).
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Positive replacement value represents the cost to the Group of replacing
all transactions with a receivable amount if all the Group&#146;s counterparties
were to default. This measure is the industry standard for the calculation of
current credit exposure. Negative replacement value is the cost to the Group&#146;s
counterparties of replacing all the Group&#146;s transactions with a commitment if
the Group were to default. The total positive and negative replacement values
are included in the balance sheet separately.</FONT></DIV>

<P><FONT size="2">120</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="3"><B>Note 24 Derivative Instruments (continued)</B>
</FONT>

<P align="left"><FONT size="2"><B>As at 31 December 2001</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="3%">&nbsp;</TD>
        <TD width="28%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="31">&nbsp;</TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Total</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="31"><FONT size="2">Term to maturity</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">notional</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2">Within 3 months</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2">3&#150;12 months</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2">1&#150;5 years</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2">over 5 years</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB">Total</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB">Total</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">amount</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left" colspan="2"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">PRV<SUP>1</SUP></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">NRV<SUP>2</SUP></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">PRV</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">NRV</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">PRV</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">NRV</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">PRV</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">NRV</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB">PRV</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB">NRV</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">CHF bn</FONT></TD>
</TR>
<TR>
        <TD colspan="46" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Interest rate contracts</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Over the counter (OTC)&nbsp;contracts</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Forward contracts</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,844</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,260</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">114</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">530</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">108</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">245</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">48</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">134</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3,114</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,169</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,768.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Swaps</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,807</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,322</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,724</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,393</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">49,043</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">45,029</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">25,232</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">22,866</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>82,806</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>78,610</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,552.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Options</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">388</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">950</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">670</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,095</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,037</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,048</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,830</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,336</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6,925</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>10,429</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">784.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="46" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Exchange-traded contracts<SUP>3</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Futures</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">83.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Options</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">24</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>24</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">63.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="46" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6,042</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8,532</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6,508</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>9,042</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>52,188</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>49,322</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>28,110</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>26,336</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>92,848</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>93,232</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>7,252.8</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="46" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Credit derivative contracts</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Over the counter (OTC)&nbsp;contracts</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Credit default swaps</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">707</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,104</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,020</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,490</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">773</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,184</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,506</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3,796</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">75.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total rate of return swaps</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">84</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">621</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">636</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>96</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,257</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="46" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>18</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>791</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,725</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,020</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,126</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>785</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,184</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,602</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>5,053</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>79.3</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="46" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Foreign exchange contracts</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Over the counter (OTC)&nbsp;contracts</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Forward contracts</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,615</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,163</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,639</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,899</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">755</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">428</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">20</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6,029</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>5,490</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">279.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest and currency swaps</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">19,344</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11,224</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,991</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,763</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,463</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,673</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,465</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,312</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>39,263</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>28,972</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,699.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Options</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,138</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,942</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,148</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,888</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">445</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">433</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">23</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,754</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,264</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,033.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="46" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Exchange-traded contracts<SUP>3</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Futures</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Options</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="46" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>25,097</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>16,329</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>12,779</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>11,552</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8,663</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8,534</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3,508</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,313</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>50,047</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>38,728</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3,013.5</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="46" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Precious metals contracts</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Over the counter (OTC)&nbsp;contracts</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Forward contracts</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">242</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">223</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">210</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">198</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">195</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">179</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>653</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>600</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">17.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Options</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">177</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">164</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">535</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">507</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">740</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">805</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">90</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">81</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,542</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,557</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">54.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="46" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Exchange-traded contracts<SUP>3</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Futures</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Options</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="46" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>419</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>389</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>748</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>706</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>935</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>984</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>96</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>81</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,198</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,160</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>72.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="46" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Equity / Index contracts</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Over the counter (OTC)&nbsp;contracts</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Forward contracts</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,402</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,422</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">445</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,713</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,461</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,464</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">111</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">85</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3,419</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,684</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">35.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Options</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,140</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,222</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,294</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,105</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,076</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,991</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,087</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,844</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>15,597</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>21,162</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">238.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="46" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Exchange-traded contracts<SUP>3</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Futures</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Options</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,497</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,080</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,187</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,431</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">601</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">463</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">21</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3,306</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,988</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">440.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="46" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>9,039</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8,724</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>5,926</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8,249</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6,138</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8,918</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,219</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,943</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>22,322</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>28,834</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>726.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="46" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Commodity contracts</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Over the counter (OTC)&nbsp;contracts</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Forward contracts</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>9</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>15</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Options</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="46" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>14</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>9</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>15</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6.4</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="46" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total derivative instruments</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>40,611</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>34,006</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>26,753</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>31,275</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>68,944</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>69,884</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>33,718</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>32,857</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>170,026</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>168,022</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Replacement value netting</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>96,579</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>96,579</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="46" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Replacement values after netting</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>73,447</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>71,443</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="46" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>1</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">PRV: Positive replacement value.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>2</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">NRV: Negative replacement value.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>3</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Exchange-traded products include proprietary trades only.</FONT></TD>
</TR>
</TABLE>
<P align="right"><FONT size="2">121</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<P align="left"><FONT size="3"><B>Note 24 Derivative Instruments (continued)</B>
</FONT>

<P align="left"><FONT size="2">As at 31 December 2000
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="3%">&nbsp;</TD>
        <TD width="28%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="29">&nbsp;</TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Total</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="29"><FONT size="2">Term to maturity</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">notional</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2">Within 3 months</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2">3&#150;12 months</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2">1&#150;5 years</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2">over 5 years</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB">Total</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB">Total</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">amount</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left" colspan="2"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">PRV<SUP>1</SUP></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">NRV<SUP>2</SUP></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">PRV</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">NRV</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">PRV</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">NRV</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">PRV</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">NRV</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB">PRV</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB">NRV</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">CHF bn</FONT></TD>
</TR>
<TR>
        <TD colspan="46" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Interest rate contracts</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Over the counter (OTC)&nbsp;contracts</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Forward contracts</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">517</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">791</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">167</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">360</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">284</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">256</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>968</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,407</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,066.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Swaps</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,566</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,231</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,398</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,694</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15,759</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,793</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">27,892</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">20,872</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>50,615</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>34,590</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,030.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Options</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">542</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">453</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">865</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,882</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">623</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,162</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">625</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,044</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,655</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>10,541</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">829.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="46" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Exchange-traded contracts<SUP>3</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Futures</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">454.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Options</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>16</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">24.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="46" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,625</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>5,481</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6,430</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,946</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>16,666</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>13,211</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>28,517</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>22,916</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>54,238</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>46,554</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>5,404.3</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="46" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Credit derivative contracts</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Over the counter (OTC)&nbsp;contracts</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Credit default swaps</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">88</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">87</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">889</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,700</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">76</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,497</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>965</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,372</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">35.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total rate of return swaps</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">313</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">91</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,087</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,453</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">356</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">121</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,756</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,665</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="46" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>313</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>88</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>178</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,976</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3,153</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>432</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,618</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,721</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6,037</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>38.5</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="46" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Foreign exchange contracts</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Over the counter (OTC)&nbsp;contracts</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Forward contracts</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">22,652</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">20,140</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,098</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9,410</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">939</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,084</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">35</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">27</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>31,724</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>30,661</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,250.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest and currency swaps</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,563</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,621</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,921</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,507</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,715</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,031</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,019</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,098</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>17,218</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>13,257</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">345.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Options</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,958</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,726</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,896</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,031</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">821</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">438</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">28</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">35</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6,703</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6,230</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">786.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="46" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Exchange-traded contracts<SUP>3</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Futures</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Options</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">21</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>25</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>5</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="46" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>28,177</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>24,488</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>13,936</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>14,952</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>10,475</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8,553</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3,082</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,160</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>55,670</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>50,153</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,385.2</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="46" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Precious metals contracts</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Over the counter (OTC)&nbsp;contracts</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Forward contracts</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">176</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">187</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">211</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">181</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">369</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">394</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">17</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>758</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>779</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Options</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">128</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">80</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">206</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">201</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">934</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">936</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">85</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">119</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,353</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,336</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">75.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="46" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Exchange-traded contracts<SUP>3</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Futures</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Options</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>7</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>14</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="46" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>305</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>269</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>423</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>394</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,303</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,330</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>87</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>136</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,118</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,129</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>92.5</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="46" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Equity / Index contracts</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Over the counter (OTC)&nbsp;contracts</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Forward contracts</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,417</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,186</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,170</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,271</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,424</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,019</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,715</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,948</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6,726</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>11,424</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">32.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Options</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,751</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,867</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,977</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12,358</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,752</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">17,985</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">311</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,648</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>13,791</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>36,858</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">283.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="46" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Exchange-traded contracts<SUP>3</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Futures</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Options</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,771</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,647</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">819</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,051</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">400</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">446</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,992</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3,147</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">45.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="46" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,939</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8,700</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8,966</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>15,680</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>7,576</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>21,450</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,028</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>5,599</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>23,509</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>51,429</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>376.5</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="46" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Commodity contracts</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Over the counter (OTC)&nbsp;contracts</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Forward contracts</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Options</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="46" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="46" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total derivative instruments</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>36,359</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>39,028</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>29,756</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>36,150</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>37,999</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>47,701</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>34,146</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>33,429</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>138,260</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>156,308</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Replacement value netting</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>80,385</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>80,385</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="46" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Replacement values after netting</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>57,875</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>75,923</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="46" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>1</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">PRV: Positive replacement value.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>2</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">NRV: Negative replacement value.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>3</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Exchange-traded products include proprietary trades only.</FONT></TD>
</TR>





</TABLE>

<P><FONT size="2">122</FONT>


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "Off-Balance Sheet and other Information" -->
<DIV align="left"><A NAME="063"></A></DIV>
<P align="left"><FONT size="5" color="#7F7F7F"><B>Off-Balance Sheet and other Information</B>
</FONT>

<!-- link2 "Note 25 Pledged Assets" -->
<DIV align="left"><A NAME="064"></A></DIV>
<P align="left"><FONT size="4"><B>Note 25 Pledged Assets</B>
</FONT>

<DIV><FONT size="2"><B>Assets pledged or assigned as security for
liabilities and assets subject to reservation of title</B>
</FONT></DIV>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="42%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><b>Carrying</b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><b>Related</b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Carrying</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Related</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><b>amount</b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><b>liability</b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">amount</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">liability</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2"><i>CHF million</i></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><b>31.12.01</b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><b>31.12.01</b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Mortgage loans</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,311</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>873</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,639</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,121</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Securities <sup>1</sup></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>204,623</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>163,134</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">116,266</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">62,616</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Property and equipment</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>160</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>89</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">137</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">66</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total pledged assets</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>206,096</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>164,096</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">118,043</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">63,803</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>

<P>
<FONT size="1">1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Includes securities pledged in respect of securities lending and repurchase agreements.</FONT>

<P><FONT size="2">Assets are pledged as collateral for collateralized credit lines with central banks, loans from central
mortgage institutions, deposit guarantees for savings banks, security deposits relating to stock
exchange membership and mortgages on the Group&#146;s property.</FONT>

<!-- link2 "Note 26 Fiduciary Transactions" -->
<DIV align="left"><A NAME="065"></A></DIV>
<P align="left"><FONT size="4"><B>Note 26 Fiduciary Transactions</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="82%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2"><i>CHF million</i></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><b>31.12.01</b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Placements with third parties</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>58,466</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">69,300</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Fiduciary credits and other fiduciary financial transactions</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,136</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,234</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total fiduciary transactions</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>59,602</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">70,534</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">Fiduciary placement represents funds which customers have instructed the Group to place in foreign
banks. The Group is not liable to the customer for any default by the foreign bank nor do creditors
of the Group have a claim on the assets placed.
</FONT>
<P align="right"><FONT size="2">123
</FONT>


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P align="left"><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<!-- link2 "Note 27 Commitments and Contingent Liabilities" -->
<DIV align="left"><A NAME="066"></A></DIV>
<P align="left"><FONT size="4"><B>Note 27 Commitments and Contingent Liabilities</B>
</FONT>

<P><FONT size="2">The Group utilizes various lending-related financial instruments in order to meet the financial needs
of its customers. The Group issues commitments to extend credit, standby and other letters of credit,
guarantees, commitments to enter into repurchase agreements, note issuance facilities and revolving
underwriting facilities. Guarantees represent irrevocable assurances, subject to the satisfaction of certain
conditions, that the Group will make payment in the event that the customer fails to fulfill its
obligation to third parties. The Group also enters into commitments to extend credit in the form of
credit lines which are available to secure the liquidity needs of our customers, but not yet drawn
upon by them, the majority of which range in maturity from 1&nbsp;month to 5&nbsp;years.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The contractual amount of these instruments is the maximum amount at risk for the Group if the
customer fails to meet its obligations. The risk is similar to the risk involved in extending loan facilities
and is monitored with the same risk control processes and specific credit risk policies. For the
years ended 31 December 2001, 2000 and 1999 the Group recognized expense in the income
statement related to obligations incurred for contingencies and commitments of CHF 25&nbsp;million,
CHF 1&nbsp;million and CHF 2&nbsp;million, respectively.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The Group generally enters into sub-participations to mitigate the risks from the Group&#146;s commitments
and contingencies. A sub-participation is an agreement with another party to fund a portion
of the credit facility and to take a share of the loss in the event that the borrower fails to fulfill
its obligations. The Group retains the contractual relationship with the borrower and the sub-participant
has only an indirect relationship with the borrower. The Group will only enter into sub-participation
agreements with banks whose rating is at least equal to or higher than that of the borrower.
</FONT></DIV>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="76%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2"><i>CHF million</i></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><b>31.12.01</b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Contingent liabilities</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Credit guarantees and similar instruments<sup>1</sup></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>18,566</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18,651</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Sub-participations</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(4,944</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(5,669</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>13,622</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12,982</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>

<TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Performance guarantees and similar instruments<sup>2</sup></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,865</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,337</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Sub-participations</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(4</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(62</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,861</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,275</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>

<TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Irrevocable commitments under documentary credits</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,056</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,798</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Sub-participations</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,056</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,798</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>

<TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Gross contingent liabilities</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>25,487</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">27,786</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Sub-participations</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(4,948</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(5,731</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net contingent liabilities</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>20,539</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">22,055</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Irrevocable commitments</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Undrawn irrevocable credit facilities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>50,608</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">53,510</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Sub-participations</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(532</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(788</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>50,076</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">52,722</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>

<TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Liabilities for calls on shares and other equities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>98</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">133</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>

<TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Gross irrevocable commitments</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>50,706</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">53,643</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Sub-participations</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(532</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(788</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net irrevocable commitments</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>50,174</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">52,855</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Gross commitments and contingent liabilities</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>76,193</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">81,429</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Sub-participations</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(5,480</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(6,519</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net commitments and contingent liabilities</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>70,713</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">74,910</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<TABLE width="100%" cellpadding="0" cellspacing="0" border="0">
<TR>
 <TD width="1%"></TD>
 <TD width="1%"></TD>
 <TD width="98%"></TD>
</TR>
<TR>
<TD valign="top"><FONT size="1"><sup>1</sup></FONT></TD>
<TD></TD>
<TD><FONT size="1">Credit guarantees in the form of bill of exchange and other guarantees, including guarantees in the form of irrevocable letters of credit,
endorsement liabilities from bills rediscounted, advance payment
guarantees and similar facilities.</FONT></TD>
</TR>
<TR>
<TD valign="top"><FONT size="1"><sup>2</sup></FONT></TD>
<TD></TD>
<TD><FONT size="1">Bid bonds, performance bonds, builders&#146;
guarantees, letters of indemnity, other performance guarantees in the
form of irrevocable letters of credit and similar
facilities.</FONT></TD>
</TR>
</TABLE>

<P align="left"><FONT size="2">124
</FONT>


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<!-- link2 "Note 27 Commitments and Contingent Liabilities (continued)" -->
<DIV align="left"><A NAME="067"></A></DIV>
<P align="left"><FONT size="4"><B>Note 27 Commitments and Contingent Liabilities (continued)</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="66%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Mortgage</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Other</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2"><i>CHF million</i></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">collateral</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">collateral</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Unsecured</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><b>Total</b></FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Overview of collateral</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Gross contingent liabilities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">293</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14,243</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,951</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>25,487</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Gross irrevocable commitments</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,418</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11,382</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">37,808</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>50,608</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Liabilities for calls on shares and other equities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">98</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>98</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total 31.12.2001</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,711</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>25,625</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>48,857</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>76,193</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total 31.12.2000</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,278</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">20,158</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">59,993</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">81,429</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2"><B>Other commitments</B>
</FONT>

<P><FONT size="2">The Group enters into commitments to fund external private equity funds and investments, which
typically expire within five years. These commitments do not involve credit or market risk as the
funds purchase investments at market value at the time the commitments are drawn. The maximum
amount available to fund these investments at 31 December 2001 and 31 December 2000 was CHF
3,548&nbsp;million and CHF 3,276&nbsp;million, respectively.
</FONT>
<!-- link2 "Note 28 Operating Lease Commitments" -->
<DIV align="left"><A NAME="068"></A></DIV>
<P align="left"><FONT size="4"><B>Note 28 Operating Lease Commitments</B>
</FONT>

<P><FONT size="2">Our minimum commitments for non-cancellable leases of premises and equipment are presented as
follows:
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="90%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2"><i>CHF million</i></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><b>31.12.01</b></FONT></TD>
</TR>
<TR>
        <TD colspan="5" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Operating leases due</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2002</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,200</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2003</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,081</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2004</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>965</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2005</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>823</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2006</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>742</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2007 and thereafter</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>5,953</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="5" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total commitments for minimum payments under operating leases</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>10,764</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="5" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">Operating expenses include CHF 1,092&nbsp;million, CHF 816&nbsp;million and CHF 742&nbsp;million in respect
of operating lease rentals for the year ended 31 December 2001, 31 December 2000 and 31 December 1999, respectively.
</FONT>
<P align="right"><FONT size="2">125
</FONT>


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P align="left"><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<!-- link2 "Note 29 Litigation" -->
<DIV align="left"><A NAME="069"></A></DIV>
<P align="left"><FONT size="4"><B>Note 29 Litigation</B>
</FONT>

<P><FONT size="2">In the United States, several class actions in relation to the business
activities of Swiss Companies during World War II, have been brought against
the bank (as legal successor to Swiss Bank Corporation and Union Bank of
Switzerland) in the United States District Court for the Eastern District of
New York (Brooklyn). These lawsuits were initially filed in October 1996.
Another Swiss bank was designated as a defendant alongside us. On 12 August
1998, however, a settlement was reached between the parties. This settlement
provides for a payment by the defendant banks to the plaintiffs, under certain
terms and conditions, of an aggregate amount of USD 1.25&nbsp;billion. UBS agreed to
contribute up to two-thirds of this amount. As a result of contributions by
Swiss industrial companies to the settlement, UBS&#146; share was reduced by CHF 50
million. A number of persons have elected to opt out of the settlement and not
to participate in the class action. The settlement agreement was approved by
the court on 26 July 2000, and on 22 November 2000 the distribution plan has
been approved. By 23 November 2000 the banks have transferred the last
instalment of the settlement amount to the court for distribution.
The approval of the Settlement became final by 30 May 2001. There is one appeal
by the banks regarding the interpretation of the Settlement Agreement which has
yet to be decided. However, this appeal is without financial impact to the
bank.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In addition, the bank and other companies within the UBS Group are subject
to various claims, disputes and legal proceedings, as part of the normal course
of business. The Group makes provision for such matters when, in the opinion of
management and its professional advisors, it is probable that a payment will be
made by the Group, and the amount can be reasonably estimated. All litigation
provisions are included within Business risk provisions.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In respect of the further claims asserted against the Group of which
management is aware (and which, according to the principles outlined above,
have not been provided for), it is the opinion of management that such claims
are either without merit, can be successfully defended or will result in
exposure to the Group which is immaterial to both financial position and
results of operations.
</FONT></DIV>

<P align="left"><FONT size="2">126
</FONT>


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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<!-- link2 "Note 30 Financial Instruments Risk Position" -->
<DIV align="left"><A NAME="070"></A></DIV>
<P align="left"><FONT size="4"><B>Note 30 Financial Instruments Risk Position</B>
</FONT>

<P align="left"><FONT size="2"><b>Overall risk position</b>
</FONT>

<DIV align="left"><FONT size="2">The Group manages risk in a number of ways, including the use of a
Value-at-Risk (VaR) model combined with a system of trading limits.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;This section presents information about Group&#146;s exposure to and its
management of the risks associated with the use of financial instruments.
</FONT></DIV>

<!-- link3 "a) Interest Rate Risk" -->
<DIV align="left"><A NAME="071"></A></DIV>
<P align="left"><FONT size="4"><B>a) Interest Rate Risk</B>
</FONT>

<P><FONT size="2">Interest rate risk is the potential impact from changes in market interest
rates on the fair values of assets and liabilities on the balance sheet and on
the annual interest income and expense in the income statement.
</FONT>
<P align="left"><FONT size="2"><B>Interest rate sensitivity</B>
</FONT>

<DIV align="left"><FONT size="2">One commonly used method to present the potential impact of the market
movements is to show the effect of a one basis point (0.01%) change in interest
rates on the fair values of assets and liabilities, analyzed by time bands
within which the Group is committed. This type of presentation, described as a
sensitivity analysis, is set out below. Interest rate sensitivity is one of the
inputs to the VaR model used by the Group to manage its overall market risk, of
which interest rate risk is a part.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The following table sets out the extent to which the Group was exposed to
interest rate risk at 31 December 2001 and 2000. The table shows the potential
net impact of a one basis point (0.01%) increase in market interest rates on
the fair values of both assets and liabilities that are subject to fixed
interest rates. The impact of such
an increase in rates depends on the net asset or net liability position of the
Group in each category, currency and time band in the table. A negative amount
in the table reflects a potential loss to the Group due to the changes in fair
values as a result of an increase in interest rates. A positive amount reflects
a potential gain as a result of an increase in interest rates. Both primary and
derivative instruments in trading and non-trading activities, as well as
off-balance-sheet commitments are included in the table.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The information presented below distinguishes between trading and
non-trading portfolios. This distinction follows the classification used by the
business for VaR purposes, which differs somewhat from the accounting
classification of trading and non-trading assets and liabilities. For purposes
of this table, trading includes all assets and liabilities that are kept in the
Group&#146;s trading book and which receive a valuation-at-risk treatment for
capital adequacy purposes. Non-trading includes all other assets and
liabilities that are kept on the banking book including derivatives designated
as hedging instruments for hedge accounting purposes.
</FONT></DIV>

<P align="right"><FONT size="2">127
</FONT>


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P align="left"><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<P align="left"><FONT size="4"><b>Note 30 Financial Instruments Risk Position (continued)<BR>
a) Interest Rate Risk (continued)</b>
</FONT>

<P align="left"><FONT size="2"><b>Interest rate sensitivity position</b>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="11%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="8%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="9%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="19"><FONT size="2">Interest sensitivity by time bands as of 31.12.2001</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2"><i>CHF thousand</i></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Within 1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">1 to 3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">3 to 12</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">1 to 5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Over 5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2"><i>per basis point increase</i></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">month</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">months</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">months</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">years</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">years</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><b>Total</b></FONT></TD>
</TR>
<TR>
        <TD colspan="29" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">CHF</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3"><FONT size="2">Trading</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">22</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(121</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(35</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(297</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(314</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(745</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" nowrap><FONT size="2">Non-trading</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(24</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(366</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(7,656</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(6,030</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(14,073</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
</TR>
<TR>
        <TD colspan="29" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">USD</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" nowrap><FONT size="2">Trading</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(299</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">35</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">96</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(960</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(2,115</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(3,243</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" nowrap><FONT size="2">Non-trading</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">35</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(113</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(157</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(274</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(15</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(524</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
</TR>
<TR>
        <TD colspan="29" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">EUR</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" nowrap><FONT size="2">Trading</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(129</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">73</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(269</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(308</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(806</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(1,439</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" nowrap><FONT size="2">Non-trading</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(2</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(6</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(38</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">182</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>136</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="29" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">GBP</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3"><FONT size="2">Trading</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(89</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">27</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(520</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">65</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">172</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(345</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" nowrap><FONT size="2">Non-trading</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(7</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(57</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">175</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">624</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>735</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="29" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">JPY</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3"><FONT size="2">Trading</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">175</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">695</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(98</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1,386</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">246</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(368</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3"><FONT size="2">Non-trading</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(3</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(4</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(5</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
</TR>
<TR>
        <TD colspan="29" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Others</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3"><FONT size="2">Trading</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(51</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">167</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">126</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(404</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">369</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>207</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3"><FONT size="2">Non-trading</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(4</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(6</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
</TR>
<TR>
        <TD colspan="29" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="11%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="8%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="19"><FONT size="2">Interest sensitivity by time bands as of 31.12.2000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2"><i>CHF thousand</i></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Within 1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">1 to 3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">3 to 12</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">1 to 5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Over 5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2"><i>per basis point increase</i></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">month</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">months</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">months</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">years</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">years</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><b>Total</b></FONT></TD>
</TR>
<TR>
        <TD colspan="29" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">CHF</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3"><FONT size="2">Trading</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">41</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(471</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">854</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">63</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(478</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>9</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3"><FONT size="2">Non-trading</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(39</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">49</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(49</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(6,802</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(3,018</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(9,859</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
</TR>
<TR>
        <TD colspan="29" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">USD</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" nowrap><FONT size="2">Trading</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(493</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,007</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">293</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(2,293</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">380</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(106</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" nowrap><FONT size="2">Non-trading</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">58</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(342</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(183</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(443</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
</TR>
<TR>
        <TD colspan="29" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">EUR</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" nowrap><FONT size="2">Trading</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(82</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(152</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">114</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,190</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1,801</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(731</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" nowrap><FONT size="2">Non-trading</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">82</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">177</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>269</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="29" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">GBP</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3"><FONT size="2">Trading</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(227</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">152</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">145</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(229</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">521</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>362</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3"><FONT size="2">Non-trading</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(36</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">270</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">585</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>819</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="29" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">JPY</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3"><FONT size="2">Trading</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">293</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1,532</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,088</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">62</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(450</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(539</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" nowrap><FONT size="2">Non-trading</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(4</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(5</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
</TR>
<TR>
        <TD colspan="29" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Others</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" nowrap><FONT size="2">Trading</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(2</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(41</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">124</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(50</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(44</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(13</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" nowrap><FONT size="2">Non-trading</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="29" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2"><B>Trading</B>
</FONT>

<DIV align="left"><FONT size="2">The major part of the trading related interest
rate risk is generated in fixed income securities
trading, fixed income derivatives trading, trading
in currency forward contracts and money
market trading and is managed within the VaR
model. Interest rate sensitivity arising from trading
activities is quite sizeable in USD, EUR, GBP
and JPY as these
are still the
predominantly traded currencies in
the global interest
rate markets.
It should be noted
that it is
management&#146;s view
that an interest
sensitivity
analysis at a
particular
point in time has
limited relevance
with respect
to trading
positions, which
can vary
significantly
on a daily basis.
</FONT></DIV>

<P align="left"><FONT size="2">128
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P align="left"><FONT size="4"><b>Note 30 Financial Instruments Risk Position (continued)<BR>
a) Interest Rate Risk (continued)</b>
</FONT>

<P align="left"><FONT size="2"><b>Non-trading</b>
</FONT>

<DIV align="left"><FONT size="2">The management of the non-trading interest rate risk is primarily done within
the Corporate Center. The interest rate risk of UBS Switzerland, related to
client business with undefined maturities and of CHF transactions with
maturities above 1&nbsp;year, is transferred to the Corporate Center where the
strategic interest rate risk management of the overall balance sheet is
performed centrally.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The most significant part of the interest rate sensitivity of the CHF book
of CHF (14.1) million relates to the investment of the Group&#146;s equity. This is
invested &#150; in line with the duration and
sensitivity targets set by the Board of Directors &#150; in a portfolio of fixed rate
CHF loans with an average duration of 3.0&nbsp;years (previously 2.5&nbsp;years).
Investing in shorter-term or variable rate instruments would mean exposing the
earnings stream (interest income) to higher fluctuations. For the currencies
EUR and GBP the interest rate sensitivity arises mainly from subordinated notes
issues which are intentionally unhedged as they are regarded as constituting a
part of the Group&#146;s equity for asset and liability management purposes. The
interest rate sensitivity in USD can be attributed predominantly to the
short-term refinancing of financial investments.
</FONT></DIV>

<!-- link3 "b) Credit Risk" -->
<DIV align="left"><A NAME="072"></A></DIV>
<P align="left"><FONT size="4"><B>b) Credit Risk</B>
</FONT>

<P><FONT size="2">Credit risk represents the loss which the Group would suffer if a counterparty
or issuer failed to perform its contractual obligations in all forms. Credit
risk is inherent in traditional banking products &#150; loans, commitments to lend,
and contracts to support counterparties&#146; obligations to third parties such as
letters of credit &#150; and in foreign exchange and derivatives contracts, such as
swaps and options (&#147;traded products&#148;). Positions in tradable assets such as
bonds and equities, including both direct holdings and synthetic positions
through derivatives, also carry credit risk.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;This risk is managed primarily based on the review of the financial status
of each specific counterparty, which is rated on a 14 point rating scale, based
on probability of default for products other than tradeable assets.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Concentrations of credit risk exist if clients are engaged in similar
activities, or are located in the same geographic region or have comparable
economic characteristics such that their ability to meet contractual
obligations would be similarly affected by changes in economic, political or
other conditions.
</FONT></DIV>

<!-- link4 "(b)(i) On-balance sheet assets" -->
<DIV align="left"><A NAME="073"></A></DIV>
<P align="left"><FONT size="2"><B>(b)(i) On-balance sheet assets</B>
</FONT>

<DIV align="left"><FONT size="2">As of 31 December 2001, due from banks and loans to customers amounted to CHF
262&nbsp;billion. 60.7% of the loans were with clients domiciled in Switzerland.
Please refer to Note 10 for a breakdown by region.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The issuer default risk of securities positions reported at fair value in
the trading portfolio assets amounted to CHF 398&nbsp;billion as of 31 December
2001. Please refer to Note 12 for a further breakdown by type of issuer.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Derivatives</B>
</FONT>

<DIV align="left"><FONT size="2">Credit risk represents the current replacement value of all outstanding
derivative contracts in a gain position by taking into consideration legally
enforceable master netting agreements. Positive replacement values amounted to
CHF 73&nbsp;billion as at 31 December 2001. Based on the location of the ultimate
counterparty, 10% of this credit risk amount related to Switzerland, 47% to
Europe (excluding Switzerland) and 29% to North America. 50% of the positive
replacement values are with other banks.
</FONT></DIV>

<P align="right"><FONT size="2">129
</FONT>


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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P align="left"><FONT size="2"><B>UBS Group Financial Statements<br>
Notes to the Financial Statements</B>
</FONT>

<P align="left"><FONT size="4"><b>Note 30 Financial Instruments Risk Position (continued)<BR>
b) Credit Risk (continued)</b>
</FONT>

<!-- link4 "(b)(ii) Off-balance sheet financial instruments" -->
<DIV align="left"><A NAME="074"></A></DIV>
<P align="left"><FONT size="2"><B>(b)(ii) Off-balance sheet financial instruments</B>
</FONT>

<P align="left"><FONT size="2"><b>Credit commitments and contingent liabilities</b>
</FONT>

<DIV align="left"><FONT size="2">Of the CHF 76&nbsp;billion in credit
commitment and contingent
liabilities as at 31 December
2001, 13% related to clients
domiciled in Switzerland, 24% in
Europe (excluding Switzerland)
and 55% in North America.
</FONT></DIV>

<!-- link4 "(b)(iii) Credit risk mitigation techniques" -->
<DIV align="left"><A NAME="075"></A></DIV>
<P align="left"><FONT size="2"><B>(b)(iii) Credit risk mitigation techniques</B>
</FONT>

<DIV align="left"><FONT size="2">Credit risk associated with
derivative instruments is
mitigated by the use of master
netting agreements. A further
method of reducing credit
exposure arising from derivative
transactions is to use
collateralization arrangements.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Master netting agreements
eliminate risk to the extent that
only the net claim is due to be
settled in the case of a default
of the counterparty. The impact
of master netting agreements as
at 31 December 2001 is to
mitigate credit risk on
derivative instruments by
approximately CHF 97&nbsp;billion. The
impact can change substantially
over short periods of time,
because the exposure is affected
by each transaction subject to
the arrangement.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The Group subjects its
derivative-related credit risks
to the same credit approval,
limit and monitoring standards
that it uses for managing other
transactions that create credit
exposure. This includes
evaluation of counterparties as
to creditworthiness and
suitability, and managing the
size, diversification and
maturity structure of the
portfolio. Credit utilization for
all products is compared against
established limits on a continual
basis and is subject to a
standard exception reporting
process.
</FONT></DIV>

<P align="left"><FONT size="2">130
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link3 "c) Currency Risk" -->
<DIV align="left"><A NAME="076"></A></DIV>
<P align="left"><FONT size="4"><B>Note 30 Financial Instruments Risk Position (continued)</B>
</FONT>

<P align="left"><FONT size="4"><b>c) Currency Risk</b>
</FONT>

<P><FONT size="2">The Swiss franc is the Group&#146;s reporting currency. Hedging transactions are used to manage foreign currency risks (see Note 24: Derivative Instruments).
</FONT>
<P align="left"><FONT size="2"><B>Breakdown of assets and liabilities by currencies</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="45%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="15"><FONT size="2" color="#0865AB"><b>31.12.01</b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="15"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="15"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="15"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2"><i>CHF billion</i></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><b>CHF</b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><b>USD</b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><b>EUR</b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><b>Other</b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">CHF</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">USD</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">EUR</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Other</FONT></TD>
</TR>
<TR>
        <TD colspan="33" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Assets</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash and balances with central banks</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0.3</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0.6</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>17.1</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Due from banks</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>5.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8.6</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>5.2</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8.7</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash collateral on securities borrowed</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0.1</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>156.4</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2.5</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3.9</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">169.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Reverse repurchase agreements</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>5.1</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>142.9</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>40.2</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>81.1</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">83.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">37.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">67.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Trading portfolio assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>9.6</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>265.2</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>47.2</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>75.9</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">184.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">38.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">77.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Positive replacement values</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>30.6</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>11.4</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1.2</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>30.2</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">38.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Loans, net of allowance for credit losses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>151.4</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>43.1</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>11.9</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>20.1</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">154.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">52.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">31.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Financial investments</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2.9</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>7.4</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1.5</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>17.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Accrued income and prepaid expenses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0.7</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4.9</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0.8</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1.2</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Investments in associates</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0.7</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Property and equipment</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6.3</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1.5</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0.1</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0.8</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Goodwill and other intangible assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0.2</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>18.5</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0.4</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">19.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2.1</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>5.6</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0.8</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1.4</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="33" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total assets</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>217.7</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>665.8</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>112.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>257.8</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">214.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">543.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">96.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">233.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="33" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Liabilities</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Due to banks</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>68.6</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>12.9</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>17.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">46.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash collateral on securities lent</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>24.3</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3.2</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2.8</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Repurchase agreements</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>12.8</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>271.1</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>30.7</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>54.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">194.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">74.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Trading portfolio liabilities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2.8</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>65.2</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>12.5</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>25.3</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">52.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Negative replacement values</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>25.7</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6.5</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1.6</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>37.7</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">59.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Due to customers</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>123.3</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>138.8</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>41.5</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>30.2</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">118.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">129.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">29.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">32.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Accrued expenses and deferred income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2.4</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>10.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0.9</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Debt issued</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>15.7</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>120.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8.8</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>11.7</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">90.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other liabilities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>7.2</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6.1</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0.9</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1.5</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Minority interests</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0.1</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3.9</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0.1</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Shareholders&#146; equity</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>43.5</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">44.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="33" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2"><B>Total liabilities, minority interests<br>
and shareholders&#146; equity</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>241.5</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>714.5</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>113.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>184.3</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">222.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">550.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">83.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">231.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="33" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P align="right"><FONT size="2">131
</FONT>


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<!-- link3 "d) Liquidity Risk" -->
<DIV align="left"><A NAME="077"></A></DIV>
<P align="left"><FONT size="4"><B>Note 30 Financial Instruments Risk Position (continued)</B>
</FONT>

<P align="left"><FONT size="4"><b>d) Liquidity Risk</b>
</FONT>

<P align="left"><FONT size="2"><B>Maturity analysis of assets and liabilities</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="52%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Due</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Due</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Due</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">between</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">between</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Due</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">On</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Subject</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">within</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">3 and</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">1 and</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">after</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2"><i>CHF billion</i></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">demand</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">to notice<sup>1</sup></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">3 mths</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">12 mths</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">5 years</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">5 years</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Total</FONT></TD>
</TR>
<TR>
        <TD colspan="29" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Assets</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash and balances with central banks</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">21.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">21.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Due from banks</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">27.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash collateral on securities borrowed</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">162.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">162.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Reverse repurchase agreements</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">236.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">31.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">269.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Trading portfolio assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">397.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">397.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Positive replacement values</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">73.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">73.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Loans, net of allowance for credit losses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">29.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">96.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">36.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">54.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">226.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Financial investments</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">28.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Accrued income and prepaid expenses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Investments in associates</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Property and equipment</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Goodwill and other intangible assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">19.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">19.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="29" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total 31.12.2001</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>529.7</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>30.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>513.4</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>74.2</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>63.6</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>42.4</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,253.3</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="29" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total 31.12.2000</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">351.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">38.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">502.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">87.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">60.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">46.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,087.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="29" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Liabilities</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
Due to banks</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">87.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">106.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash collateral on securities lent</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">30.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">30.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Repurchase agreements</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">336.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">31.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">368.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Trading portfolio liabilities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">105.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">105.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Negative replacement values</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">71.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">71.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Due to customers</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">141.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">178.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">333.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Accrued expenses and deferred income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">17.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">17.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Debt issued</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">66.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">50.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">27.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">156.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other liabilities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="29" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total 31.12.2001</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>362.8</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6.4</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>700.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>93.9</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>29.3</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>13.3</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,205.7</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="29" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total 31.12.2000</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">283.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">77.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">536.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">84.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">33.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">25.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,039.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="29" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<TABLE width="100%" cellpadding="0" cellspacing="0" border="0">
<TR>
 <TD width="1%"></TD>
 <TD width="1%"></TD>
 <TD width="98%"></TD>
</TR>
<TR>
<TD valign="top"><FONT size="1"><sup>1</sup></FONT></TD>
<TD></TD>
<TD><FONT size="1">Deposits without a fixed term, on which notice of withdrawal or termination has not been given (such funds may be withdrawn by the
depositor
or repaid by the borrower subject to an agreed period of
notice).</FONT></TD>
</TR>
</TABLE>

<P align="left"><FONT size="2">132
</FONT>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><FONT size="3"><B>Note 30 Financial Instruments Risk Position (continued)</B>
</FONT><br>
<FONT size="3"><b>e) Capital Adequacy</b>
</FONT><br>
<FONT size="2"><b>Risk-weighted assets (BIS)</b></FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="58%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>

<TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><b>Balance</b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Balance</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>sheet /</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>Risk-</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">sheet /</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Risk-</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>notional</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>weighted</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">notional</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">weighted</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>amount</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>amount</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">amount<SUP>1</SUP></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">amount<SUP>1</SUP></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Balance sheet assets</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Due from banks and other collateralized lendings</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>380,641</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>7,640</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">333,270</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,409</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net positions on securities<SUP>2</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>29,500</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>10,992</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">20,463</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,979</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Positive replacement values</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>73,447</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>19,556</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">57,875</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18,763</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Loans, net of allowances for credit losses
and other collateralized lendings</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>305,624</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>154,908</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">312,376</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">162,539</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Accrued income and prepaid expenses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>7,554</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3,679</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,062</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,653</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Property and equipment</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>13,202</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>13,202</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13,620</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13,620</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>9,875</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,504</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9,491</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,565</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Off-balance sheet and other positions</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Contingent liabilities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>25,487</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>9,868</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">27,786</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12,548</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Irrevocable commitments</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>50,705</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>5,034</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">53,643</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12,599</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Forward and swap contracts <SUP>3</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8,362,374</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>9,256</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,743,239</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,933</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Purchased options <SUP>3</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>365,100</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,777</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">380,411</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,922</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Market risk positions </B><SUP><B>4</B></SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>13,319</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,760</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total risk-weighted assets</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>253,735</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">273,290</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>1</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Changes have been made to prior year to conform to the current presentation
(see Note 1: Summary of Significant Accounting Policies).</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>2</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Excluding positions in the trading book, these are included in market risk
positions.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>3</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">The risk-weighted amount corresponds to the security margin
(add-on) of the contracts.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>4</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Value at Risk according to the internal model
multiplied by a factor of 12.5 to create the risk-weighted amount of the market
risk positions in the trading book.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>BIS capital ratios</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="48%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>

<TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><b>Capital</b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
<TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><b>Ratio</b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Capital</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Ratio</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>CHF million</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>%</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">CHF million</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">%</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Tier 1</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>29,322</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>11.6</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">31,892</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">of which hybrid Tier 1</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3,638</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1.4</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,456</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Tier 2</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8,149</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3.2</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,968</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total BIS</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>37,471</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>14.8</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">42,860</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">The Tier 1 capital includes CHF 3,638&nbsp;million (USD 2,175&nbsp;million) trust
preferred securities at 31 December 2001 and CHF 2,456&nbsp;million (USD 1,500
million) at 31 December 2000.
</FONT>
<P><FONT size="2">Among other measures the Group monitors the adequacy of its capital using
ratios established by the Bank for International Settlements (BIS). The BIS
ratio is required to be at least 8%. The Group has complied with all BIS and
Swiss capital adequacy rules for all periods presented. These ratios measure
capital adequacy by comparing the Group&#146;s eligible capital with its risk
weighted positions which include balance sheet assets, net positions in
securities not held in the trading book, off-balance sheet transactions
converted into their credit equivalents and market risk positions at a weighted
amount to reflect their relative risk.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The capital adequacy rules require a minimum amount of capital to cover
credit and market risk exposures. For the calculation of the capital required
for credit risk the balance sheet assets are weighted according to broad
categories of notional credit risk, being assigned a
</FONT></DIV>

<P align="right"><FONT size="2">133</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>
<P><FONT size="3"><B>Note 30 Financial Instruments Risk Position (continued)<BR>
e) Capital Adequacy (continued)</b></FONT>

<P><FONT size="2">risk weighting according to the amount of capital deemed to be necessary to
support them. Four categories of risk weights (0%, 20%, 50%, 100%) are applied;
for example cash, claims collateralized by cash or claims collateralized by
OECD central-government securities have a zero risk weighting which means that
no capital is required to be held in respect of these assets. Uncollateralized
loans granted to corporate or private customers carry a 100% risk weighting,
meaning that they must be supported by capital equal to 8% of the carrying
amount. Other asset categories have weightings of 20% or 50% which require 1.6%
or 4% capital.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The net positions in securities not held in the trading book reflect the
Group&#146;s exposure to an issuer of securities arising from its physical holdings
and other related transactions in that security.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;For contingent liabilities and irrevocable facilities granted, the credit
equivalent is calculated by multiplying the nominal value of each transaction
by its corresponding credit conversion factor. The resulting amounts are then
weighted for credit risk using the same percentage as for balance sheet assets.
In the case of OTC forward contracts and purchased options, the credit
equivalent is computed on the basis of the current replacement value of the
respective contract plus a security margin (add-on) to cover the future
potential credit risk during the remaining duration of the contract.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The Group calculates its capital requirement for market risk positions,
which includes interest-rate instruments and equity securities in the trading
book as well as positions in foreign exchange throughout the Group, using an
internal Value-at-Risk (VaR) model. This approach was introduced in the BIS
1996 market risk amendment to the Basel Accord of July 1988 and incorporated in
the Swiss capital adequacy rules of the Swiss Banking Ordinance.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The BIS proposal requires that the regulators perform tests of the bank
internal models before giving permission for these models to be used to
calculate the market risk capital. Based on extensive checks, the use of the
Group internal models was accepted by the Swiss Federal Banking Commission in
July 1999.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Tier 1 capital consists of share capital, share premium, retained earnings
including current year profit, foreign currency translation and minority
interest less accrued dividends, net long positions in own shares and goodwill.
Tier 2 capital includes the Group&#146;s subordinated long-term debt.
</FONT></DIV>

<P><FONT size="2">134</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P align="left"><FONT size="2"><B>Note 31 Fair Value of Financial Instruments</B>
</FONT>

<P><FONT size="2">The following table presents the fair value of financial instruments based on
the following valuation methods and assumptions. It is presented because not
all financial instruments are reflected in the financial statements at fair
value.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Fair value is the amount for which an asset could be exchanged, or a
liability settled, between knowledgeable, willing parties in an
arm&#146;s-length
transaction. We use market price to determine fair value, where an active
market (such as a recognized stock exchange) exists, as it is the best evidence
of the fair value of a financial instrument. However, market prices are not
available for a significant number of the financial assets and liabilities held
and issued by the Group. Therefore, for financial instruments where no market
price is available, the fair values presented in the following table have been
estimated using present value or other estimation and valuation techniques
based on market conditions existing at balance sheet dates.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The values derived from applying these techniques are significantly
affected by the underlying assumptions used concerning both the amounts and
timing of future cash flows and the discount rates. The following methods and
assumptions have been used:
</FONT></DIV>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">trading assets, derivatives and other transactions undertaken for trading
purposes are measured at fair value by reference to quoted market prices
when available. If quoted market prices are not available, then fair
values are estimated on the basis of pricing models, or discounted cash
flows. Fair value is equal to the carrying amount for these items;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">financial investments classified as available-for-sale are measured at
fair value by reference to quoted market prices when available. If quoted
market prices are not available, then fair values are estimated on the
basis of pricing models or other recognized valuation techniques. Prior to
the adoption of IAS 39 in 2001, financial investments were carried at cost
or if considered held for sale, at the lower of cost or market. Upon the
adoption of the standard, all financial investments are carried at fair
value. Unrealized gains and unrealized losses, excluding impairment
write-downs, are recorded in shareholders&#146; equity until an asset is sold,
collected or otherwise disposed of;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">(c)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">the fair value of liquid assets and other assets maturing within 12
months is assumed to approximate their carrying amount. This assumption is
applied to liquid assets and the short-term elements of all other
financial assets and financial liabilities;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">(d)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">the fair value of demand deposits and savings accounts with no specific
maturity is assumed to be the amount payable on demand at the balance
sheet date;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">(e)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">the fair value of variable rate financial instruments is assumed to
approximate their carrying amounts;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">(f)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">the fair value of fixed rate loans and mortgages is estimated by
comparing market interest rates when the loans were granted with current
market rates offered on similar loans. Changes in the credit quality of
loans within the portfolio are not taken into account in determining gross
fair values as the impact of credit risk is recognized separately by
deducting the amount of the allowance for credit losses from both book and
fair values.</FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The assumptions and techniques have been developed to provide a consistent
measurement of fair value for the Group&#146;s assets and liabilities in the
following table. However, because other institutions may use different methods
and assumptions, such fair value disclosures in this note cannot necessarily be
compared from one financial institution to another.</font></div>
<P align="right"><FONT size="2">135</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<P align="left"><FONT size="2"><B>Note 31 Fair Value of Financial Instruments (continued)</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="56%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>Carrying</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>Fair</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>Unrealized</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Carrying</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Fair</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Unrealized</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>value</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>value</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>gain / (loss)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">value</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">value</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">gain / (loss)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF billion</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Assets</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash and balances with central banks</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>21.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>21.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Due from banks</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>27.7</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>27.7</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">29.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">29.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash collateral on securities borrowed</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>162.9</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>162.9</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">177.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">177.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Reverse repurchase agreements</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>269.3</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>269.3</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">193.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">193.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Trading portfolio assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>397.9</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>397.9</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">315.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">315.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Positive replacement values</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>73.4</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>73.4</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">57.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">57.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Loans, net of allowance for credit losses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>226.7</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>227.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0.3</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">245.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">244.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(0.2</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Financial investments</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>28.8</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>28.8</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">19.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">21.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Liabilities</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Due to banks</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>107.2</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>107.2</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">82.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">82.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash collateral on securities lent</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>30.3</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>30.3</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">23.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">23.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Repurchase agreements</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>368.6</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>368.6</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">295.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">295.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Trading portfolio liabilities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>105.8</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>105.8</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">82.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">82.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Negative replacement values</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>71.4</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>71.4</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">75.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">75.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Due to customers</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>334.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>334.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">311.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">311.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Debt issued</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>157.5</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>158.6</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(1.1</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">130.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">131.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(0.9</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Subtotal</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(0.8</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Unrealized gains and losses recorded
in shareholders&#146; equity before tax on:</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Financial investments</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1.2</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Derivative instruments designated
as cash flow hedges</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(0.6</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(0.5)</FONT></TD>
        <TD><FONT size="2"><sup>1</sup></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net unrealized gains and losses</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>not recognized in the income statement</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(0.2</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>1</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Relates to the cash flow hedge opening adjustment for IAS 39 at 1 January
2001 (see Note1 Summary of Significant Accounting Policies for more information
on the adoption of IAS 39).</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">136</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P align="left"><FONT size="2"><B>Note 31 Fair Value of Financial Instruments (continued)</B>
</FONT>

<P><FONT size="2">The table does not reflect the fair values of non-financial assets and
liabilities such as property, equipment, goodwill, prepayments and non-interest
accruals. The interest amounts accrued to date for respective financial
instruments are included, for purposes of the above fair value disclosure, in
the carrying value of the financial instruments.
</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Substantially
all of the Group&#146;s commitments to extend credit are at
variable rates. Accordingly, the Group has no significant exposure to fair
value fluctuations related to these commitments.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Changes in
the fair value of the Group&#146;s fixed rate loans, long- and
medium-term notes and bonds issued are predominantly hedged by derivative
instruments, mainly interest rate swaps. The interest rate risk inherent in the
balance sheet positions with no specific maturity is also hedged with
derivative instruments based on the management view on the economic maturity of
the products.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The hedging derivative instruments are carried at fair value on the
balance sheet and are part of the replacement values in the above table. When
fixed rate financial instruments are hedged with derivatives in a fair value
hedge, they are reflected in the above table at fair value related to the
hedged exposure with fair value changes recorded in net profit. When derivative
instruments are designated as cash flow hedges, the difference between the
total amount of valuation gains and losses and the amortized amount of the
derivatives is deferred and shown net in the table as unrealized gains and
losses on derivative instruments designated as cash flow hedges.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The decrease in the Net unrealized gains and losses during 2001 of CHF 0.4
billion is mainly attributable to the lower unrealized fair value gain from
financial investments (down CHF 0.6&nbsp;billion to CHF 1.2&nbsp;billion). The change in
the unrealized gains and losses of fixed rate long-term assets has increased by
CHF 0.5&nbsp;billion from the prior year as a result of declining interest rates
during 2001. This was partially offset by an increase in fair value loss from
fixed rate long-term debt issues and from hedging derivatives.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Note 32 Retirement Benefit Plans and Other Employee Benefits</B>
</FONT>

<P><FONT size="2">The Group has established various pension plans inside and outside of
Switzerland. The major plans are located in Switzerland, the UK, the US and
Germany. Independent actuarial valuations are performed for the plans in these
locations.
</FONT>
<P align="left"><FONT size="2"><B>Swiss pension plans until 30 June 1999</B>
</FONT>

<DIV align="left"><FONT size="2">The pension funds of the Group were set up as trusts, domiciled in Basel and
Zurich. All domestic employees were covered. The pension funds were defined
benefit plans. The pension plan benefits exceeded the minimum benefits required
under Swiss law.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Contributions were paid for by the Group and its employees. The employee
contributions were calculated as a percentage of the insured annual salary and
were deducted monthly. The percentages deducted from salary were dependent on
age and varied between 8% and 12%. The Group contributions were variable and
amount to 125% to 250% of the employees contributions depending on the
financial situation of the pension fund.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The pension plan formula was based on years of contributions and final
covered salary. The benefits covered included retirement benefits, disability,
death and survivor pension.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Swiss pension plans starting 1 July 1999</B>
</FONT>

<DIV align="left"><FONT size="2">The pension plans of both former banks in Switzerland are in the process of
being liquidated and a new foundation with domicile in Zurich was created as of
21 January 1999. The new pension scheme became operational as of 1 July 1999.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;As a result of the merger of the plans of the former banks in Switzerland,
on 1 July 1999 there was an increase of vested plan benefits for the
beneficiaries of such plans due to the allocation of the excess of the fair
value of plan assets over the benefit obligation. This had the effect of
increasing the Defined benefit obligation by
</FONT></DIV>

<P align="right"><FONT size="2">137</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P align="left"><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<P align="left"><FONT size="2"><b>Note 32 Retirement Benefit Plans and Other Employee Benefits (continued)</b>
</FONT>

<P><FONT size="2">CHF 3,525&nbsp;million. In accordance with IAS 19 (revised 2000) this resulted in a
one-time charge to income which was offset by the recognition of assets
previously unrecognized due to the paragraph 58 (b)&nbsp;limitation of IAS 19
(revised 2000) used to fund this increase in benefits.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The pension plan covers practically all employees in Switzerland and
exceeds the minimum benefit requirements under Swiss law. Contributions to the
pension plan are paid for by employees and the Group. The employee
contributions are calculated as a percentage of insured annual salary and are
deducted monthly. The percentages deducted from salary for full benefit
coverage (including risk benefits) depend on age and vary between 7% and 10%.
The Group pays a variable contribution that ranges between 150% and 220% of the
sum of employees&#146; contributions.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The pension plan formula is based on years of contributions and final
covered salary. The benefits covered include retirement benefits, disability,
death and survivor pension.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In 1999, the Group recognized a prepaid pension asset of CHF 456&nbsp;million
representing excess employer contributions. In 2000, CHF 100&nbsp;million of this
asset was used to satisfy the benefit obligation. There was no asset used in
2001.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Foreign pension plans</B>
</FONT>

<DIV align="left"><FONT size="2">The foreign locations of UBS operate various pension schemes in accordance with
local regulations and practices. Among these schemes are defined contribution
plans as well as defined benefit plans. The locations with defined benefit
plans of a material nature are in the UK, the US and Germany. These locations
together with Switzerland cover nearly 90% of the active workforce. Certain of
these schemes permit employees to make contributions and earn matching or other
contributions from the Group.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The retirement plans provide benefits in the event of retirement, death,
disability or employment termination. The plans&#146; retirement benefits depend on
age, contributions and level of compensation. The principal plans are financed
in full by the Group. The funding policy for these plans is consistent with
local government and tax requirements.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The assumptions used in foreign plans take into account local economic
conditions.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The amounts shown for foreign plans reflect the net funded positions of
the major foreign plans.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Postretirement medical and life plans</B>
</FONT>

<DIV align="left"><FONT size="2">In the US and the UK the Group offers retiree medical benefits that contribute
to the health care coverage of employees and beneficiaries after retirement. In
addition to retiree medical benefits, the Group in the US also provides retiree
life insurance benefits.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The benefit obligation in excess of plan assets for those plans amounts to
CHF 142&nbsp;million as of 31 December 2001 (2000 CHF 111&nbsp;million, 1999 CHF 113
million) and the total unfunded accrued postretirement liabilities to CHF 130
million as of 31 December 2001 (2000 CHF 108&nbsp;million, 1999 CHF 83&nbsp;million). The
actuarially determined net postretirement cost amounts to CHF 24&nbsp;million as of
31 December 2001 (2000 CHF 22&nbsp;million, 1999 CHF 17&nbsp;million).
</FONT></DIV>

<P><FONT size="2">138</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><FONT size="2"><B>Note 32 Retirement Benefit Plans and Other Employee Benefits&nbsp;(continued)</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="46%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Swiss</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Foreign</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="11"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="11"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Reconciliation of benefit obligation</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Defined benefit obligation
at beginning of the year</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(17,712</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(17,011</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(14,944</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(3,406</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(2,444</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(2,009</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Service cost</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(541</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(545</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(464</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(121</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(165</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(118</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest cost</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(674</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(666</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(636</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(204</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(162</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(123</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Plan amendments</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(3,517</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(1</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(2</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Special termination benefits</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(262</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(211</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(3</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Actuarial gain/(loss)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>421</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">571</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(345</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(99</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Benefits paid</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>889</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">721</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">979</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>107</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">84</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">133</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Acquisition of PaineWebber</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(740</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Currency adjustment</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(12</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">123</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(269</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>429</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(58</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Defined benefit obligation</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>at the end of the year</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(17,879</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(17,712</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(17,011</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(3,553</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(3,406</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(2,444</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="4" noshade></B></FONT></DIV></TD>
</TR>
<tr><td>&nbsp;</tr></td>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Reconciliation of fair value of plan assets</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Fair value of plan assets
at the beginning of the year</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>19,074</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18,565</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">17,885</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3,378</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,880</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,173</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Actual return on plan assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(765</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">535</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,136</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(220</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">352</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Employer contributions</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>656</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">490</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">515</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>258</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">22</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Plan participant contributions</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>213</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">205</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">180</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">23</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Benefits paid</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(889</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(721</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(979</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(107</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(84</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(133</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Special termination benefits</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1,172</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Acquisition of PaineWebber</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">676</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Currency adjustments</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>7</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(130</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">333</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(429</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">118</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Fair value of plan assets</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>at the end of the year</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>18,289</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">19,074</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18,565</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,887</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,378</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,880</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="4" noshade></B></FONT></DIV></TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Funded status</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Plan assets in excess of benefit obligation</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>410</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,362</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,554</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(666</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(28</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">436</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Unrecognized net actuarial gains</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>961</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(331</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(724</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>673</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(81</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(474</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Unrecognized transition amount</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Unrecognized past service cost</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Unrecognized assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(1,015</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(675</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(374</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(47</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(28</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>(Unfunded accrued) / prepaid pension cost</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>356</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">356</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">456</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>9</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(153</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(63</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="4" noshade></B></FONT></DIV></TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Movement in the net (liability)&nbsp;or asset</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(Unfunded accrued) / prepaid pension cost</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">at the beginning of the year</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>356</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">456</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(153</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(63</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">43</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net periodic pension cost</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(656</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(590</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(59</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(97</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(55</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(123</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Employer contributions</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>656</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">490</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">515</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>258</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">22</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Acquisition of PaineWebber</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(63</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Currency adjustments</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(5</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>(Unfunded accrued) / prepaid pension cost</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>356</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">356</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">456</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>9</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(153</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(63</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="4" noshade></B></FONT></DIV></TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Amounts recognized in the balance sheet</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Prepaid pension cost</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>356</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">356</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">456</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>185</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">53</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">49</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Accrued pension liability</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(176</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(206</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(112</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>(Unfunded accrued) / prepaid pension cost</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>356</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">356</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">456</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>9</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(153</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(63</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="4" noshade></B></FONT></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P align="right"><FONT size="2">139</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>
<P align="left"><FONT size="2"><B>Note 32 Retirement Benefit Plans and Other Employee Benefits&nbsp;(continued)</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="58%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Swiss</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Foreign</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="11"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="11"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Amounts recognized</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>in the Income Statement</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Current service cost</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>541</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">545</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">464</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>121</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">165</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">118</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest cost</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>674</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">666</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">636</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>204</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">162</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">123</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Expected return on plan assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(947</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(927</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(883</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(228</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(243</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(195</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Adjustment to limit prepaid pension cost</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>339</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">300</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(150</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">21</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Amortization of unrecognized prior service costs</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>262</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">211</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">172</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">77</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Amortization of unrecognized net (gains)/losses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(9</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(6</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Employee contributions</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(213</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(205</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(180</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(23</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(15</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Actuarially determined</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>net periodic pension cost</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>656</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">590</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">59</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>97</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">55</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">123</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="4" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Actual return on plan assets (%)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(4.0</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(7.3</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(0.9</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Principal actuarial assumptions used (%)</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Discount rate</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6.2</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Expected rate of return on plan assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>5.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>7.9</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Expected rate of salary increase</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2.5</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4.4</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Rate of pension increase</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1.5</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1.5</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="4" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Swiss</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2"><B>Additional details to fair value</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="11"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2"><B>of plan assets</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Own financial instruments</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>781</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,211</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">846</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Securities lent to UBS included in plan assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>824</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,432</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,939</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other assets used by UBS included in plan assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>104</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">179</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">187</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="4" noshade></B></FONT></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">140</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="2"><B>Note 32 Retirement Benefit Plans and Other Employee Benefits&nbsp;(continued)</B>
</FONT>

<P align="left"><FONT size="2"><b>Foreign post-retirement medical and life plans</b>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="79%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Post-retirement benefit obligation at beginning of the year</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(115</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>(117</B></FONT></TD>
        <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>(96</B></FONT></TD>
        <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Service cost</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(7</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(6</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(2</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest cost</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(9</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(8</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(6</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Plan amendments</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(10</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(7</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Actuarial gain/(loss)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(6</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">27</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Benefits paid</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Acquisition of PaineWebber</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(9</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Currency adjustment</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(2</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(16</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Post-retirement benefit obligation at end of the year</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(145</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(115</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(117</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="4" noshade></B></FONT></DIV></TD>
</TR>
</TABLE>
</CENTER>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="76%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Fair value of plan assets at beginning of the year</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Actual return on plan assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Company contributions</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Benefits paid</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(4</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(4</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(4</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Fair value of plan assets at end of the year</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="4" noshade></B></FONT></DIV></TD>
</TR>
</TABLE>
</CENTER>

<P><FONT size="2">The assumed health care cost trend used in determining the benefit expense for
2001 is 5.32%. Assumed health care cost trend rates have a significant effect
on the amounts reported for the health care plan. A one-percentage-point change
in the assumed health care cost trend rates would change the US post-retirement
benefit obligation and the service and interest cost components of the net
periodic post-retirement benefit costs as follows:
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="73%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>1% increase</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">1% decrease</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Effect on total service and interest cost</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(2.0</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Effect on the post-retirement benefit obligation</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>17.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(14.0</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2"><B>Note 33 Equity Participation Plans</B>
</FONT>

<P align="left"><FONT size="2"><b>a)&nbsp; Equity Participation Plans Offered</b>
</FONT>

<P><FONT size="2">UBS has established several equity participation plans to further align the
long-term interests of executives, managers, staff and shareholders. The plans
are offered to eligible employees in approximately 50 countries and are
designed to meet the complex legal, tax and regulatory requirements of each
country in which they are offered. The explanations below describe the most
significant plans in general, but specific plan rules and investment offerings
may vary by country.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Equity Plus Program (EPP): </I>This plan replaces the Equity Investment Plan
(EIP) (see below) and will be the main plan for all UBS employees going
forward. It was previously only available to UBS PaineWebber employees. Equity
Plus gives eligible UBS employees the opportunity to purchase UBS shares at
fair market value on the purchase date and receive two options on UBS shares
for each share purchased, up to a maximum limit. The options have a strike
price equal to the fair market value of the stock on the date the option is
granted. Share purchases can be made annually from bonus compensation or
quarterly, based on regular deductions from salary. Shares purchased under EPP
are restricted from resale for two years from the time of purchase, and the
options granted have either a
</FONT></DIV>


<P align="right"><FONT size="2">141</FONT>


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>
<P align="left"><FONT size="2"><B>Note 33 Equity Participation Plans (continued)</B>
</FONT>

<P><FONT size="2"><B>a) Equity Participation Plans Offered (continued)</B>
</FONT>
<P><FONT size="2">two or three year vesting requirement and expire either seven or ten years
after the date
of grant.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Discounted Purchase Plans: </I>All employees in Switzerland are entitled to
purchase a specified number of UBS shares at a predetermined discounted price
each year (the discount is recorded as compensation expense). The number of
shares that can be purchased depends primarily on years of service and rank.
Any such shares purchased must be held for a specified period of time.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Equity Ownership Plan (EOP): </I>Selected personnel receive a mandatory
portion of their performance related compensation in UBS shares and are also
awarded a matching contribution in the form of additional UBS shares or
options. Participants in certain countries are eligible to receive a portion of
their award in Alternative Investment Vehicles (AIVs). These are generally
money market funds, UBS and non-UBS mutual funds and other UBS sponsored funds.
The awards vest either at the end of the restriction period
(&#147;cliff&#148; vesting)
which is normally three years or ratably over the vesting period. Under certain
conditions, these awards are fully forfeitable by the employee.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Long Term Incentive Plans: </I>Under these plans, key employees are granted
options to purchase UBS shares at a price not less than the fair market value
of the shares on the date the option is granted. Long-term stock options are
blocked for either three or five years during which they cannot be exercised.
Expiration of the options is generally six years. One option gives the right to
purchase one registered UBS share at the option&#146;s strike price. In some grants,
accelerated vesting or non-forfeitability may occur if certain share
appreciation targets are met.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Other deferred compensation plans: </I>UBS sponsors other deferred
compensation plans for selected eligible employees. Generally, contributions
are made on a tax deferred basis. Participants are allowed to invest in UBS
shares or AIVs. No additional company match is granted, and the plan is
generally not forfeitable. In addition, UBS also grants deferred compensation
awards to new recruits, senior management and other key employees in the form
of UBS shares, options or other leveraged interests in non-UBS instruments.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<I>Equity Investment Plan (EIP) (now discontinued): </I>Prior to the
discontinuance of new awards under this plan in 2001, employees had the choice
to invest part of their annual bonus in UBS shares, warrants or other
derivatives on UBS shares. A holding period, generally three years, applied
during which the instruments could not be sold or exercised. In addition,
participants in the plan received a matching contribution of additional UBS
shares or derivatives. Only the UBS matching contribution was forfeitable. The
last EIP vesting will take place in 2004. Staff who used to have the
possibility to take part in EIP are now offered the opportunity to take part in
EPP.
</FONT></DIV>

<P align="left"><FONT size="2"><B>142</B></FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P align="left"><FONT size="2"><B>Note 33 Equity Participation Plans (continued)</B>
</FONT>

<P><FONT size="2"><B>b) UBS Share Awards</B>
</FONT>
<P><FONT size="2"><B>i) Stock bonus plans</B>
</FONT>
<P><FONT size="2">Shares granted under the various equity participation plans mentioned above are
as follows:
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="61%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center">
      <P align="left"><FONT size="2"><B>Stock bonus
      plans</B></FONT></P></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865ab"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">Shares awarded</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"
      color="#0865ab"><B>15,644,000</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">38,340,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,407,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">Weighted-average fair market value per share (in CHF)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>90</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">76</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">73</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The stock bonus awards for 2000 include approximately 19.8&nbsp;million shares
granted under the retention agreements with key employees of UBS PaineWebber.
The bonus awards for 1999 include 4.2&nbsp;million shares issued in exchange for
previously issued non-share awards and for special bonuses.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;9.5&nbsp;million, 4.0&nbsp;million and 3.1&nbsp;million shares vested in 2001, 2000 and
1999, respectively. Of these shares, the majority vested on 15 March of each
year and the remaining shares vested on various dates throughout the year. On
31 December 2001, 2000 and 1999, there were 52.3&nbsp;million, 47.5&nbsp;million and 14.4
million unvested shares outstanding in various equity participation plans with
a corresponding market value of CHF
4.4&nbsp;billion in 2001, CHF 4.2&nbsp;billion in 2000
and CHF 1.0&nbsp;billion in 1999.
</FONT></DIV>

<P><FONT size="2"><B>ii) Stock purchase plans</B>
</FONT>
<P><FONT size="2">The following table shows the shares awarded and the weighted-average fair
value per share for the Group&#146;s stock purchase plans.
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="64%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center">
      <P align="left"><FONT size="2"><B>Stock purchase plans</B></FONT></P></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865ab"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>31.12.00</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>31.12.99</B></FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">Share quantity for discounted purchase plans</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>1,701,099</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">966,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,406,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">Weighted-average purchase price (in CHF)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>47</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">35</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">49</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">Share quantity for UBS PaineWebber plans</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>1,221,416</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">298,725</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">Weighted-average fair value purchase price (in USD)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865ab"><B>51</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">46</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P align="right"><FONT size="2"><B>143</B></FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>
<P align="left"><FONT size="2"><B>Note 33 Equity Participation Plans (continued)</B>
</FONT>

<P><FONT size="2"><B>c) UBS Option Awards</B>
</FONT>

<P><FONT size="2">Movements in options granted under various equity participation plans are as
follows:
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="33%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865ab"><B>Weighted</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Weighted</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="2">Weighted</FONT></TD>
</TR>
  <TR vAlign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT color=#0865ab size="2"><B>average</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="2">average</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="2">average</FONT></TD></TR>
  <TR vAlign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT color=#0865ab size="2"><B>exercise</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="2">exercise</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="2">exercise</FONT></TD>
  </TR>
  <TR vAlign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT color=#0865ab size="2"><B>Number
of</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT color=#0865ab size="2"><B>price</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="2">Number of</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="2">price</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="2">Number of</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="2">price</FONT></TD></TR>
  <TR vAlign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT color=#0865ab size="2"><B>options</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT color=#0865ab size="2"><B>(in CHF)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="2">options</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="2">(in CHF)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="2">options</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="2">(in CHF)</FONT></TD></TR>
  <TR vAlign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT color=#0865ab size="2"><B>31.12.01</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT color=#0865ab size="2"><B>31.12.01</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="2">31.12.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="2">31.12.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="2">31.12.99</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="2">31.12.99</FONT></TD></TR>
  <TR>
    <TD align="left" colSpan="25">
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE="1">
      </DIV></TD></TR>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">Outstanding, at the
      beginning of the year</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT color=#0865ab size="2"><B>63,308,502</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT color=#0865ab size="2"><B>58</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">30,415,386</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">66</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">21,608,358</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">59</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
  <TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">Options due to the
      acquisition of</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
  <TR vAlign="bottom">
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;PaineWebber</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT color=#0865ab size="2"><B>0</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">18,975,810</FONT></TD>
    <TD valign="top"><FONT size="2"><SUP>1</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">34</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">Granted during the
      year</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT color=#0865ab size="2"><B>11,070,992</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT color=#0865ab size="2"><B>94</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">21,248,046</FONT></TD>
    <TD valign="top"><FONT size="2"><SUP>2</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">72</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">10,317,426</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">79</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">Exercised during
      the year</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT color=#0865ab size="2"><B>(10,083,075</B></FONT></TD>
    <TD noWrap><FONT color=#0865ab size="2"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT color=#0865ab size="2"><B>49</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(5,390,307</FONT></TD>
    <TD noWrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">50</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(215,298</FONT></TD>
    <TD noWrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">60</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">Forfeited during
      the year</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT color=#0865ab size="2"><B>(1,009,750</B></FONT></TD>
    <TD noWrap><FONT color=#0865ab size="2"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT color=#0865ab size="2"><B>74</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(1,940,433</FONT></TD>
    <TD noWrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">64</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(1,295,100</FONT></TD>
    <TD noWrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">63</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
  <TR>
    <TD align="left" colSpan="25">
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE="1">
      </DIV></TD></TR>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">Outstanding, at the
      end of the year</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT color=#0865ab size="2"><B>63,286,669</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT color=#0865ab size="2"><B>66</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">63,308,502</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">58</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"
      >30,415,386</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"
      >66</FONT></TD>
    <TD><FONT size="2"
  >&nbsp;</FONT></TD></TR>
  <TR>
    <TD align="left" colSpan="25">
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE="1">
      </DIV></TD></TR>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size="2">Exercisable, at the
      end of the year</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"
      >&nbsp;</FONT></TD>
    <TD align="right"><FONT color=#0865ab size="2"><B>25,550,932</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT color=#0865ab size="2"><B>50</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">18,310,839</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">34</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,951,920</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">62</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
  <TR>
    <TD align="left" colSpan="25">
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE=4>
      </DIV></TD></TR>
</TABLE>
</CENTER>
<P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign="top">
    <TD noWrap align="left" width="1%"><FONT size="1"><sup>1</sup></FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">UBS
      AG issued options in exchange for options of PaineWebber which have been
      included in the purchase price for PaineWebber at a fair value of CHF 992
      million.</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="top">
    <TD noWrap align="left" width="1%"><FONT size="1"><sup>2</sup></FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">Includes options granted to key employees of UBS
      PaineWebber, vesting over a 3-year period, subject to
employee&#146;s continued
      employment and other restrictions.</FONT></TD>
</TR>
</TABLE>

<P><FONT size="2">Some of the options in
the table above have exercise prices denominated in US dollars which have been
converted into CHF at the year-end spot exchange rate for purposes of this
table. The exercise dates can occur on any business day during the year. </FONT>

<P><FONT size="2">The following table
summarizes additional information about stock options outstanding at 31 December
2001: </FONT>

<CENTER>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD></TR>
  <TR vAlign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="11"><FONT size="1">Options outstanding</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="7"><FONT size="1">Options exercisable</FONT></TD></TR>
  <TR vAlign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colSpan="11">
      <HR noShade SIZE="1">
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colSpan="7">
      <HR noShade SIZE="1">
    </TD></TR>
  <TR vAlign="bottom">
    <TD noWrap align="center"><FONT size="1">Range of exercise</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="1">Number of options</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="1">Weighted-average</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="1">Weighted-average</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="1">Number of</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="1">Weighted-average</FONT></TD></TR>
  <TR vAlign="bottom">
    <TD noWrap align="center"><FONT size="1">prices per share</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="1">outstanding</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="1">exercise price</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="1">remaining contractual life</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="1">options exercisable</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="1">exercise price</FONT></TD></TR>
  <TR>
    <TD align="left" colSpan="21">
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE="1">
      </DIV></TD></TR>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size="1"
    ></FONT>&nbsp;</DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD></TR>
  <TR>
    <TD align="left" colSpan="21">
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE=4>
      </DIV></TD></TR>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size="1"><B><I>CHF</I></B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="1"><B><I>CHF</I></B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align=center><FONT size="1"><B><I>Years</I></B></FONT></P></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="1"><B><I>CHF</I></B></FONT></TD></TR>
  <TR>
    <TD align="left" colSpan="21">
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE=4>
      </DIV></TD></TR>
  <TR>
    <TD align="left" colSpan="21">
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE="1">
      </DIV></TD></TR>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size="1"
      >56.67&#150;70.00</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">19,966,200</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">63.08</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">3.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">4,374,462</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">57.85</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD></TR>
  <TR>
    <TD align="left" colSpan="21">
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE="1">
      </DIV></TD></TR>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size="1"
      >70.01&#150;85.00</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">11,017,595</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">78.41</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">3.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD></TR>
  <TR>
    <TD align="left" colSpan="21">
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE="1">
      </DIV></TD></TR>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
    <FONT size="1">85.01&#150;106.00</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1"
      >6,024,480</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">98.60</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">6.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">31,800</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">90.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD></TR>
  <TR>
    <TD align="left" colSpan="21">
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE="1">
      </DIV></TD></TR>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size="1"><B>56.67&#150;106.00</B></FONT></DIV></TD>
    <TD><FONT size="1"><B>&nbsp;</B></FONT></TD>
    <TD><FONT size="1"><B>&nbsp;</B></FONT></TD>
    <TD align="right"><FONT size="1"><B>37,008,275</B></FONT></TD>
    <TD><FONT size="1"><B>&nbsp;</B></FONT></TD>
    <TD><FONT size="1"><B>&nbsp;</B></FONT></TD>
    <TD><FONT size="1"><B>&nbsp;</B></FONT></TD>
    <TD align="right"><FONT size="1"><B>73.42</B></FONT></TD>
    <TD><FONT size="1"><B>&nbsp;</B></FONT></TD>
    <TD><FONT size="1"><B>&nbsp;</B></FONT></TD>
    <TD><FONT size="1"><B>&nbsp;</B></FONT></TD>
    <TD align="right"><FONT size="1"><B>3.8</B></FONT></TD>
    <TD><FONT size="1"><B>&nbsp;</B></FONT></TD>
    <TD><FONT size="1"><B>&nbsp;</B></FONT></TD>
    <TD><FONT size="1"><B>&nbsp;</B></FONT></TD>
    <TD align="right"><FONT size="1"><B>4,406,262</B></FONT></TD>
    <TD><FONT size="1"><B>&nbsp;</B></FONT></TD>
    <TD><FONT size="1"><B>&nbsp;</B></FONT></TD>
    <TD><FONT size="1"><B>&nbsp;</B></FONT></TD>
    <TD align="right"><FONT size="1"><B>58.08</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD></TR>
  <TR>
    <TD align="left" colSpan="21">
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE="1">
      </DIV></TD></TR>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
    <FONT size="1"></FONT>&nbsp;</DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD></TR>
  <TR>
    <TD align="left" colSpan="21">
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE=4>
      </DIV></TD></TR>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
<FONT size="1"><B><I>USD</I></B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="1"><B><I>USD</I></B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="1"
      ><B><I>Years</I></B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="1"><B><I>USD</I></B></FONT></TD></TR>
  <TR>
    <TD align="left" colSpan="21">
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE=4>
      </DIV></TD></TR>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
    <FONT size="1">6.34&#150;15.00</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">5,269,657</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">8.79</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">2.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">5,269,657</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">8.79</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD></TR>
  <TR>
    <TD align="left" colSpan="21">
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE="1">
      </DIV></TD></TR>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
    <FONT size="1">15.01&#150;25.00</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">2,879,652</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">22.61</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">3.2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">2,879,652</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">22.61</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD></TR>
  <TR>
    <TD align="left" colSpan="21">
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE="1">
      </DIV></TD></TR>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
    <FONT size="1">25.01&#150;35.00</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1"
      >5,983,999</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">28.62</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">4.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">5,983,999</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">28.62</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD></TR>
  <TR>
    <TD align="left" colSpan="21">
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE="1">
      </DIV></TD></TR>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size="1">35.01&#150;45.00</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1"
      >0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1"
      >0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1"
      >0.0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1"
      >0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD></TR>
  <TR>
    <TD align="left" colSpan="21">
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE="1">
      </DIV></TD></TR>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size="1">45.01&#150;55.00</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">10,067,766</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">48.05</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">6.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">7,011,362</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">47.05</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD></TR>
  <TR>
    <TD align="left" colSpan="21">
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE="1">
      </DIV></TD></TR>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <FONT size="1">55.01&#150;58.76</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1"
      >2,077,320</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">57.81</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">6.1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="1">0</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD></TR>
  <TR>
    <TD align="left" colSpan="21">
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE="1">
      </DIV></TD></TR>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size="1"><B>6.34&#150;58.76</B></FONT></DIV></TD>
    <TD><FONT size="1"><B>&nbsp;</B></FONT></TD>
    <TD><FONT size="1"><B>&nbsp;</B></FONT></TD>
    <TD align="right"><FONT size="1"><B>26,278,394</B></FONT></TD>
    <TD><FONT size="1"><B>&nbsp;</B></FONT></TD>
    <TD><FONT size="1"><B>&nbsp;</B></FONT></TD>
    <TD><FONT size="1"><B>&nbsp;</B></FONT></TD>
    <TD align="right"><FONT size="1"><B>33.74</B></FONT></TD>
    <TD><FONT size="1"><B>&nbsp;</B></FONT></TD>
    <TD><FONT size="1"><B>&nbsp;</B></FONT></TD>
    <TD><FONT size="1"><B>&nbsp;</B></FONT></TD>
    <TD align="right"><FONT size="1"><B>4.7</B></FONT></TD>
    <TD><FONT size="1"><B>&nbsp;</B></FONT></TD>
    <TD><FONT size="1"><B>&nbsp;</B></FONT></TD>
    <TD><FONT size="1"><B>&nbsp;</B></FONT></TD>
    <TD align="right"><FONT size="1"><B>21,144,670</B></FONT></TD>
    <TD><FONT size="1"><B>&nbsp;</B></FONT></TD>
    <TD><FONT size="1"><B>&nbsp;</B></FONT></TD>
    <TD><FONT size="1"><B>&nbsp;</B></FONT></TD>
    <TD align="right"><FONT size="1"><B>28.97</B></FONT></TD>
    <TD><FONT size="1"><B>&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD align="left" colSpan="21">
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><B>
      <HR noShade SIZE="1">
      </B></DIV></TD>
</TR>
</TABLE>
</CENTER>

<P><FONT size="2">Options are normally
granted with a strike price either equal to fair market value or approximately
10% greater than the fair value of the underlying share on the grant date.
</FONT>

<P align="left"><FONT size="2"><B>144</B></FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P align="left"><FONT size="2"><B>Note 33 Equity Participation Plans (continued)</B> </FONT>
<P><FONT size="2"><B>d) Compensation Expense</B> </FONT>
<P><FONT size="2">Generally, the Group&#146;s
policy is to recognize expense at the date of grant for equity participation
instruments (shares, warrants, options and other derivatives for which the
underlying is the Group&#146;s own shares). The amount of expense recognized is equal
to the intrinsic value of the instrument at such date and is calculated as
follows: 1) For stock options, it is the difference between the strike price and
fair value of shares at the date of grant, if any. 2) For UBS shares and other
derivative instruments, it is the fair market value. 3) For discounted share
plans, the expense is equal to the difference between the fair market value and
discounted value. </FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The accrued expense for share based
compensation for the years ended 31 December 2001, 2000 and 1999 was CHF
974&nbsp;million, CHF 1,749&nbsp;million and CHF 1,684&nbsp;million,
respectively. The accruals include awards earned currently but issued in the
following year. </FONT></DIV>
<P><FONT size="2"><B>e) Pro-Forma Net Income</B> </FONT>
<P><FONT size="2">The following table
presents Net income and Earnings per share for 2001, 2000 and 1999 as if the
Group had adopted the fair value method of accounting for its equity
compensation plans, rather than the intrinsic value method described in
paragraph d) above. </FONT>
<CENTER>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD></TR>
  <TR vAlign="bottom">
    <TD noWrap align="left"><FONT size="2"><I>CHF million, except per
share data</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT color=#0865ab size="2"><B>31.12.01</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="2">31.12.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="2">31.12.99</FONT></TD></TR>
  <TR>
    <TD align="left" colSpan=17>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE="1">
      </DIV></TD></TR>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">Net income</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">As reported</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT color=#0865ab size="2"><B>4,973</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">7,792</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">6,153</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2"
    ></FONT>&nbsp;</DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">Pro-forma</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT color=#0865ab size="2"><B>4,626</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">7,634</FONT></TD>
    <TD noWrap><FONT size="2"><SUP>1</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">6,028</FONT></TD>
    <TD noWrap><FONT size="2"><SUP>1</SUP></FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">Basic EPS</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="2">As reported</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT color=#0865ab size="2"><B>3.93</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">6.44</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5.07</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2"></FONT>&nbsp;</DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">Pro-forma</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT color=#0865ab size="2"><B>3.65</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">6.31</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">4.96</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <FONT size="2">Diluted EPS</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">As reported</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT color=#0865ab size="2"><B>3.78</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">6.35</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5.02</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2"></FONT>&nbsp;</DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">Pro-forma</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT color=#0865ab size="2"><B>3.51</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">6.22</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">4.92</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
  <TR>
    <TD align="left" colSpan=17>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE="1">
      </DIV></TD></TR></TABLE></CENTER>
<P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign="top">
    <TD noWrap align="left" width="1%"><FONT size="1"
      ><sup>1.</SUP></FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">Pro-forma net income at 31 December 2000 and 31
      December 1999 has been adjusted for expense reversals related to
      forfeitures.</FONT></TD></TR></TABLE>
<P><FONT size="2">The effects of
recognizing compensation expense and providing pro-forma disclosures are not
likely to be representative of the effects on reported Net profit for future
years. </FONT>
<P><FONT size="2">The fair value of
options granted was determined using a proprietary option pricing model,
substantially similar to the Black-Scholes model, with the following
assumptions: </FONT>
<CENTER>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD></TR>
  <TR vAlign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT color="#0865ab" size="2"><B>31.12.01</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="2">31.12.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="2">31.12.99</FONT></TD></TR>
  <TR>
    <TD align="left" colSpan=13>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE="1">
      </DIV></TD></TR>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size="2">Expected
      volatility</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT color=#0865ab size="2"><B>30</B></FONT></TD>
    <TD noWrap><FONT color=#0865ab size="2"><B>%</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">30</FONT></TD>
    <TD noWrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">33</FONT></TD>
    <TD noWrap><FONT size="2">%</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">Risk free interest rate (CHF)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT color=#0865ab size="2"><B>3.51</B></FONT></TD>
    <TD noWrap><FONT color=#0865ab size="2"><B>%</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">3.27</FONT></TD>
    <TD noWrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2.07</FONT></TD>
    <TD noWrap><FONT size="2">%</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">Risk free interest
      rate (USD)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT color=#0865ab size="2"><B>5.81</B></FONT></TD>
    <TD noWrap><FONT color=#0865ab size="2"><B>%</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5.66</FONT></TD>
    <TD noWrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#150;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">Expected dividend rate</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT color=#0865ab size="2"><B>2.67</B></FONT></TD>
    <TD noWrap><FONT color=#0865ab size="2"><B>%</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2.44</FONT></TD>
    <TD noWrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1.44</FONT></TD>
    <TD noWrap><FONT size="2">%</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">Expected life
      (years)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT color=#0865ab size="2"><B>4.5</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">4.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
  <TR>
    <TD align="left" colSpan=13>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE=4>
      </DIV></TD></TR></TABLE></CENTER>
<P><FONT size="2">The weighted-average
fair value of options granted in 2001, 2000 and 1999 was CHF 23, CHF 16 and CHF
20 per share, respectively. </FONT>
<P align="right"><FONT size="2"><B>145</B></FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><FONT size="2"><B>UBS Group Financial Statements<BR>Notes to the Financial Statements</B> </FONT>
<P align="left"><FONT size="2"><B>Note 34 Related Parties</B> </FONT>
<P><FONT size="2">Related parties
include Associated companies, the Board of Directors, the Group Executive Board,
the Group Managing Board, close family members and enterprises which are
controlled by these individuals as well as certain persons performing similar
functions. </FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Total remuneration to related
parties recognized in the income statement amounted to CHF 321.4&nbsp;million in
2001, CHF 272.3&nbsp;million in 2000 and CHF 193.1 million in 1999, including
accrued pension benefits of approximately CHF 35.4 million in 2001, CHF
30.0&nbsp;million in 2000 and CHF 21.2&nbsp;million in 1999. The remuneration
paid to related parties in 2001 includes approximately USD 70 million (CHF
118&nbsp;million) paid to employees of Paine Webber Group, Inc. who joined UBS
at the merger on 3 November 2000.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The number of long-term stock options
outstanding to related parties from equity plans was 8,366,103 at 31 December
2001 and 4,693,458 at 31 December 2000. These plans are further explained in
Note 33 Equity Participation Plans.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The external members of the Board of
Directors do not have employment or service contracts with UBS, and thus are not
entitled to benefits upon termination of their service on the Board of
Directors. The full-time Chairman and Vice-Chairmen have top-management
employment contracts and receive pension benefits upon retirement.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The total
amounts of shares and warrants held by members of the Board of Directors, Group
Executive Board and Group Managing Board were 4,068,918 and 60,578,417 as of 31
December 2001 and 7,583,184 and 69,504,577 as of 31 December 2000. No member of
the Board of Directors, Group Executive Board or Group Managing Board is the
beneficial owner of more than 1% of the Group&#146;s shares. </FONT></DIV>
<P><FONT size="2"><B>Loans and advances receivable from related parties were as
follows:</B> </FONT>
<CENTER>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign="bottom">
    <TD width="82%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD></TR>
  <TR vAlign="bottom">
    <TD noWrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT color=#0865ab
      size="2"><B>31.12.01</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="2">31.12.00</FONT></TD></TR>
  <TR>
    <TD align="left" colSpan=9>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE="1">
      </DIV></TD></TR>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size="2">Mortgages at the
      beginning of the year</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT color=#0865ab size="2"><B>36</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">28</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">Additions</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT color=#0865ab size="2"><B>8</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">Reductions</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT color=#0865ab size="2"><B>(12</B></FONT></TD>
    <TD noWrap><FONT color=#0865ab size="2"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(1</FONT></TD>
    <TD noWrap><FONT size="2">)</FONT></TD></TR>
  <TR>
    <TD align="left" colSpan="9">
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE="1">
      </DIV></TD></TR>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">
    <B>Mortgages at the end of the year</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT color=#0865ab size="2"><B>32</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">36</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
  <TR>
    <TD align="left" colSpan=9>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE=4>
      </DIV></TD></TR></TABLE></CENTER>
<P><FONT size="2">Members of the Board
of Directors, Group Executive Board and Group Managing Board are granted
mortgages at the same terms and conditions as other employees. Terms and
conditions are based on third-party conditions adjusted for reduced credit risk.
</FONT>
<P><FONT size="2"><B>Loans and advances to significant associated companies were
as follows:</B> </FONT>
<CENTER>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign="bottom">
    <TD width="83%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign="bottom">
    <TD noWrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT color="#0865ab" size="2"><B>31.12.01</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="2">31.12.00</FONT></TD></TR>
  <TR>
    <TD align="left" colSpan=9>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE="1">
      </DIV></TD></TR>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">Loans and advances
      at the beginning of the year</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT color=#0865ab size="2"><B>0</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">62</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2"
      >Additions</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT color=#0865ab size="2"><B>65</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size="2"
      >Reductions</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT color=#0865ab size="2"><B>0</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(62</FONT></TD>
    <TD noWrap><FONT size="2">)</FONT></TD></TR>
  <TR>
    <TD align="left" colSpan=9>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE="1">
      </DIV></TD></TR>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size="2"><B>Loans and advances at the end of the
      year</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT color="#0865ab" size="2"><B>65</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
  <TR>
    <TD align="left" colSpan=9>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE=4>
      </DIV></TD></TR></TABLE></CENTER>
<P><FONT size="2">All loans and advances
to associated companies are transacted at arm&#146;s length. At 31 December 2001,
there are trading exposures and guarantees to significant associated companies
of CHF 306&nbsp;million. The Group routinely receives services from associated
companies at an arm&#146;s length basis. For the year ended 31 December 2001, the
amount paid to significant associates was CHF 98&nbsp;million. Note 36 provides
a list of significant associates. </FONT>
<P align="left"><B><FONT size="2">146</FONT></B>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="2"><B>Note 35 Post-Balance Sheet Events</B> </FONT>
<P><FONT size="2">There have been no material
post-balance sheet events which would require disclosure or adjustment to the 31
December 2001 Financial Statements.</FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Bond issues have decreased by CHF
1,109&nbsp;million from the balance sheet date to 12 February 2002. On 12
February 2002, the Board of Directors reviewed the Financial Statements and
authorized them for issue. These Financial Statements will be submitted to the
Annual General Meeting of Shareholders to be held on 18 April 2002 for approval.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Note 36 Significant Subsidiaries and Associates</B> </FONT>
<P><FONT size="2">The legal entity group
structure of UBS is designed to support the Group&#146;s businesses within an
efficient legal, tax, regulatory and funding framework. Neither the Business
Groups of UBS (namely UBS Warburg, UBS Switzerland and UBS Asset Management) nor
Corporate Center are replicated in their own individual legal entities but
rather they generally operate out of the parent bank, UBS AG, through its Swiss
and foreign branches. </FONT>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The parent bank structure allows
UBS to capitalize on the advantages offered by the use of one legal platform by
all the Business Groups. It provides for the most cost efficient and flexible
structure and facilitates efficient allocation and use of capital, comprehensive
risk management and straightforward funding processes.</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Where, usually due to
local legal, tax or regulatory rules or due to additional legal entities joining
the UBS Group via acquisition, it is either not possible or not efficient to
operate out of the parent bank then local subsidiary companies host the
appropriate businesses. The significant operating subsidiary companies in the
Group are listed below:</FONT></DIV>

<P align="left"><FONT size="2"><B>Significant subsidiaries</B> </FONT>

<CENTER>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="2">Equity</FONT></TD></TR>
  <TR vAlign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="2">Share</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="2">interest</FONT></TD></TR>
  <TR vAlign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3">
      <P align="left"><FONT size="2">Jurisdiction</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3">
      <P align="left"><FONT size="2">Business</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="2">capital</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="2">accumul-</FONT></TD></TR>
  <TR vAlign="bottom">
    <TD noWrap align="left"><FONT size="2">Company</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3">
      <P align="left"><FONT size="2">of
      incorporation</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3">
      <P align="left"><FONT size="2">Group<SUP>1</SUP></FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="2"
      ><B>&nbsp;</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="2"
      >in millions</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="2">ated in %</FONT></TD></TR>
  <TR>
    <TD align="left" colSpan="21">
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE="1">
      </DIV></TD></TR>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <FONT size="2">Armand von Ernst &amp; Cie AG</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Bern,
      Switzerland</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">CH</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CHF</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right">
      <P align="right"><FONT size="2">5.0</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">Aventic
      AG</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Zurich, Switzerland</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">CH</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CHF</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right">
      <P align="right"><FONT size="2">30.0</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">Banco UBS Warburg
      SA</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Rio
      de Janeiro, Brazil</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">WA</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">BRL</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">52.9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">Bank Ehinger &amp;
      Cie AG</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Basel, Switzerland</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">CH</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CHF</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">6.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <FONT size="2">BDL Banco di Lugano</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Lugano, Switzerland</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">CH</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CHF</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">50.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">Brinson Advisors
      Inc</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Delaware, USA</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">AM</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">USD</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">35.2</FONT></TD>
    <TD noWrap><FONT size="2"><SUP>2</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">Brinson Canada
      Co</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Halifax, Canada</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">AM</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CAD</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">117.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">Brinson Partners
      (New York) Inc</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">New
      York, USA</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">AM</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">USD</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size="2">Brinson Partners
      Inc</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Delaware, USA</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">AM</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">USD</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#150;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size="2">Brunswick UBS
      Warburg Limited</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">George Town, Cayman Islands</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">WA</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">USD</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">25.0</FONT></TD>
    <TD noWrap><FONT size="2"><SUP>2</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">50.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">Cantrade Privatbank
      AG</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Zurich, Switzerland</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">CH</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CHF</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">10.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">Cantrade Private
      Bank Switzerland (CI)&nbsp;Limited</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">St. Helier, Jersey</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">CH</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">GBP</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"
      ><FONT size="2">Cr&#233;dit Industriel
      SA</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Zurich, Switzerland</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">CH</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CHF</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">10.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">EIBA
      &#171;Eidgen&#246;ssische Bank&#187; Beteiligungs- und Finanzgesellschaft</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Zurich, Switzerland</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">WA</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CHF</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">14.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">Factors
      AG</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Zurich, Switzerland</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">CH</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CHF</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">Ferrier Lullin
    &amp; Cie SA</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Geneva, Switzerland</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">CH</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CHF</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">30.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">Fondvest
      AG</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Zurich, Switzerland</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">AM</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CHF</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">4.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">Global Asset
      Management Limited</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Hamilton, Bermuda</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">AM</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">USD</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">Hirslanden Holding
      AG</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Zurich, Switzerland</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">CC</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CHF</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">22.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">91.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">HYPOSWISS,
      Schweizerische Hypotheken- und Handelsbank</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Zurich, Switzerland</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">CH</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CHF</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">26.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD noWrap><FONT size="2"><SUP>3</SUP></FONT></TD></TR>
  <TR>
    <TD align="left" colSpan="21">
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2"><B>
      <HR noShade SIZE="1">
      </B></FONT></DIV></TD></TR></TABLE></CENTER>
<P><FONT size="2"><B>Footnotes</B> </FONT>
<P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign="top">
    <TD noWrap align="left" width="1%"><FONT size="1" ><sup>1</SUP></FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">CH:
      UBS Switzerland, AM: UBS Asset Management, WA: UBS Warburg, CC: Corporate
      Center.</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="top">
    <TD noWrap align="left" width="1%"><FONT size="1"><sup>2</SUP></FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">Share Capital and Share Premium.</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="top">
    <TD noWrap align="left" width="1%"><FONT size="1"><sup>3</SUP></FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">Sold subsequently to 31 December
  2001.</FONT></TD></TR></TABLE>
<P align="right"><B><FONT size="2">147</FONT></B>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><FONT size="2"><B>UBS Group Financial Statements<BR>Notes to the Financial Statements</B> </FONT>
<P align="left"><FONT size="2"><B>Note 36 Significant Subsidiaries and Associates
(continued)</B> </FONT>
<P><FONT size="2"><B>Significant subsidiaries (continued)</B> </FONT>
<CENTER>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign="bottom">
    <TD width="38%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD></TR>
  <TR vAlign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="2">Equity</FONT></TD></TR>
  <TR vAlign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="2">Share</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="2">interest</FONT></TD></TR>
  <TR vAlign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3">
      <P align="left"><FONT size="2">Jurisdiction</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="2">Business</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="2">capital</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="2">accumul-</FONT></TD></TR>
  <TR vAlign="bottom">
    <TD noWrap align="center"><FONT size="2">Company</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3">
      <P align="left"><FONT size="2">of incorporation</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="2">Group<SUP>1</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="2">in millions</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="2">ated in %</FONT></TD></TR>
  <TR>
    <TD align="left" colSpan="21">
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE="1">
      </DIV></TD></TR>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">IL Immobilien-Leasing AG</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Opfikon, Switzerland</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CH</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CHF</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">PaineWebber Capital Inc</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Delaware, USA</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">USD</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">25.7</FONT></TD>
    <TD noWrap><FONT size="2"><SUP>2</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">PT UBS Warburg
      Indonesia</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Jakarta, Indonesia</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">IDR</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">11,000.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">85.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">PW Trust Company</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">New Jersey, USA</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">USD</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">4.4</FONT></TD>
    <TD noWrap><FONT size="2"><SUP>2</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">99.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">SG Warburg &amp; Co
      International BV</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Amsterdam, the Netherlands</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">GBP</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">40.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">SG Warburg Securities SA</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Geneva, Switzerland</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CHF</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">14.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">Thesaurus
      Continentale Effekten-Gesellschaft Z&#252;rich</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Zurich, Switzerland</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CH</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CHF</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">30.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS (Bahamas)
      Ltd</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Nassau, Bahamas</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CH</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">USD</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">4.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS (Cayman Islands) Ltd</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">George Town, Cayman Islands</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CH</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">USD</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS (France)SA</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Paris, France</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CH</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">EUR</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">10.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS (Italia) SpA</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Milan, Italy</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CH</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">EUR</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">22.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS (Luxembourg) SA</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Luxembourg, Luxembourg</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CH</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CHF</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">150.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS (Monaco) SA</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Monte Carlo, Monaco</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CH</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">EUR</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">9.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS (Sydney) Limited</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Sydney, Australia</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">AUD</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">12.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS (Trust and Banking) Ltd</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Tokyo, Japan</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">AM</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">JPY</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">10,900.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS (USA)&nbsp;Inc</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Delaware, USA</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">USD</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">315.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Americas Inc</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Delaware, USA</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">USD</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">3,562.9</FONT></TD>
    <TD noWrap><FONT size="2"><SUP>2</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Asset
    Management (Australia) Ltd</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Sydney, Australia</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">AM</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">AUD</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">8.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Asset
      Management (France) SA</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Paris, France</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">AM</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">EUR</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Asset
      Management (Italia) SIM SpA</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Milan, Italy</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">AM</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">EUR</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Asset
      Management (Japan) Ltd</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Tokyo, Japan</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">AM</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">JPY</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,200.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Asset
      Management (Singapore) Ltd</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Singapore, Singapore</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">AM</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">SGD</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">4.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Asset
      Management (Taiwan) Ltd</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Taipei, Taiwan</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">AM</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">TWD</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">340.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">84.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Asset
    Management Holding Limited</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">London, Great Britain</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">AM</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">GBP</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">8.0</FONT></TD>
    <TD noWrap><FONT size="2"><SUP>2</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Australia
      Limited</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Sydney, Australia</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">AUD</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">50.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Bank
      (Canada)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Toronto, Canada</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CH</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CAD</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">20.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS
      Beteiligungs-GmbH &amp; Co KG</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Frankfurt, Germany</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">EUR</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">398.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Bunting Warburg
      Inc</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Toronto, Canada</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CAD</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">33.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">50.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Capital
      (Jersey) Ltd</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">St. Helier, Jersey</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">GBP</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">36.0</FONT></TD>
    <TD noWrap><FONT size="2"><SUP>2</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Capital AG</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Zurich, Switzerland</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CHF</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Capital
      Americas Investments II LLC</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Delaware, USA</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">USD</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">90.0</FONT></TD>
    <TD noWrap><FONT size="2"><SUP>2</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Capital Asia
      Pacific Limited</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">George Town, Cayman Islands</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">USD</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">92.9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Capital
      BV</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">The Hague, the Netherlands</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">EUR</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">3.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Capital II
      LLC</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Delaware, USA</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">USD</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2.6</FONT></TD>
    <TD noWrap><FONT size="2"><SUP>2</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Capital Latin
      America LDC</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">George Town, Cayman Islands</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">USD</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#150;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Capital
      LLC</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Delaware, USA</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">USD</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">18.5</FONT></TD>
    <TD noWrap><FONT size="2"><SUP>2</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Capital
      Partners Limited</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">London, Great Britain</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">GBP</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">6.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Capital
      SpA</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Milan, Italy</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">EUR</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">25.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Card Center
      AG</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Glattbrugg, Switzerland</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CH</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CHF</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">40.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>

<DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS
Espa&#241;a
      SA</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Madrid, Spain</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CH</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">EUR</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">65.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Finance (Cayman
      Islands) Limited</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">George Town, Cayman Islands</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CC</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">USD</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Finance
      (Cura&#231;&#227;o) NV</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Willemstad, Netherlands Antilles</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CC</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">USD</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Finance
      (Delaware) LLC</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Delaware, USA</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">USD</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">37.3</FONT></TD>
    <TD noWrap><FONT size="2"><SUP>2</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Finanzholding
      AG</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Zurich, Switzerland</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CC</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CHF</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">10.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Fund Holding
      (Luxembourg) SA</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Luxembourg, Luxembourg</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">AM</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CHF</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">42.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Fund Holding
      (Switzerland) AG</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Basel, Switzerland</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">AM</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CHF</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">8.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Fund Management
      (Switzerland) AG</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Basel, Switzerland</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">AM</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CHF</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Fund Services
      (Luxembourg) SA</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Luxembourg, Luxembourg</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">AM</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CHF</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Global Trust
      Corporation</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">St. John, Canada</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CH</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CAD</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Immoleasing
      AG</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Zurich, Switzerland</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CH</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CHF</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">3.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS International
      Holdings BV</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Amsterdam, the Netherlands</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CC</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CHF</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Invest
      Kapitalanlagegesellschaft mbH</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Frankfurt, Germany</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">AM</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">EUR</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">6.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Leasing
      AG</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Brugg, Switzerland</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CH</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CHF</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">10.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
  <TR>
    <TD align="left" colSpan="21">
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">
      <HR noShade SIZE="1">
      </DIV></TD></TR></TABLE></CENTER>
<FONT size="2"><B>Footnotes</B> </FONT>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign="top">
    <TD noWrap align="left" width="1%"><FONT size="1"
      ><sup>1</SUP></FONT></TD>
    <TD width="3%"><FONT size="1"
      >&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">CH:
      UBS Switzerland, AM: UBS Asset Management, WA: UBS Warburg, CC: Corporate
      Center.</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="top">
    <TD noWrap align="left" width="1%"><FONT size="1"
      ><sup>2</SUP></FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">Share Capital and Share Premium.</FONT></TD></TR></TABLE>
<FONT size="2"><B>148</B></FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><FONT size="2"><B>Note 36 Significant Subsidiaries and Associates
(continued)</B> </FONT>
<P><FONT size="2"><B>Significant subsidiaries (continued)</B> </FONT>
<CENTER>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign="bottom">
    <TD width="43%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD></TR>
  <TR vAlign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="2">Equity</FONT></TD></TR>
  <TR vAlign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="2">Share</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="2">interest</FONT></TD></TR>
  <TR vAlign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3">
      <P align="left"><FONT size="2">Jurisdiction</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="2">Business</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="2">capital</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="2">accumul-</FONT></TD></TR>
  <TR vAlign="bottom">
    <TD noWrap align="center"><FONT size="2">Company</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3">
      <P align="left"><FONT size="2">of incorporation</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="2">Group<SUP>1</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="2">in millions</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="center" colSpan="3"><FONT size="2">ated in %</FONT></TD></TR>
  <TR vAlign="top">
    <TD colspan="21" noWrap align="center"><HR noShade SIZE="1"></TD>
  </TR>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Life AG</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Zurich, Switzerland</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CH</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CHF</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">25.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS
      Limited</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">London, Great Britain</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">GBP</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">10.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>

<DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS
O&#146;Connor
      LLC</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Delaware, USA</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">AM</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">USD</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS PaineWebber
      Inc</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Delaware, USA</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">USD</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,672.3</FONT></TD>
    <TD noWrap><FONT size="2"><SUP>2</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS PaineWebber
      Incorporated of Puerto Rico</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Hato
      Rey, Puerto Rico</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">USD</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">31.0</FONT></TD>
    <TD noWrap><FONT size="2"><SUP>2</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS PaineWebber
      Life Insurance Company</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">California, USA</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">USD</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">29.3</FONT></TD>
    <TD noWrap><FONT size="2"><SUP>2</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Portfolio
      LLC</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Delaware, USA</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">USD</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Principal
      Finance LLC</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Delaware, USA</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">USD</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Private Banking
      Deutschland AG</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Hamburg, Germany</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CH</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">EUR</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">51.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Realty
      Investors LLC</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Connecticut, USA</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">AM</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">USD</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#150;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Securities
      Limited</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">London, Great Britain</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">GBP</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">10.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Trust
      (Canada)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Toronto, Canada</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CH</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CAD</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">12.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Trustees
      (Bahamas) Ltd</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Nassau, Bahamas</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CH</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">USD</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Trustees
      (Cayman) Ltd</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">George Town, Cayman Islands</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CH</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">USD</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Trustees
      (Jersey) Ltd</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">St. Helier, Jersey</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CH</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">GBP</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Trustees
      (Singapore) Ltd</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Singapore, Singapore</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">CH</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">SGD</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">3.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS UK Holding
      Limited</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">London, Great Britain</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">GBP</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS UK
      Limited</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">London, Great Britain</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">GBP</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">609.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Warburg Asia
      Limited</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Hong Kong, China</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">HKD</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">20.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Warburg
      (France) SA</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Paris, France</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">EUR</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">22.9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Warburg
      (Italia) SpA</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Milan, Italy</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">EUR</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1.9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Warburg (Japan)
      Limited</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">George Town, Cayman Islands</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">JPY</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">50,000.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Warburg
      (Malaysia) Sdn Bhd</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Kuala
      Lumpur, Malaysia</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">MYR</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">70.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Warburg
      (Nederland) BV</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Amsterdam, the Netherlands</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">EUR</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">10.9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Warburg
      AG</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Frankfurt, Germany</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">EUR</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">155.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Warburg
      Australia Corporate Finance Ltd</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Sydney, Australia</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">AUD</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#150;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Warburg
      Australia Corporation Pty Limited</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Sydney, Australia</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">AUD</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">50.4</FONT></TD>
    <TD noWrap><FONT size="2"><SUP>2</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Warburg
      Australia Equities Ltd</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Sydney, Australia</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">AUD</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">190.0</FONT></TD>
    <TD noWrap><FONT size="2"><SUP>2</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Warburg
      Australia Limited</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Sydney, Australia</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">AUD</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">571.5</FONT></TD>
    <TD noWrap><FONT size="2"><SUP>2</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Warburg
      Derivatives Limited</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Hong Kong, China</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">HKD</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">20.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Warburg Hong
      Kong Limited</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Hong Kong, China</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">HKD</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">30.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Warburg
      International Ltd</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">London, Great Britain</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">GBP</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">18.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Warburg
      LLC</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Delaware, USA</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">USD</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">948.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Warburg Ltd</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">London, Great Britain</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">GBP</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">17.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Warburg New
      Zealand Equities Ltd</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Auckland, New Zealand</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">NZD</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">7.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Warburg Private
      Clients Ltd</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Melbourne, Australia</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">AUD</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">53.9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Warburg Pte
      Limited</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Singapore, Singapore</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">SGD</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">55.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Warburg Real
      Estate Securities Inc</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Delaware, USA</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">USD</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD noWrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0.4</FONT></TD>
    <TD noWrap><FONT size="2"><SUP>2</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Warburg
      Securities (Espa&#241;a) SV SA</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Madrid, Spain</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">EUR</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">15.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Warburg
      Securities (South Africa) (Pty) Limited</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Sandton, South Africa</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">ZAR</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">22.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Warburg
      Securities Co Ltd</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Bangkok, Thailand</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">THB</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">400.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Warburg
      Securities India Private Limited</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Mumbai, India</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">INR</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">237.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">75.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Warburg
      Securities Ltd</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">London, Great Britain</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">GBP</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">140.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="bottom">
    <TD>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT size="2">UBS Warburg
      Securities Philippines Inc</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3">
      <P align="left"><FONT size="2">Makati City, Philippines</FONT></P></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">WA</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" colSpan="3"><FONT size="2">PHP</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">150.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD></TR>
  <TR vAlign="top">
    <TD colspan="21" noWrap align="center"><HR noShade SIZE="1"></TD>
  </TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2"><B>Footnotes</B></FONT>
<P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign="top">
    <TD noWrap align="left" width="1%"><FONT size="1"><sup>1</SUP></FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">CH:
      UBS Switzerland, AM: UBS Asset Management, WA: UBS Warburg, CC: Corporate
      Center.</FONT></TD></TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
  <TR vAlign="top">
    <TD noWrap align="left" width="1%"><FONT size="1"><sup>2</SUP></FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">Share Capital and Share Premium.</FONT></TD>
  </TR>
</TABLE>
<P align="right"><FONT size="2"><B>149</B></FONT> </P>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>
<P align="left"><FONT size="2"><B>Note 36 Significant Subsidiaries and Associates (continued)</B>
</FONT>

<P><FONT size="2"><B>Consolidated companies: changes in 2001</B>
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="83%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="12%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">Significant new companies</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="3" valign="top" align="left"><HR size="4" noshade></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">Brinson Canada Co &#151; Halifax, Canada</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="3" valign="top" align="left"><HR size="1" noshade></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2"><B>Deconsolidated companies</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="59%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="36%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">Significant deconsolidated companies</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">
Reason for deconsolidation</FONT></TD>
</TR>
<TR>
        <TD colspan="3" valign="top" align="left"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">UBS (Panama) SA &#151; Panama City, Panama</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">
Liquidated</FONT></TD>
</TR>
<TR>
        <TD colspan="3" valign="top" align="left"><HR size="1" noshade></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2"><B>Significant associates</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="67%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Equity interest</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2">Share capital</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2">Company</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left" colspan="3"><FONT size="2">Industry</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">in %</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2">in millions</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">FSG Swiss Financial Services Group AG &#151; Zurich, Switzerland</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="left"><FONT size="2">Financial</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">33.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">CHF</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">26</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Giubergia UBS Warburg SIM SpA &#151; Milan, Italy</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="left"><FONT size="2">Financial</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">49.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">EUR</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Motor Columbus AG &#151; Baden, Switzerland</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="left"><FONT size="2">Electricity</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">35.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">CHF</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">253</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Telekurs Holding AG &#151; Zurich, Switzerland</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="left"><FONT size="2">Financial</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">33.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">CHF</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">45</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Volbroker.com Limited &#151; London, Great Britain</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="left"><FONT size="2">Financial</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">20.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">GBP</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">19</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>

<P><FONT size="2">None of the above investments carry voting rights that are significantly
different from the proportion of shares held.
</FONT>

<P><FONT size="2">150</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<!-- link2 "Note 37 Acquisition of Paine Webber Group, Inc." -->
<DIV align="left"><A NAME="078"></A></DIV>
<P align="left"><FONT size="2"><B>Note 37 Acquisition of Paine Webber Group, Inc.</B>
</FONT>

<P><FONT size="2">On 3 November 2000, UBS completed its acquisition of 100% of the outstanding
common stock of the Paine Webber Group, Inc. (&#147;PaineWebber&#148;), a full-service
broker-dealer and one of the largest securities and commodities firms in the
United States servicing both individual and institutional clients. The
transaction was accounted for using the purchase method of accounting, making
PaineWebber a wholly owned subsidiary of UBS. Results of operations of
PaineWebber have been included in the consolidated results beginning on the
date of acquisition. Under IAS, the valuation of shares and options issued was
measured on the date the acquisition was completed, 3 November 2000.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Purchase consideration amounted to CHF 22.0&nbsp;billion (USD 12.5&nbsp;billion)
consisting of shares, options and cash. Total goodwill recorded in connection
with the acquisition amounted to CHF 12.8&nbsp;billion (USD 7.3&nbsp;billion) at 3
November 2000 and is being amortized using the straight line method over an
estimated useful life of 20&nbsp;years.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In 2001, the goodwill amount increased by CHF 54.3&nbsp;million, net of tax
benefits, including realized tax benefits on options granted to employees
before the merger and subsequently exercised, and other adjustments to the
identifiable assets and liabilities acquired. At 31 December 2001 and 2000, the
balance of goodwill related to the PaineWebber acquisition amounted to CHF 11.6
billion and CHF 11.8&nbsp;billion respectively.
</FONT></DIV>

<!-- link2 "Note 38 Currency Translation Rates" -->
<DIV align="left"><A NAME="079"></A></DIV>
<P align="left"><FONT size="2"><B>Note 38 Currency Translation Rates</B>
</FONT>

<P><FONT size="2">The following table shows the principal rates used to translate the financial
statements of foreign entities into Swiss francs:
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="25%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2"><B>Spot rate</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="2"><B>Average rate</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2">As at</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="2">Year-to-date</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="11"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1 USD</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1.67</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.64</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1.69</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.69</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.50</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1 EUR</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1.48</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.52</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1.50</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.56</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.60</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1 GBP</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2.43</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.44</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2.44</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.57</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.43</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">100 JPY</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1.27</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.43</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1.40</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.57</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.33</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<!-- link2 "Note 39 Swiss Banking Law Requirements" -->
<DIV align="left"><A NAME="080"></A></DIV>
<P align="left"><FONT size="2"><B>Note 39 Swiss Banking Law Requirements</B>
</FONT>

<P><FONT size="2">The consolidated financial statements of UBS are prepared in accordance with
International Accounting Standards. Set out below are the deviations which
would result if the provisions of the Banking Ordinance and the Guidelines of
the Swiss Banking Commission governing financial statement reporting pursuant
to Article&nbsp;23 through Article&nbsp;27 of the Banking Ordinance were applied in the
preparation of the consolidated financial statements of UBS.
</FONT>
<P align="left"><FONT size="2"><B>1. Treasury shares</B>
</FONT>

<DIV align="left"><FONT size="2">Under IAS, treasury shares are presented in the balance sheet as a deduction
from Shareholders&#146; equity and accounted for at weighted average cost. Contracts
that require physical settlement or net share settlement in UBS AG shares are
classified in the Shareholders&#146; equity as Share premium and accounted for at
weighted average cost. The difference between the proceeds from sales of
treasury shares or contracts that require physical settlement or contracts that
require net share settlement and their cost (net of tax) is reported as Share
premium. The par value of shares repurchased and cancelled is debited to the
issued and paid up share capital for the par value, with the remainder of the
cost of the repurchased shares debited to Share premium. No dividends are paid
on treasury shares.
</FONT></DIV>

<P align="right"><FONT size="2">151</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P align="left"><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Under Swiss law, own shares held for market making purposes are presented in
the balance sheet as Trading portfolio assets. Own shares held for other
purposes are classified as Financial investments and a corresponding reserve
for own shares is established within Shareholders&#146; equity. All derivative
contracts on own shares are reported as Positive or Negative replacement
values. Traded own shares and derivatives on own shares are carried at fair
value. Gains and losses realized on disposal and unrealized gains and losses
from changes in the fair value are recorded as Net trading income. Own shares
reported within Financial investments are reported at the lower of cost or
market value. Reductions to market value and reversals of such reductions, as
well as gains and losses on disposal, are included in Other income. Own shares
repurchased for cancellation are reported as financial investments and
accounted for at cost. Upon cancellation, the par value of shares repurchased
and cancelled is debited against Share capital for the par value, with the
remainder of the purchase cost debited against General statutory reserve.
</FONT>
<P align="left"><FONT size="2"><B>2. Financial investments</B>
</FONT>

<DIV align="left"><FONT size="2">Under IAS, available-for-sale financial investments are carried at fair value.
Changes in the fair value of available-for-sale financial investments are
recorded as increases or decreases to Shareholders&#146; equity until an investment
is sold, collected or otherwise disposed of, or until an investment is
determined to be impaired. At the time an available-for-sale investment is
determined to be impaired, the cumulative unrealized gain or loss previously
recognized in Shareholders&#146; equity is included in net profit or loss for the
period. On disposal of an available-for-sale investment, the difference between
the net disposal proceeds and the carrying amount, including any previously
recognized unrealized gain or loss arising from a change in fair value reported
within Shareholders&#146; equity, is included in net profit or loss for the period.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Under Swiss law financial investments are carried at the lower of cost or
market value. Reductions to market value and reversals of such reductions as
well as gains and losses on disposal are included in Other income.
</FONT></DIV>

<P align="left"><FONT size="2"><B>3. Cash flow hedges</B>
</FONT>

<DIV align="left"><FONT size="2">The Group also uses derivative instruments to hedge against the exposure from
varying cash flows receivable and payable. Under IAS, when hedge accounting is
applied for these instruments, the unrealized gain or loss on the effective
portion of the derivatives is recorded in shareholders&#146; equity until the hedged
cash flows occur, at which time the accumulated gain or loss is realized and
released to income.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Under Swiss law, the gains or losses on the effective portion of the
derivative instruments used to hedge cash flow exposures are deferred on the
balance sheet. The deferred amounts are released to income when the hedged cash
flows occur.
</FONT></DIV>

<P align="left"><FONT size="2"><B>4. Gains/losses not recognized in the income statement</B>
</FONT>

<DIV align="left"><FONT size="2">Gains/losses not recognized in the income statement is a separate line within
Shareholders&#146; equity where under IAS unrealized gains and losses from currency
translation, changes in fair value of financial investments available-for-sale
and of derivative instruments designated as cash flow hedges are reported.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Under Swiss law, only foreign currency translation differences are
reported in shareholders&#146; equity. The other two components are reported
according to the methods described in captions 2. and 3. above.
</FONT></DIV>

<P align="left"><FONT size="2"><B>5. Extraordinary income and expense</B>
</FONT>

<DIV align="left"><FONT size="2">Under IAS, items of income and expense can only be classified as extraordinary
if they are clearly distinct from the ordinary activities and their occurrence
is expected to be rare.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Under Swiss law, income and expense items related to other accounting
periods and/or not directly related with the core business activities of the
enterprise (e.g. realized gains or losses on sale of Investments in associated
companies or Property and equipment) are recorded as extraordinary income or
expense.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The significant differences between IAS and Swiss banking law are as
follows:
</FONT></DIV>


<P><FONT size="2">152</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P align="left"><FONT size="2"><B>Note 39 Swiss Banking Law Requirements (continued)</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="5%">&nbsp;</TD>
        <TD width="75%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left" colspan="2"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="10" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Differences in the Balance Sheet</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Treasury shares</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>&nbsp;</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>

<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Trading portfolio</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>128</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>

<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Financial investments</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3,253</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,007</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Due to banks</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>24</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,516</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Shareholders&#146; equity</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3,357</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,491</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>

<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Financial investments</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>&nbsp;</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>

<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Due to banks</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(1,856</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>

<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other liabilities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(215</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Shareholders&#146; equity</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(1,641</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash flow hedges</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>&nbsp;</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>

<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other liabilities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(459</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>

<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Shareholders&#146; equity</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>459</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="10" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Differences in the Income Statement</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Treasury shares
Net trading income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(70</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">133</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(231</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">68</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Financial investments
Other income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(607</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Reclassification of extraordinary income and expense
</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>

<TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(95</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(211</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Extraordinary income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>109</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">233</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Extraordinary expense</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>14</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">22</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="10" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P align="right"><FONT size="2">153</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<!-- link2 "Note 40 Reconciliation of International Accounting Standards (IAS)&nbsp;to United States Generally Accepted Accounting Principles (US GAAP)" -->
<DIV align="left"><A NAME="081"></A></DIV>
<P align="left"><FONT size="2"><B>Note 40 Reconciliation of International Accounting Standards (IAS)&nbsp;to United States Generally Accepted Accounting Principles (US GAAP)</B>
</FONT>

<P align="left"><FONT size="2" color="#0865AB"><B>Note 40.1 Valuation and income recognition differences between IAS and US GAAP</B>
</FONT>

<P><FONT size="2">The consolidated financial statements of the Group have been prepared in
accordance with IAS. The principles of IAS differ in certain respects from
United States Generally Accepted Accounting Principles (&#147;US GAAP&#148;). The
following is a summary of the relevant significant accounting and valuation
differences between IAS and US GAAP.
</FONT>
<P align="left"><FONT size="2" color="#0865AB"><B>a. Purchase accounting (merger of Union Bank of Switzerland and Swiss Bank Corporation)</B>
</FONT>

<DIV align="left"><FONT size="2">Under IAS, the Group accounted for the 1998 merger of Union Bank of Switzerland
and Swiss Bank Corporation under the uniting of interests method. The balance
sheets and income statements of the banks were combined, and no adjustments
were made to the carrying values of the assets and liabilities. Under US GAAP,
the business combination creating UBS AG is accounted for under the purchase
method with Union Bank of Switzerland being considered the acquirer. Under the
purchase method, the cost of acquisition is measured at fair value and the
acquirer&#146;s interests in identifiable tangible assets and liabilities of the
acquiree are restated to fair values at the date of acquisition. Any excess
consideration paid over the fair value of net tangible assets acquired is
allocated, first to identifiable intangible assets based on their fair values,
if determinable, with the remainder allocated to goodwill.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Goodwill</B>
</FONT>

<DIV align="left"><FONT size="2">Under US GAAP until 31 December 2001, goodwill acquired before 30 June 2001 is
capitalized and amortized over its estimated useful life with adjustments for
any impairment.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;For US GAAP purposes, the excess of the consideration paid for Swiss Bank
Corporation over the fair value of the net tangible assets received has been
recorded as goodwill and is being amortized on a straight line basis over a
weighted average life of 13&nbsp;years from 29 June 1998.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Upon the adoption of Statement of Financial Accounting Standard (SFAS)
142, &#147;Goodwill and Other Intangible Assets&#148;, on 1 January 2002, the
amortization of goodwill will no longer be recorded under US GAAP. Instead,
goodwill will be subject to an annual impairment test, with any decrease in
value recorded in the Income statement. Refer to section l of this note,
&#147;Recently issued accounting standards&#148; for a more detailed discussion of SFAS
142.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In 2001 and 2000, goodwill recorded under US GAAP was reduced by CHF 53
million and CHF 211&nbsp;million respectively, due to recognition of deferred tax
assets of Swiss Bank Corporation which had previously been subject to valuation
reserves.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Other purchase accounting adjustments</B>
</FONT>

<DIV align="left"><FONT size="2">The restatement of Swiss Bank Corporation&#146;s net assets to fair value in 1998
resulted in decreasing net tangible assets by CHF 1,077&nbsp;million for US GAAP.
This amount is being amortized over periods ranging from two years to 20&nbsp;years.
</FONT></DIV>

<P align="left"><FONT size="2" color="#0865AB"><B>b. Harmonization of accounting policies</B>
</FONT>

<DIV align="left"><FONT size="2">The business combination of Union Bank of Switzerland and Swiss Bank
Corporation was accounted for under the uniting of interests method under IAS.
Under the uniting of interests method of accounting, a single uniform set of
accounting policies was adopted and applied to all periods presented. This
resulted in a restatement of 1997 Shareholders&#146; equity and Net loss.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;US GAAP requires that accounting changes be recorded in the Income
statement in the period the change is made. For US GAAP, the accounting policy
harmonization recorded under IAS for 1997 was reversed, and the impact of the
accounting changes was recorded in 1998.
</FONT></DIV>

<P align="left"><FONT size="2" color="#0865AB"><B>c. Restructuring provision</B>
</FONT>

<DIV align="left"><FONT size="2">Under IAS, restructuring provisions are recognized when a legal or constructive
obligation has been incurred. In 1997, the Group recognized a CHF 7,000&nbsp;million
restructuring provision to cover personnel, IT, premises and other costs
associated with combining and restructuring the
</FONT></DIV>

<P><FONT size="2">154</FONT>

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<P><FONT size="2">merged Group. A further CHF 300&nbsp;million provision was recognized in 1999,
reflecting the impact of increased precision in the estimation of certain
leased and owned property costs.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Under US GAAP, the criteria for establishing restructuring provisions were
more stringent than under IAS prior to 2000. For US GAAP, the aggregate CHF
7,300&nbsp;million restructuring provision was reversed. As a result of the business
combination with Swiss Bank Corporation and the decision to combine and
streamline certain activities of the banks for the purpose of reducing costs
and improving efficiencies, Union Bank of Switzerland recognized a
restructuring provision of CHF 1,575&nbsp;million during 1998 for US GAAP. CHF 759
million of this provision related to estimated costs for restructuring the
operations and activities of Swiss Bank Corporation, and that amount was
recorded as a liability of the acquired business. The remaining CHF 816&nbsp;million
of estimated costs were charged to restructuring expense during 1998. The US
GAAP restructuring provision was increased by CHF 600&nbsp;million and CHF 130
million in 1999 and 2000, respectively.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;During 2001, CHF 112&nbsp;million restructuring costs were expensed as incurred
under US GAAP. These costs were already part of the restructuring provision
under IAS, but were not eligible for recognition under US GAAP until 2001. The
restructuring plan was completed and the remaining balance of the US GAAP
restructuring provision was used substantially in accordance with previously
disclosed plans. At 31 December 2001, the restructuring provision for both IAS
and US GAAP has been fully utilized.
</FONT></DIV>

<P align="left"><FONT size="2" color="#0865AB"><B>d. Derivative instruments held or issued for hedging activities</B>
</FONT>

<DIV align="left"><FONT size="2">Prior to 1 January 2001, the Group applied no hedge accounting for US GAAP. As
a result, all derivative instruments were carried on the balance sheet at fair
value, with changes in fair value recorded in the Income statement. Under IAS,
the Group accounted for derivative instruments hedging non-trading positions in
the Income statement using the accrual or deferral method, which was the same
as the accounting methodology applied to the underlying item hedged.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;On 1 January 2001, the Group adopted IAS 39 for its IAS financial
statements (see Note 1: Summary of Significant Accounting Policies) and SFAS
133, &#147;Accounting for Derivative Instruments and Hedging Activities&#148; for its US
GAAP financial statements. These standards introduce new rules for the
accounting and reporting of derivative instruments, including certain
derivative instruments embedded in other contracts, and of hedging activities.
The adoption of SFAS 133 did not result in any transition items for the Group
on 1 January 2001 as the Group previously did not apply hedge accounting under
US GAAP.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Under IAS 39, the Group is permitted to hedge interest rate risk based on
forecasted cash inflows and outflows on a group basis. For this purpose, the
Group accumulates information about financial assets, financial liabilities,
and forward commitments which is then used to estimate and aggregate cash flows
and to schedule the future periods in which these cash flows are expected to
occur. Appropriate derivative instruments are then used to hedge the estimated
future cash flows. SFAS 133 does not permit hedge accounting for hedges of
future cash flows determined by this methodology. Accordingly, for US GAAP such
items continue to be carried at fair value with changes in fair value
recognized in Net trading income.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Since 1 January 2001, the Group&#146;s hedging relationships have been treated
the same under both IAS and US GAAP, except for hedges of interest rate risk of
forecasted cash flows on a group basis as mentioned in the previous paragraph.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In addition, amounts deferred under previous hedging relationships that
now do not qualify as hedges under IAS 39 are being amortized against IAS net
profit over the remaining life of the hedging relationship. Such amounts have
been reversed for US GAAP as they have never been treated as hedges.
</FONT></DIV>

<P align="left"><FONT size="2" color="#0865AB"><B>e. Financial investments (prior to the adoption of IAS 39)</B>
</FONT>

<DIV align="left"><FONT size="2">Prior to the adoption of IAS 39 on 1 January 2001, financial investments were
classified as either current investments or long-term investments under IAS.
The Group considered current financial investments to be held for sale and
carried at lower of cost or market value (&#147;LOCOM&#148;). The Group accounted for
long-term financial investments at cost, less any permanent impairments. Under
US GAAP, the Group&#146;s financial investments are classified as available for sale
(debt and marketable equity
</FONT></DIV>

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<P align="left"><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<P><FONT size="2">securities), and are carried at fair value with changes in fair value recorded
in Other comprehensive income. Gains and losses are recognized in Net profit in
the period sold, and losses are recognized in the period of permanent
impairment. For the IAS to US GAAP reconciliation, debt and marketable equity
securities were adjusted from LOCOM to fair value and classified as available
for sale investments. Unrealized gains or unrealized losses relating to these
investments were recorded in Other comprehensive income.
</FONT>
<P align="left"><FONT size="2" color="#0865AB"><B>f. Financial investments and private equity (after the adoption of IAS 39)</B>
</FONT>

<DIV align="left"><FONT size="2">With the adoption of IAS 39 on 1 January 2001, the accounting for financial
investments classified as available for sale is now generally the same under
IAS and US GAAP. Two exceptions exist, however: 1) private equity investments
and non-marketable equity financial investments, which are classified as
available for sale and carried at fair value under IAS, continue to be valued
at cost less other than temporary impairments under US GAAP; and 2) write-downs
on impaired assets can be fully or partially reversed under IAS if the value of
the impaired assets increases. Such reversals of impairment write-downs are not
allowed under US GAAP. There were no significant reversals under IAS in 2001.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The opening adjustment and subsequent changes in fair value recorded in
Unrealized gains/losses on available for sale investments related to private
equity investments and non-marketable equity financial investments due to the
implementation of IAS 39 on 1 January 2001 have been reversed under US GAAP to
reflect the difference between the two standards in measuring such investments.
</FONT></DIV>

<P align="left"><FONT size="2" color="#0865AB"><B>g. Retirement benefit plans</B>
</FONT>

<DIV align="left"><FONT size="2">Under IAS, the Group recognizes pension expense based on a specific method of
actuarial valuation used to determine the projected plan liabilities for
accrued service, including future expected salary increases, and expected
return on plan assets. Plan assets are recorded at fair value and are held in a
separate trust to satisfy plan liabilities. Under IAS the recognition of a
prepaid asset is subject to certain limitations, and any unrecognized prepaid
asset is recorded as pension expense.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Under US GAAP, pension expense is based on the same actuarial method of
valuation of liabilities and assets as under IAS. Differences in the amounts of
expense and liabilities (or prepaid assets) exist due to different transition
date rules, stricter provisions for recognition of a prepaid asset, and the
treatment of the 1998 merger of Union Bank of Switzerland and Swiss Bank
Corporation.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In addition, under US GAAP, if the fair value of plan assets falls below
the accumulated benefit obligation (current value of accrued benefits without
allowance for future salary increases), an additional minimum liability must be
shown in the balance sheet. If an additional minimum liability is recognized,
an equal amount will be recognized as an intangible asset up to the amount of
any unrecognized past service cost. Any amount not recognized as an intangible
asset is reported in Other comprehensive income. In order to record the net
additional minimum liability required under US GAAP in 2001, UBS booked a
pre-tax adjustment to the liability of CHF 306&nbsp;million, of which CHF 3&nbsp;million
was recognized in intangible assets and CHF 303&nbsp;million in Other comprehensive
income. In 2000, no adjustment was required.
</FONT></DIV>

<P align="left"><FONT size="2" color="#0865AB"><B>h. Other employee benefits</B>
</FONT>

<DIV align="left"><FONT size="2">Under IAS, the Group has recorded expenses and liabilities for post-retirement
medical and life insurance benefits, determined under a methodology similar to
that described above under retirement benefit plans.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Under US GAAP, expenses and liabilities for post-retirement medical and
life insurance benefits are determined under the same methodology as under IAS.
Differences in the levels of expenses and liabilities have occurred due to
different transition date rules and the treatment of the merger of Union Bank
of Switzerland and Swiss Bank Corporation under the purchase method.
</FONT></DIV>

<P align="left"><FONT size="2" color="#0865AB"><B>i. Equity participation plans</B>
</FONT>

<DIV align="left"><FONT size="2">IAS does not specifically address the recognition and measurement requirements
for equity participation plans.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;US GAAP permits the recognition of compensation cost on the grant date for
the estimated fair value of equity instruments issued (SFAS 123) or based on
the intrinsic value of equity instruments issued (Accounting Principles Board
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</FONT></DIV>

<P><FONT size="2">&#147;APB&#148; No.&nbsp;25), with the disclosure of the pro forma effects of equity
participation plans on net profit and earnings per share, as if the fair value
had been recorded on the grant date. Under IAS, the Group recognizes only
intrinsic values at the grant date with subsequent changes in value not
recognized. Under US GAAP, the Group applies the APB No.&nbsp;25 intrinsic value
method, which requires adjustments to intrinsic values subsequent to the grant
date in certain circumstances.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The shares and other diversified instruments of the Group&#146;s equity
participation plans are held in trusts on behalf of the participants. Certain
of these trusts are recorded on the Group&#146;s balance sheet for US GAAP
presentation, the effect of which is to increase assets by CHF 1,485&nbsp;million
and CHF 1,419&nbsp;million, liabilities by CHF 1,607&nbsp;million and CHF 1,559&nbsp;million,
and decrease shareholders&#146; equity by CHF 122&nbsp;million and CHF 140&nbsp;million (for
UBS AG shares held by the trusts which are treated as treasury shares) at 31
December 2001 and 2000 respectively.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;For US GAAP, certain of the Group&#146;s option awards have been determined to
be variable pursuant to APB No.&nbsp;25, primarily because they may be settled in
cash or because the Group has offered to hedge the value of the award. The
effect of applying variable accounting to these option awards in the US GAAP
reconciliation for the years ended 31 December 2001, 2000 and 1999, is a CHF 30
million decrease in compensation expense, CHF 85&nbsp;million increase in
compensation expense and CHF 41&nbsp;million increase in compensation expense,
respectively. In addition, certain of the Group&#146;s equity participation plans
required a new expense measurement date due to diversification or cash
settlement of awards. Additional expense was also recorded related to the
consolidation of the trusts in the US GAAP Balance sheet and for social tax
payments on exercised options recorded directly in Shareholders&#146; equity for
IAS. For US GAAP, the net effect of these transactions is an increase to
expense of CHF 41&nbsp;million, CHF 82&nbsp;million and CHF 8&nbsp;million for the years ended
31 December 2001, 2000 and 1999, respectively.
</FONT></DIV>

<P align="left"><FONT size="2" color="#0865AB"><B>j. Software capitalization</B>
</FONT>

<DIV align="left"><FONT size="2">Under IAS, effective 1 January 2000, certain costs associated with the
acquisitions or development of internal use software must be capitalized. Once
the software is ready for its intended use, the costs capitalized are amortized
to the Income statement over the estimated life of the software. Under US GAAP,
the same principle applies, however this standard was effective 1 January 1999.
For US GAAP, the costs associated with the acquisition or development of
internal use software that met the US GAAP software capitalization criteria in
1999 have been reversed from Operating expenses and amortized over a life of
two years from the time that the software is ready for its intended use. From 1
January 2000, the only remaining reconciliation item is the amortization of
software capitalized in 1999 for US GAAP purposes. This amount will be fully
amortized by 31 December 2002, and there will no longer be a difference between
IAS and US GAAP.
</FONT></DIV>

<P align="left"><FONT size="2" color="#0865AB"><B>k. IAS 39 opening retained earnings adjustment</B>
</FONT>

<DIV align="left"><FONT size="2">With the adoption of IAS 39 on 1 January 2001, an opening adjustment was made
to reduce Retained earnings by CHF 61&nbsp;million, consisting of CHF 19&nbsp;million
reflecting the impact of the new hedge accounting rules and CHF 42&nbsp;million
reflecting the impact of remeasuring assets to either amortized cost or fair
value as required under the standard. For US GAAP purposes, the first
adjustment was not required (because all derivatives were previously recorded
in the Income statement) and was reversed, and the second adjustment was
recorded in the Income statement.
</FONT></DIV>

<P align="left"><FONT size="2" color="#0865AB"><B>l. Recently issued US accounting standards</B>
</FONT>

<DIV align="left"><FONT size="2">In June 2001, the Financial Accounting Standards Board (&#147;FASB&#148;) issued SFAS
141, &#147;Business Combinations&#148; and SFAS 142, &#147;Goodwill and Intangible Assets&#148;.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;SFAS 141 requires, among other things, that all business combinations
initiated after 30 June 2001 be accounted for using the purchase method. The
pooling of interests method has been eliminated. This new standard has no
impact on these financial statements.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS is required to adopt SFAS 142 from 1 January 2002, except for goodwill
and intangible assets acquired in a business combination initiated after 30
June 2001. Any such acquisition will be subject to the rules of SFAS 142 at the
acquisition date. The standard requires that goodwill and intangible assets
with indefi-
</FONT></DIV>

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<P align="left"><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<P><FONT size="2">nite lives no longer be amortized, but be tested annually for impairment.
Identifiable intangible assets with finite lives will continue to be amortized.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The adoption of SFAS 142 is expected to have a material impact on the
Group&#146;s Income statement and Shareholders&#146; equity in accordance with US GAAP.
Upon adoption, the US GAAP amortization charge related to the 1998 business
combination of Union Bank of Switzerland and Swiss Bank Corporation (CHF 1.7
billion for 2001) will cease to be recorded. Under IAS, this charge was never
recorded because of a different method of accounting for the business
combination.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In addition, the introduction of SFAS 142 may result in two new
reconciling items: 1) Intangible assets on the IAS Balance sheet with a book
value of CHF 1.8&nbsp;billion at 31 December 2001 may be reclassified to goodwill
for US GAAP. 2) The amortization of IAS goodwill and the intangible assets
reclassified to goodwill for US GAAP (CHF 1.1&nbsp;billion in 2001) will be
reversed. From 1 January 2002, the goodwill balance in the US GAAP Balance
sheet will be maintained at historical amortized cost and will be reviewed
annually for impairment.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In August 2001, the FASB issued SFAS 143, &#147;Accounting for Asset Retirement
Obligations&#148;. The standard requires companies to record the fair value of a
liability for an asset retirement obligation in the period in which it is
incurred. The standard is effective for fiscal years beginning after 15 June
2002. The Group does not expect the adoption of this standard to have a
material effect on its financial statements.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In August 2001, the FASB issued SFAS No.&nbsp;144, &#147;Accounting for the
Impairment or Disposal of Long-Lived Assets&#148;, which supersedes both SFAS 121,
&#147;Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets
to Be Disposed Of&#148;, and the accounting and reporting provisions of APB No.&nbsp;30,
&#147;Reporting the Results of Operations &#151; Reporting the Effects of Disposal of a
Segment
of a Business, and Extraordinary, Unusual and Infrequently Occurring
Events and Transactions&#148;. The statement primarily addresses financial
accounting and reporting for the impairment or disposal of long-lived assets
and is effective for fiscal years beginning after 15 December 2001. In
addition, SFAS 144 eliminated the exception to consolidate subsidiaries for
which control is likely to be temporary, as previously contained in Accounting
Research Bulletin No.&nbsp;51 &#147;Consolidated Financial Statements&#148; as amended by SFAS
94, &#147;Consolidation of All Majority-Owned Subsidiaries&#148;. The impact of the
adoption of SFAS 144 on the Group&#146;s US GAAP reconciliation may be that the
unrealized gains and losses on private equity investments disclosed in
Gains/losses not recognized in the income statement under IAS would be recorded
in Net profit for US GAAP, should the &#147;AICPAAudit and Accounting Guide, Audits
of Investment Companies&#148; be adopted. The estimated effect of such adoption
would be a cumulative catch-up adjustment which would increase US GAAP Net
profit before tax by approximately CHF 660&nbsp;million at 1 January 2002. Had the
Group applied such guidance in the US GAAP reconciliation in 2001, the
estimated effect on Net profit before tax would have been a charge of
approximately CHF 470&nbsp;million. See section f of this note and table 40.2 for
current treatment of private equity investments under US GAAP. The impact on
the Group&#146;s US GAAP reconciliation of SFAS 144 and Investment Company Guide
treatment of private equity investments is under further detailed review.
</FONT></DIV>


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<P align="left"><FONT size="2" color="#0865AB"><B>40.2 Reconciliation of IAS Shareholders&#146; equity and Net profit to US GAAP</B>
</FONT>

<CENTER>
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        <TD nowrap align="center" colspan="3"><FONT size="2">Note 40.1</FONT></TD>
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        <TD nowrap align="left" colspan="2"><FONT size="2"><I>CHF million</I></FONT></TD>
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        <TD nowrap align="center" colspan="3"><FONT size="2">Reference</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
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        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
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        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
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        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Amounts determined in accordance
with IAS</B></FONT></DIV></TD>
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        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>43,530</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">44,833</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,973</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,792</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,153</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Adjustments in respect of
SBC purchase accounting:</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Goodwill</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">a</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>16,142</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">17,835</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(1,693</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1,719</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1,729</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other purchase accounting adjustments</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">a</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(729</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(808</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>79</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">50</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">37</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Harmonization of accounting policies</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">b</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(20</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Restructuring provision</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">c</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">112</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(112</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(238</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1,598</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Derivative instruments held
or issued for hedging activities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">d</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(188</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(857</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>67</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1,353</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(545</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Financial investments (prior to the
adoption of IAS 39)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">e</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">379</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">28</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">36</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Financial investments and
private equity (after the adoption of IAS 39)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">f</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(709</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Retirement benefit plans</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">g</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,714</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,898</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>119</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">59</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(19</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other employee benefits</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">h</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(8</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(16</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Equity participation plans</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">i</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(186</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(311</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(12</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(167</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(47</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Software capitalization</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">j</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>60</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">229</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(169</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(160</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">389</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">IAS 39 opening retained earnings
adjustments</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">k</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>19</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(42</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Tax adjustments</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(363</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(334</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>16</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">137</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">178</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="26" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total adjustments</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>15,752</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18,127</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(1,739</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(3,355</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(3,316</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="26" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="4" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Amounts determined in accordance
with US GAAP</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>59,282</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">62,960</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3,234</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,437</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,837</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="26" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="4" noshade></B></FONT></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2" color="#0865AB"><B>40.3 Earnings per share</B>
</FONT>

<P><FONT size="2">Under IAS and US GAAP, basic earnings per share (EPS)&nbsp;is computed by dividing
income available to common shareholders by the weighted-average common shares
outstanding. Diluted EPS includes the determinants of basic EPS and, in
addition, gives effect to dilutive potential common shares that were
outstanding during the period.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The computations of basic and diluted EPS for the years ended 31 December
2001, 31 December 2000 and 31 December 1999 are presented in the following
table.
</FONT></DIV>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="37%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2">31.12.99</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2">For the year ended</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>US GAAP</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>IAS</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">US GAAP</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">IAS</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">US GAAP</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">IAS</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net profit available for ordinary shares (CHF million)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3,234</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,973</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,437</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,792</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,837</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,153</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net profit for diluted EPS (CHF million)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3,135</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,874</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,423</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,778</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,837</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,153</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Weighted average shares outstanding</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,251,180,815</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B><SUP>1</SUP></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,266,038,193</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,198,680,193</FONT></TD>
        <TD nowrap><FONT size="2"><B><SUP>1</SUP></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,209,087,927</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,208,614,215</FONT></TD>
        <TD nowrap><FONT size="2"><B><SUP>1</SUP></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,214,227,446</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Diluted weighted average shares outstanding</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,273,720,560</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B><SUP>1</SUP></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,288,577,938</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,215,169,966</FONT></TD>
        <TD nowrap><FONT size="2"><B><SUP>1</SUP></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,225,577,700</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,219,512,225</FONT></TD>
        <TD nowrap><FONT size="2"><B><SUP>1</SUP></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,225,125,456</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Basic earnings per share (CHF)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2.58</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3.93</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.70</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.44</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.35</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.07</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Diluted earnings per share (CHF)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2.46</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3.78</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.64</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.35</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.33</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.02</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup><B>1</B></sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">The difference between the IAS and US GAAP weighted average shares
outstanding and diluted weighted average shares outstanding is related to the
shares for employee equity participation plans. These shares are held in trusts
which are consolidated for US GAAP only and are recorded as treasury shares.
Amounts in prior years have been restated for these treasury shares.</FONT></TD>
</TR>
</TABLE>

<P align="right"><FONT size="2">159</FONT>


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<P align="left"><FONT size="2" color="#0865AB"><B>Note 40.4 Presentation differences between IAS and US GAAP</B>
</FONT>

<P><FONT size="2">In addition to the differences in valuation and income recognition, other
differences, essentially related to presentation, exist between IAS and US
GAAP. Although there is no impact on IAS and US GAAP reported shareholders&#146;
equity and net profit due to these differences, it may be useful to understand
them to interpret the financial statements presented in accordance with US
GAAP. The following is a summary of presentation differences that relate to the
basic IAS financial statements.
</FONT>
<P align="left"><FONT size="2"><B>1. Settlement date vs. trade date accounting</B>
</FONT>

<DIV align="left"><FONT size="2">The Group&#146;s transactions from securities activities are recorded under IAS on
the settlement date for balance sheet and on the trade date for income
statement purposes. This results in recording a forward transaction during the
period between the trade date and the settlement date. Forward positions
relating to trading activities are revalued to fair value and any unrealized
profits and losses are recognized in Net profit.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Under US GAAP, trade date accounting is required for spot purchases and
sales of securities. Therefore, all such transactions with a trade date on or
before the balance sheet date with a settlement date after the balance sheet
date have been recorded at trade date for US GAAP. This has resulted in
receivables and payables to broker-dealers and clearing organizations recorded
in Other assets and Other liabilities in the US GAAP Balance sheet.
</FONT></DIV>

<P align="left"><FONT size="2"><B>2. Financial investments</B>
</FONT>

<DIV align="left"><FONT size="2">Under IAS, the Group&#146;s private equity investments and non-marketable equity
financial investments are included in Financial investments. For US GAAP
presentation, non-marketable equity financial investments are reclassified to
Other assets, and private equity investments are shown separately on the
Balance sheet.
</FONT></DIV>

<P align="left"><FONT size="2"><B>3. Securities received as proceeds in a securities for securities lending transaction</B>
</FONT>

<DIV align="left"><FONT size="2">In September 2000, the Financial Accounting Standards Board released SFAS No.
140, &#147;Accounting for Transfers and Servicing of Financial Assets and
Extinguishment of Liabilities&#148;, a replacement of SFAS No.&nbsp;125, which revises
the standards for accounting for securitizations and other transfers of
financial assets and collateral. The Group adopted the standard in accordance
with its transition requirements, resulting in certain of its provisions
becoming effective in 2000. Additional provisions became effective on 1 April
2001. Under the new provisions, when the Group acts as the lender in a
securities lending agreement and receives securities as collateral that can be
pledged or sold, it recognizes the securities received and a corresponding
obligation to return them. These securities are separately reflected on the US
GAAP balance sheet in the line &#147;Securities received as collateral&#148; on the asset
side of the balance sheet. The offsetting liability is included separately in
the line &#147;Obligation to return securities received as collateral&#148;.
</FONT></DIV>

<P align="left"><FONT size="2"><B>4. Secured financing without margining</B>
</FONT>

<DIV align="left"><FONT size="2">The Group enters into certain specific secured financing transactions that
result in a reclassification difference between IAS and US GAAP. Under IAS,
they are considered secured financing transactions. Under US GAAP, however,
they are considered sale/buyback transactions due to the fact that the
contracts do not require margining which is one of the criteria to meet US GAAP
secured financing treatment. Due to the different treatment of these
transactions under IAS and US GAAP, interest income and expense recorded under
IAS must be reclassified to Other income for US GAAP. An additional
reclassification on the US GAAP balance sheet is also required which reflects a
spot purchase (Trading portfolio assets) and a forward sale transaction
(Replacement values), instead of a claim from customers (Cash collateral on
securities borrowed) under IAS.
</FONT></DIV>
<P><FONT size="2">160</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><FONT size="2" color="#0865AB"><B>40.5 Consolidated Income Statement</B>
</FONT>

<P><FONT size="2">The following is a Consolidated Income Statement of the Group, for the years
ended 31 December 2001, 31 December 2000 and 31 December 1999, restated to
reflect the impact of valuation and income recognition differences and
presentation differences between IAS and US GAAP.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="36%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2">31.12.99</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2"><i>CHF million</i></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2">For the year ended</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>

<TD nowrap align="center" colspan="3"><FONT size="2"><I>Reference</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>US GAAP</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>IAS</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">US GAAP</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">IAS</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">US GAAP</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">IAS</FONT></TD>
</TR>
<TR>
        <TD colspan="29" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Operating income</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">a, d, 4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>51,975</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>52,277</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">51,565</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">51,745</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">35,404</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">35,604</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest expense</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">a, 4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(44,178</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(44,236</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(43,584</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(43,615</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(29,660</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(29,695</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="29" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net interest income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>7,797</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8,041</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,981</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,130</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,744</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,909</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Credit loss expense / (recovery)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(498</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(498</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">130</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">130</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(956</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(956</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="29" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">Net interest income after credit loss
expense / (recovery)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>7,299</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>7,543</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,111</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,260</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,788</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,953</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="29" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net fee and commission income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>20,211</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>20,211</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16,703</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16,703</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12,607</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12,607</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net trading income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">d, k, 4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8,973</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8,802</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,597</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9,953</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,174</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,719</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">e, 4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>534</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>558</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,514</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,486</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,182</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,146</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="29" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total operating income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>37,017</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>37,114</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">34,925</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">36,402</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">27,751</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">28,425</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="29" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Operating expenses</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Personnel</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">c, g, h, i, j</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>19,713</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>19,828</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">17,262</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">17,163</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12,483</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12,577</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">General and administrative</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">c, j</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>7,631</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>7,631</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,813</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,765</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,664</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,098</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Depreciation of property
and equipment</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">a, b, j</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,815</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,614</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,800</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,608</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,619</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,517</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">Amortization of goodwill
and other intangible assets</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">a</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,782</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,323</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,152</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">667</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,835</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">340</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Restructuring costs</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">c</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>112</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">191</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">750</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="29" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>32,053</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>30,396</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">28,218</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">26,203</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">23,351</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">20,532</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="29" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2"><B>Operating profit / (loss)<br>
before tax and minority interests</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,964</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6,718</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,707</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,199</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,400</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,893</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="29" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Tax expense / (benefit)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,386</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,401</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,183</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,320</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,509</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,686</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="29" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2"><B>Net profit / (loss)<br>
before minority interests</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3,578</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>5,317</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,524</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,879</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,891</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,207</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="29" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Minority interests</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(344</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(344</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(87</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(87</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(54</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(54</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="29" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net profit</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3,234</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,973</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,437</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,792</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,837</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,153</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="29" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P>
<DIV ALIGN="LEFT"><FONT size="1">Note: References above coincide with the discussions in Note 40.1 and Note
40.4. These references indicate which IAS to US GAAP adjustments affect an
individual financial statement caption.</FONT></DIV>

<P align="right"><FONT size="2">161</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P align="left"><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<P align="left"><FONT size="2" color="#0865AB"><B>40.6 Condensed Consolidated Balance Sheet</B>
</FONT>

<P><FONT size="2">The following is a Condensed Consolidated Balance Sheet of the Group, as of 31
December 2001 and 31 December 2000, restated to reflect the impact of valuation
and income recognition principles and presentation differences between IAS and
US GAAP
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="43%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2"><i>CHF million</i></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Reference</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>US GAAP</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>IAS</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">US GAAP</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">IAS</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Assets</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash and balances with central banks</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>20,990</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>20,990</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,979</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,979</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Due from banks</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">a</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>27,550</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>27,526</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">29,182</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">29,147</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash collateral on securities borrowed</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD ALIGN="RIGHT"><FONT size="2">4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>162,566</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>162,938</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">177,857</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">177,857</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Reverse repurchase agreements</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>269,256</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>269,256</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">193,801</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">193,801</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Trading portfolio assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1, 4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>399,577</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>397,886</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">318,788</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">315,588</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Positive replacement values</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1, 4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>73,051</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>73,447</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">57,775</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">57,875</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Loans, net of allowance for credit losses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">a, d</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>226,747</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>226,545</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">245,214</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">244,842</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Financial investments</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">e, f, 2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>20,676</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>28,803</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,985</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">19,583</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Securities received as collateral</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>20,119</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Accrued income and prepaid expenses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD ALIGN="RIGHT"><FONT size="2">4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>7,545</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>7,554</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,062</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,062</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Investments in associates</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>697</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>697</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">880</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">880</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Property and equipment</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">a, j</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>9,276</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8,695</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9,692</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,910</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Intangible assets and goodwill</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">a, g</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>33,765</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>19,085</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">35,726</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">19,537</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Private equity investments</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6,069</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,658</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">d, g, h, i, 1, 2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>36,972</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>9,875</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">27,955</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9,491</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total assets</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,314,856</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,253,297</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,124,554</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,087,552</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Liabilities</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Due to banks</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>106,531</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>106,531</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">82,240</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">82,240</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash collateral on securities lent</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>30,317</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>30,317</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">23,418</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">23,418</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Repurchase agreements</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>368,620</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>368,620</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">295,513</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">295,513</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Trading portfolio liabilities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>108,924</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>105,798</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">87,832</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">82,632</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Obligation to return securities
received as collateral</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>20,119</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Negative replacement values</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>71,018</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>71,443</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">75,423</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">75,923</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Due to customers</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">a, d</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>333,766</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>333,781</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">310,686</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">310,679</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Accrued expenses and deferred income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>17,289</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>17,289</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">21,038</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">21,038</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Debt issued</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">a, d, k</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>156,462</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>156,218</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">129,750</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">129,635</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other liabilities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" NOWRAP><FONT size="2">a, c, d, e, g, h, i, 1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>38,416</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>15,658</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">32,809</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18,756</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total liabilities</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,251,462</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,205,655</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,058,709</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,039,834</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Minority interests</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,112</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,112</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,885</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,885</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total shareholders&#146; equity</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>59,282</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>43,530</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">62,960</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">44,833</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2"><B>Total liabilities, minority interests
and shareholders&#146; equity</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,314,856</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,253,297</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,124,554</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,087,552</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P>
<DIV ALIGN="LEFT"><FONT size="1">Note: References above coincide with the discussions in Note 40.1 and Note
40.4. These references indicate which IAS to US GAAP adjustments affect an
individual financial statement caption.</FONT></DIV>

<P><FONT size="2">162</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><FONT size="2" color="#0865AB"><B>40.7 Comprehensive Income</B>
</FONT>

<P><FONT size="2">Comprehensive income is defined as the change in Shareholders&#146; equity excluding
transaction with shareholders. Comprehensive income has two major components:
Net profit, as reported in the income statement, and Other comprehensive
income. Other comprehensive income includes such items as foreign currency
translation, unrealized gains/losses on available for sale securities,
unrealized gains/losses on changes in fair value of derivative instruments
designated as cash flow hedges and additional minimum pension liability. The
components and accumulated other comprehensive income amounts for the years
ended 31 December 2001, 31 December 2000 and 31 December 1999 are as follows:
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="64%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>Unrealized</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>Unrealized</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>Additional</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>Accumulated</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>Foreign</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>gains /(losses)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>gains /(losses)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>minimum</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>other</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>currency</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>on available for</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>on cash flow</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>pension</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>comprehensive</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>Comprehensive</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2"><i>CHF million</i></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>translation</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>sale securities</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>hedges</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>liability</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>income</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>income</B></FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2"><B>Balance, 1 January 1999</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(456</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>85</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(371</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">Net Profit</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,837</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">Other comprehensive income:</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">Foreign currency translation</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">Unrealized gains on available for sale investments
arising during the year, net of CHF 18&nbsp;million tax</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">74</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">74</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">Reclassification adjustment for gains on available for sale
investments realized in net profit, net of CHF 40&nbsp;million tax</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(143</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(143</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(55</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">Comprehensive income</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,782</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2"><B>Balance, 31 December 1999</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(442</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>16</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(426</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><HR size="4" noshade></TD>
</TR>
<TR>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">Net profit</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,437</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">Other comprehensive income:</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">Foreign currency translation</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(245</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(245</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">Unrealized gains on available for sale investments
arising during the year, net of CHF 152&nbsp;million tax</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">456</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">456</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">Reclassification adjustment for gains on available for sale
investments realized in net profit, net of CHF 40&nbsp;million tax</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(121</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(121</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">90</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">Comprehensive income</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,527</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2"><B>Balance, 31 December 2000</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(687</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>351</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(336</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><HR size="4" noshade></TD>
</TR>
<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
        <TD><FONT size="2">Net profit</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,234</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">Other comprehensive income:</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">Foreign currency translation</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(82</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(82</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">Unrealized gains on available for sale investments
arising during the year, net of CHF 27&nbsp;million tax</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">109</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">109</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">Reclassification adjustment for gains on available for sale
investments realized in net profit, net of CHF 26&nbsp;million tax</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(104</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(104</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">Unrealized gains on cash flow hedges
arising during the year, net of CHF 1&nbsp;million tax</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">Reclassification adjustment for losses on cash flow
hedges realized in net profit, net of CHF 1&nbsp;million tax</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">Additional minimum pension liability</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(303</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(303</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(373</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">Comprehensive income</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,861</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2"><B>Balance, 31 December 2001</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(769</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>356</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>7</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(303</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(709</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><HR size="4" noshade></TD>
</TR>
</TABLE>
</CENTER>

<P align="right"><FONT size="2">163</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<P align="left"><FONT size="2"><b>Note 41 Additional Disclosures Required under US GAAP and</b><BR>
<b>SEC Rules</b>
</FONT>

<P align="left"><FONT size="2" color="#0865AB"><B>41.1 Financial investments</B>
</FONT>

<P><FONT size="2">See Note 13 for additional information on financial investments. The following
table summarizes the Group&#146;s financial investments at 31 December 2000:
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="60%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Gross</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Gross</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Amortized</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">unrealized</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">unrealized</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Fair</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">cost</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">gains</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">losses</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">value</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>31 December 2000</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Money market paper</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,162</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,162</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Equity securities<sup>1</sup></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,147</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">447</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,588</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Debt securities issued by the Swiss
national government and agencies</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">34</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">36</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Debt securities issued by Swiss
local governments</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">46</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">46</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Debt securities issued by foreign
governments and official institutions</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,852</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,856</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Corporate debt securities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,139</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,143</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Mortgage-backed securities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">47</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">47</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other debt securities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">88</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">92</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>11,515</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>466</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>11</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>11,970</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>1</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">The LOCOM value of the equity securities as reported in Note 13 is adjusted
to cost basis for the purpose of the fair value calculation.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">Proceeds from sales and maturities of investment securities available for sale
during the year ended 31 December 2000 were CHF 325&nbsp;million. On those sales
gross gains of CHF 162&nbsp;million and gross losses of CHF 1&nbsp;million were realized
in 2000 in the income statement.
</FONT>
<P align="left"><FONT size="2" color="#0865AB"><B>Note 41.2 Sales of Financial Assets in Securitizations</B>
</FONT>

<P><FONT size="2">During the year ended 31 December 2001, the Group securitized (i.e.,
transformed owned financial assets into securities through sales transactions)
residential mortgage loans and securities, commercial mortgage loans and other
financial assets, acting as lead or co-manager. The Group&#146;s continuing
involvement in these transactions was primarily limited to the temporary
retention of various security interests. Proceeds received at the time of
securitization from residential mortgage, commercial mortgage and other
financial asset securitizations were CHF 67.6&nbsp;billion, CHF 4.1&nbsp;billion and CHF
2.8&nbsp;billion, respectively. Related pre-tax gains recognized, including
unrealized gains on retained interests, at the time of securitization were CHF
112.9&nbsp;million, CHF 129.7&nbsp;million and CHF 20.6&nbsp;million, respectively. During
2000, the Group did not engage in significant securitization transactions
involving the transfer of its financial assets. A significant portion of the
securitization activities conducted in 2001 were derived from businesses
acquired in the purchase of Paine Webber Group Inc. in November 2000.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;At 31 December 2001, the Group retained CHF 6.8&nbsp;billion in residential
mortgage securities, backed by the Government National Mortgage Association
(GNMA), the Federal National Mortgage Association (FNMA)&nbsp;and the Federal Home
Loan Mortgage Corporation (FHLMC), and CHF 1.6&nbsp;billion in other residential
mortgage securities. These retained interests are generally valued using
observable market prices. Retained interests in commercial mortgage and other
securities were not material at
31 December 2001.
</FONT></DIV>

<P><FONT size="2">164</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P align="left"><FONT size="2" color="#0865AB"><B>Note 41.3 Supplemental Guarantor Information</B>
</FONT>

<P align="left"><FONT size="2"><B>Guarantee of PaineWebber Securities</B>
</FONT>

<DIV align="left"><FONT size="2">Following the acquisition of Paine Webber Group, Inc., UBS AG made a full and
unconditional guarantee of the publicly traded debt and trust preferred
securities of PaineWebber. Prior to the acquisition, PaineWebber was an SEC
registrant. Upon the acquisition, PaineWebber was merged into UBS Americas
Inc., a wholly owned subsidiary of UBS AG. The following
is summarized consolidating financial information segregating UBS AG Parent
Bank, UBS Americas Inc. and UBS AG&#146;s other non-guarantor subsidiaries as
required by SEC regulation
S-X Rule&nbsp;3 - 10 &#147;Financial statement requirements for guarantors&#148;.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The information presented in this note is prepared in accordance with IAS
and should be read in conjunction with the consolidated financial statements of
the Group of which this information is a part. At the bottom of each column,
Net profit and Shareholders&#146; equity has been reconciled to US GAAP. See Note 40
for a detailed reconciliation of the IAS financial statements to US GAAP for
the Group on a consolidated basis.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Supplemental Guarantor Consolidating Income Statement</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="51%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2"><i>CHF million</i></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">UBS AG</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">UBS</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Consolidating</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2">For the year ended 31 December 2001</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Parent Bank<sup>1</sup></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Americas Inc.</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Subsidiaries</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Entries</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">UBS Group</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Operating income</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">33,997</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,303</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">23,667</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(10,690</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">52,277</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest expense</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(26,979</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(5,724</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(22,223</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,690</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(44,236</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net interest income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,018</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(421</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,444</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,041</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Credit loss expense</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(471</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(15</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(12</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(498</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">Net interest income after credit loss expense</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,547</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(436</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,432</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,543</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net fee and commission income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,689</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,587</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,935</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">20,211</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net trading income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,643</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">870</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,289</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,802</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Income from subsidiaries</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(21</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">21</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,182</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">39</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(663</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">558</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total operating income</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">21,040</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,060</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9,993</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">21</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">37,114</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Operating expenses</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Personnel expenses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9,388</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,178</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,262</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">19,828</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">General and administrative expenses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,891</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,853</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,887</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,631</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Depreciation of property and equipment</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,147</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">181</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">286</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,614</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">Amortization of goodwill and other intangible assets</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">155</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">808</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">360</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,323</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total operating expenses</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14,581</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,020</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,795</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">30,396</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2"><B>Operating profit/(loss) before tax<br>
and minority interests</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,459</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1,960</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,198</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">21</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,718</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Tax expense/(benefit)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,486</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(477</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">392</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,401</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net profit before minority interests</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,973</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1,483</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,806</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">21</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,317</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Minority interests</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(344</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(344</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net profit/(loss)</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,973</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1,483</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,462</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">21</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,973</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net profit/(loss) US GAAP<sup>2</sup></B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,869</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1,519</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,884</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,234</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>1</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">UBS AG Parent Bank prepares its financial statements in accordance with Swiss
Banking Law requirements. For the purpose of this disclosure, the accounts have
been adjusted to IAS.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>2</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Refer to Note 40 for a description of the differences
between IAS and US GAAP.</FONT></TD>
</TR>
</TABLE>
<P align="right"><FONT size="2">165</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<P align="left"><FONT size="2"><b>Supplemental Guarantor Consolidating Balance Sheet</b>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="49%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2"><i>CHF million</i></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">UBS AG</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">UBS</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Consolidating</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">UBS</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2">At 31 December 2001</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Parent Bank<sup>1</sup></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Americas Inc.</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Subsidiaries</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Entries</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Group</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2"><B>Assets</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">Cash and balances with central banks</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">20,215</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">775</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">20,990</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">Due from banks</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">70,265</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">17,819</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">85,139</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(145,697</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">27,526</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">Cash collateral on securities borrowed</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">29,134</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">35,723</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">140,668</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(42,587</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">162,938</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">Reverse repurchase agreements</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">180,103</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">40,857</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">168,685</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(120,389</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">269,256</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">Trading portfolio assets</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">206,899</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,604</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">183,383</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">397,886</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">Positive replacement values</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">75,218</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">457</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11,030</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(13,258</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">73,447</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">Loans, net of allowance for credit losses</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">263,128</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">20,870</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">20,226</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(77,679</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">226,545</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">Financial investments</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18,807</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,523</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,473</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">28,803</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">Accrued income and prepaid expenses</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,231</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,834</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,973</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1,484</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,554</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">Investments in associates</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14,537</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">837</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">61</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(14,738</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">697</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">Property and equipment</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,310</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">838</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,547</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,695</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">Goodwill and other intangible assets</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">114</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14,971</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">19,085</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">Other assets</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,353</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,885</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,963</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(2,326</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9,875</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2"><B>Total assets</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">892,314</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">148,218</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">630,923</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(418,158</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,253,297</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><HR size="4" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2"><B>Liabilities</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">Due to banks</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">111,963</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">43,875</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">96,390</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(145,697</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">106,531</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">Cash collateral on securities lent</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">22,461</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">22,491</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">27,952</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(42,587</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">30,317</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">Repurchase agreements</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">113,288</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">39,112</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">336,609</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(120,389</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">368,620</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">Trading portfolio liabilities</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">56,082</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,550</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">48,166</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">105,798</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">Negative replacement values</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">75,417</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">405</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,879</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(13,258</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">71,443</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">Due to customers</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">354,580</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">21,893</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">34,987</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(77,679</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">333,781</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">Accrued expenses and deferred income</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9,129</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,347</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,297</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1,484</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">17,289</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">Debt issued</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">96,045</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,234</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">51,939</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">156,218</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">Other liabilities</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,549</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,217</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,218</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(2,326</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15,658</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2"><B>Total liabilities</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">849,514</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">144,124</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">615,437</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(403,420</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,205,655</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><HR size="4" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">Minority interests</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,112</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,112</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2"><B>Total shareholders&#146; equity</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">42,800</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,094</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11,374</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(14,738</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">43,530</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><HR size="4" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2"><B>Total liabilities, minority interests<br>
and shareholders&#146; equity</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">892,314</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">148,218</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">630,923</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(418,158</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,253,297</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><HR size="4" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2"><B>Total shareholders&#146; equity &#150; US GAAP<sup>2</sup></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">59,178</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,620</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11,222</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(14,738</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">59,282</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><HR size="4" noshade></TD>
</TR>
</TABLE>
</CENTER>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>1</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">UBS AG Parent Bank prepares its financial statements in accordance with Swiss
Banking Law requirements. For the purpose of this disclosure, the accounts have
been adjusted to IAS.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>2</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Refer to Note 40 for a description of the differences between IAS and US
GAAP.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">166</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><FONT size="2"><B>Supplemental Guarantor Consolidating Cash Flow Statement</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="62%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2"><i>CHF million</i></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">UBS AG</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">UBS</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2">For the year ended 31 December 2001</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Parent Bank<sup>1</sup></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Americas Inc.</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Subsidiaries</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">UBS Group</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net cash flow from/(used in) operating activities</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,243</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">85</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,545</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12,873</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">Cash flow (used in)/from investing activities</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>

<TR valign="bottom">
        <TD><FONT size="2">Investments in subsidiaries and associates</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(44</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(54</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(369</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(467</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>

<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Disposal of subsidiaries and associates</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">95</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">95</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Purchase of property and equipment</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1,316</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(295</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(410</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(2,021</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Disposal of property and equipment</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">191</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">137</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">52</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">380</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net (investment)/divestment in financial investments</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(5,514</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(269</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(5,770</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net cash flow (used in)/from investing activities</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(6,588</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(481</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(714</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(7,783</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash flow (used in) / from financing activities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>

<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net money market paper issued</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16,263</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(6</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,969</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">24,226</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>

<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net movements in treasury shares and
treasury share contract activity</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(6,038</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(6,038</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Capital issuance</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Capital repayment by par value reduction</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(683</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(683</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Issuance of long-term debt</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15,044</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">208</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,981</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18,233</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Repayment of long-term debt</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(15,861</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1,260</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1,356</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(18,477</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Issuance of trust preferred securities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,291</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,291</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Dividend payments to / and purchase from minority interests</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(461</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(461</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net activity in investments in subsidiaries</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(620</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">60</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">560</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net cash flow from/(used in) financing activities</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,117</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(998</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,984</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18,103</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Effects of exchange rate differences</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(164</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(207</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">67</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(304</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net increase / (decrease)&nbsp;in cash equivalents</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11,608</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1,601</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12,882</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">22,889</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash and cash equivalents, beginning of the year</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">78,248</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,405</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9,717</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">93,370</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Cash and cash equivalents, end of the year</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">89,856</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,804</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">22,599</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">116,259</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Cash and cash equivalents comprise:</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash and balances with central banks</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">20,215</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">775</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">20,990</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Money market paper</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">54,387</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,521</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14,030</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">69,938</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Due from banks maturing in less than three months</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15,254</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,283</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,794</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">25,331</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">89,856</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,804</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">22,599</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">116,259</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>1</sup></FONT></TD>
           <TD width="99%"><FONT size="1">UBS AG Parent Bank prepares its financial statements in accordance with Swiss
Banking Law requirements. For the purpose of this disclosure, the accounts have
been adjusted to IAS.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>Guarantee of other securities</B>
</FONT>

<DIV><FONT size="2">In October 2000, UBS AG, acting through a wholly-owned subsidiary, issued USD
1.5&nbsp;billion (CHF 2.6&nbsp;billion at issuance) 8.622% UBS Trust Preferred
securities. In June 2001, UBS issued an additional USD 800&nbsp;million (CHF 1.3
billion at issuance) of such securities (USD 300&nbsp;million at 7.25% and USD 500
million at 7.247%). UBS AG has fully and unconditionally guaranteed these
securities.
</FONT></DIV>
<P align="right"><FONT size="2">167</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="2"><B>UBS Group Financial Statements<BR>
Notes to the Financial Statements</B>
</FONT>

<P align="left"><FONT size="2" color="#0865AB"><B>Note 41.4 Derivative instruments indexed to UBS shares</B>
</FONT>

<P><FONT size="2">US GAAP, like IAS, requires that derivatives indexed to a company&#146;s own stock
be recorded as an equity instrument if settlement is required in actual shares
or the company has the choice to settle the contract by delivery or receipt of
its own shares. If, however, the counterparty may require cash settlement, then
the derivative must be classified as an asset or liability, with changes in
fair value being recorded in income. Because the Group has no contracts for
which the accounting treatment under US GAAP differs from IAS, there is no
reconciling item for these derivative instruments. However, US GAAP also
requires disclosure of the amount of income recognized from such derivative
instruments.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;UBS Warburg acts as a liquidity provider to the equity futures markets and
as a market maker in UBS shares and derivatives. Trading income of
CHF 261&nbsp;million in 2001 and CHF 42&nbsp;million in 2000 was recorded in both its IAS and US GAAP financial
statements from trading in cash settled derivative instruments indexed to UBS
shares.
</FONT></DIV>


<P><FONT size="2">168</FONT>


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<P align="left"><FONT size="3"><B>UBS Group Financial Statements<BR>
Report of the Group Auditors</B></FONT>

<P align="center"><FONT size="2"><IMG src="y58380y58380ltr.gif" alt="Letterhead">
</FONT>

<P align="left"><FONT size="3"><B>Report of the Group Auditors</B>
</FONT>

<P align="left"><FONT size="2">to the General Meeting of
</FONT>

<P align="left"><FONT size="3"><B>UBS AG, ZURICH AND BASEL</B>
</FONT>

<P><FONT size="2">Mr.&nbsp;Chairman,<BR>
Ladies and Gentlemen,
</FONT>
<P><FONT size="2">We have audited the accompanying Group balance
sheets of UBS AG as of 31&nbsp;December 2001 and 2000, and the
related Group statements of income, cash flows and changes in equity
for each of the three years in the period ended 31&nbsp;December
2001, and notes thereto. These financial statements are the
responsibility of the Company's management and the Board of
Directors. Our responsibility is to express an opinion on these
financial statements based on our audits. We confirm that we meet the
legal requirements in Switzerland concerning professional
qualification and independence.</FONT>

<P><FONT size="2">We conducted our audits in accordance with auditing
standards generally accepted in the United States of America, as well
as those promulgated by the profession in Switzerland. These
standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.</FONT>
<P><FONT size="2">In our opinion, based on our audits, the Group
financial statements referred to above present fairly, in all
material respects, the consolidated financial position of UBS AG as
of 31&nbsp;December 2001 and 2000, and the consolidated results of
operations and cash flows for each of the three years in the period
ended 31&nbsp;December 2001, in conformity with International
Accounting Standards (&#147;IAS&#148;), and they comply with Swiss Law.</FONT>
<P><FONT size="2">In accordance with Swiss Law, we recommend that the
Group financial statements submitted to you be approved.</FONT>
<P><FONT size="2">IAS vary in certain significant respects from
accounting principles generally accepted in the United States of
America. Application of accounting principles generally accepted in
the United States of America would have affected shareholders' equity
as of 31&nbsp;December 2001 and 2000 and the results of operations
for each of the three years in the period ended 31&nbsp;December 2001
to the extent summarized in Note&nbsp;40 of the notes to the
financial statements.</FONT>

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        <TD width="28%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="26%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">Basel, 12 February 2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center" valign="top"><FONT size="2">
Ernst &#038; Young Ltd</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
<IMG src="y58380perkinsig.gif" alt="Perkin's Signature">
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2"><IMG src="y58380heckesig.gif" alt="Heckendorn's Signature"></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Roger K. Perkin
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Peter Heckendorn</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Chartered Accountant
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">lic. oec.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
in charge of the audit
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">in charge of the audit</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">Enclosures</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2"><IMG src="y58380y58380f1.gif" alt="Footer">
</FONT>

<P align="right"><FONT size="2">169</FONT>

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<P align="center"><FONT size="2"><IMG src="y5838058380p14.gif" alt="(PHOTO)">
</FONT>

<P><FONT size="2">170</FONT>

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<P align="center"><FONT size="2"><IMG src="y5838058380p15.gif" alt="(UBS AG (PARENT BANK)">
</FONT>

<P align="right"><FONT size="2">171</FONT>

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<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="70%">
<TR valign="bottom">
        <TD width="92%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2"><B>UBS AG (Parent Bank)<BR>
Table of Contents</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P align="left"><FONT size="5">UBS AG (Parent Bank)<BR>
Table of Contents
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="70%">
<TR valign="bottom">
        <TD width="92%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2" color="#0865AB"><B>Parent Bank Review</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>173</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2" color="#0865AB"><B>Financial Statements</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>174</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">Income Statement</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">174</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">Balance Sheet</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">175</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">Statement of Appropriation of Retained Earnings</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">175</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2" color="#0865AB"><B>Notes to the Financial Statements</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>176</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2"><B>Additional Income Statement Information</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>177</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">Net Trading Income</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">177</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">Extraordinary Income and Expenses</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">177</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2"><B>Additional Balance Sheet Information</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>178</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">Value Adjustments and Provisions</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">178</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">Statement of Shareholders&#146; Equity</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">179</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">Share Capital</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">179</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2"><B>Off-Balance Sheet and Other Information</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>180</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">Assets Pledged or Assigned as Security for Own Obligations,
Assets Subject to Reservation of Title</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">180</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">Fiduciary Transactions</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">180</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">Due to UBS Pension Plans, Loans to
Corporate Bodies/Related Parties</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">180</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2" color="#0865AB"><B>Report of the Statutory Auditors</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>181</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">172</FONT>

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<P align="left"><FONT size="2"><B>UBS AG (Parent Bank)<BR>
Parent Bank Review</B>
</FONT>

<!-- link1 "Parent Bank Review" -->
<DIV align="left"><A NAME="082"></A></DIV>
<P align="left"><FONT size="5"><B>Parent Bank Review</B>
</FONT>

<P align="left"><FONT size="2" color="#0865AB"><b>Income Statement</b>
</FONT>

<DIV align="left"><FONT size="2">The Parent Bank UBS AG net profit decreased CHF 3,251&nbsp;million from CHF 7,906
million to CHF 4,655&nbsp;million.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Income from investments in associates increased to CHF 1,532&nbsp;million from
CHF 896&nbsp;million in 2000 mainly due to higher distribution received.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Sundry expense from ordinary activities was CHF 139&nbsp;million, down from CHF
614&nbsp;million in 2000. This was mainly due to lower net write-down of financial
investments.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Allowances, provisions and losses were CHF 1,140&nbsp;million up from CHF 345
million in 2000 mainly caused by higher credit loss expenses. This variance is
discussed in more detail in the Group Financial Statements.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Extraordinary income contains CHF 87&nbsp;million (2000: CHF 496&nbsp;million) from
the sale of former subsidiaries.
</FONT></DIV>

<P align="left"><FONT size="2" color="#0865AB"><B>Balance Sheet</B>
</FONT>

<DIV align="left"><FONT size="2">Total assets increased by CHF 81&nbsp;billion to CHF 1,016&nbsp;billion by 31 December
2001. This movement is impacted by increased trading related assets where
mainly trading balances in securities and precious metals and positive
replacement values have increased. Liquid assets have significantly increased
due to deposits with the Bank of Japan.
</FONT></DIV>
<P align="right"><FONT size="2">173</FONT>

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<P align="left"><FONT size="2"><B>UBS AG (Parent Bank)<BR>
Financial Statements</B>
</FONT>

<!-- link1 "Financial Statements" -->
<DIV align="left"><A NAME="083"></A></DIV>
<P align="left"><FONT size="5"><B>Financial Statements</B>
</FONT>

<!-- link2 "Income Statement" -->
<DIV align="left"><A NAME="084"></A></DIV>
<P align="left"><FONT size="4"><B>Income Statement</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="74%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2"><i>CHF million</i></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right" colspan="2"><FONT size="2">% change from</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2">For the year ended</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center"><FONT size="2" color="#0865AB"><b>31.12.01</b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest and discount income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>38,056</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">40,375</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(6</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest and dividend income from financial investments</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>185</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">93</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">99</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest expense</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(31,444</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(32,161</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(2</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net interest income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6,797</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,307</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(18</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Credit-related fees and commissions</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>291</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">292</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Fee and commission income from securities and investment business</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8,232</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9,574</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(14</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other fee and commission income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>524</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">492</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Fee and commission expense</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(1,176</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1,229</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(4</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net fee and commission income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>7,871</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9,129</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(14</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net trading income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>5,015</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,378</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(32</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net income from disposal of financial investments</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>15</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">785</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(98</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Income from investments in associated companies</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,532</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">896</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">71</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Income from real estate holdings</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>54</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">41</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">32</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Sundry income from ordinary activities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,183</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">380</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">211</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Sundry ordinary expenses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(139</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(614</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(77</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other income from ordinary activities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,645</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,488</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">78</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Operating income</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>22,328</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">26,302</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(15</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Personnel expenses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>9,443</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,292</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(8</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">General and administrative expenses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,869</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,405</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(10</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Operating expenses</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>14,312</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15,697</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(9</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Operating profit</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8,016</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,605</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(24</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Depreciation and write-offs on investments in
associated companies and fixed assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,650</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,623</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Allowances, provisions and losses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,140</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">345</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">230</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Profit before extraordinary items and taxes</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>5,226</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,637</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(39</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Extraordinary income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>95</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">650</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(85</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Extraordinary expenses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>7</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">20</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(65</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Tax expense / (benefit)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>659</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,361</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(52</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Profit for the period</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,655</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,906</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(41</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">174</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<!-- link2 "Balance Sheet" -->
<DIV align="left"><A NAME="085"></A></DIV>
<P align="left"><FONT size="4"><B>Balance Sheet</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="69%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">% change from</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2"><i>CHF million</i></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><b>31.12.01</b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Assets</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Liquid assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>20,215</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,242</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">802</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Money market paper</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>54,384</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">61,152</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(11</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Due from banks</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>252,226</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">243,911</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Due from customers</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>173,690</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">175,255</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Mortgage loans</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>117,706</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">117,830</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Trading balances in securities and precious metals</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>185,306</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">155,342</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">19</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Financial investments</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>17,253</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12,133</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">42</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Investments in associated companies</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>11,331</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,587</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Tangible fixed assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>5,624</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,949</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(5</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Accrued income and prepaid expenses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3,231</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,239</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Positive replacement values</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>171,798</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">141,516</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">21</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3,725</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,242</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(40</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total assets</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,016,489</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">935,398</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><I>Total subordinated assets</I></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B><I>1,894</I></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><I>805</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><I>135</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><I>Total amounts receivable from Group companies</I></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B><I>213,954</I></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><I>187,724</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><I>14</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Liabilities</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Money market paper issued</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>52,604</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">36,340</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">45</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Due to banks</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>303,036</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">294,440</FONT></TD>
        <TD><FONT size="2"><sup>1</sup></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Due to customers on savings and deposit accounts</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>67,664</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">68,069</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other amounts due to customers</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>288,684</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">263,459</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Medium-term note issues</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>5,213</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,408</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(4</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Bond issues and loans from central mortgage institutions</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>65,471</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">42,731</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">53</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Accruals and deferred income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8,707</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11,230</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(22</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Negative replacement values</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>172,469</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">155,059</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other liabilities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>5,795</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,073</FONT></TD>
        <TD><FONT size="2"><sup>1</sup></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(28</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Value adjustments and provisions</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3,959</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,817</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(49</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Share capital</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3,589</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,444</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(19</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">General statutory reserve</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>14,507</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18,047</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(20</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Reserve for own shares</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3,253</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,007</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(19</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other reserves</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>16,883</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,361</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">102</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Profit brought forward</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(100</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Profit for the period</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,655</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,906</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(41</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total liabilities</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,016,489</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">935,398</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><I>Total subordinated liabilities</I></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B><I>16,444</I></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><I>15,302</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><I>7</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><I>Total liabilities to Group companies</I></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B><I>126,182</I></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><I>142,263</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><I>(11</I></FONT></TD>
        <TD nowrap><FONT size="2"><I>)</I></FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>1</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Reclassification of CHF 65,512&nbsp;million trading liabilities from Other
liabilities to Due to banks.</FONT></TD>
</TR>
</TABLE>
<!-- link2 "Statement of Appropriation of Retained Earnings" -->
<DIV align="left"><A NAME="086"></A></DIV>
<P align="left"><FONT size="4"><B>Statement of Appropriation of Retained Earnings</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="94%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2"><i>CHF million</i></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="5" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">The Board of Directors proposes to the Annual General Meeting the following appropriation:</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Profit for the financial year 2001 as per the Parent Bank&#146;s Income Statement</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,655</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Appropriation to other reserves</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,655</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="5" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="4"><B>Par Value Repayment</B>
</FONT>

<P><FONT size="2">The Board of Directors proposes to repay CHF 2.00 of the par value of each CHF
2.80 share, instead of distributing a dividend. This repayment would reduce the
share capital by CHF 2,517&nbsp;million,
as at 31 December 2001, and reduce the par amount per share to CHF 0.80. The
repayment of
CHF 2.00 of the par value would be made on 10 July 2002 to those shareholders
who hold UBS shares on 5 July 2002.
</FONT>
<P align="right"><FONT size="2">175</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="2"><B>UBS AG (Parent Bank)<BR>
Notes to the Financial Statements</B>
</FONT>

<!-- link1 "Notes to the Financial Statements" -->
<DIV align="left"><A NAME="087"></A></DIV>
<P align="left"><FONT size="5"><B>Notes to the Financial Statements</B>
</FONT>

<P align="left"><FONT size="4"><B>Accounting and Valuation
Principles</B>
</FONT>

<P><FONT size="2">The Parent Bank&#146;s accounting and valuation policies are in compliance with
Swiss banking law. The accounting and valuation policies are prinicipally the
same as for the Group Financial Statements outlined in Note 1: Summary of
Significant Accounting Policies. Major differences between the Swiss banking
law requirements
and International Accounting Standards are described in Note 39 to the Group
Financial Statements.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In addition, the following principles are applied for the Parent Bank:
</FONT></DIV>

<P align="left"><FONT size="2"><B>Treasury shares</B>
</FONT>

<DIV align="left"><FONT size="2">Treasury shares is the term used to describe when an enterprise holds its own
equity instruments. Under IAS, treasury shares are presented in the balance
sheet as a deduction from equity. No gain or loss is recognized in the income
statement on the sale, issuance, acquisition, or cancellation of those shares.
Consideration received or paid is presented in the financial statement as a
change in equity.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Under Swiss law, treasury shares are classified in the balance sheet as
trading balances or as financial assets, short positions are included in Due to
banks. Realized gains and losses on the sale, issuance or acquisition of
treasury shares, and unrealized gains or losses from remeasurement of treasury
shares in the trading portfolio to market value are included in the income
statement. Treasury shares included in Financial investments are carried at the
lower of cost or market value.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Investments in associated companies</B>
</FONT>

<DIV align="left"><FONT size="2">Investments in associated companies are equity interests which are held for the
purpose of the Parent Bank&#146;s business activities or for strategic reasons. They
are carried at cost less valuation reserves, if needed.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Property and equipment</B>
</FONT>

<DIV align="left"><FONT size="2">Bank buildings and other real estate are carried at cost less accumulated
depreciation. Depreciation of computer and telecommunication equipment, other
office equipment, fixtures and fittings is recognized on a straight-line basis
over the estimated useful lives of the related assets. The useful lives of
Property and equipment are summarized in Note 1, Significant Accounting
Policies, of the Group Financial Statements.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Extraordinary income and expenses</B>
</FONT>

<DIV align="left"><FONT size="2">Certain items of income and expense appear as extraordinary within the Parent
Bank Financial Statements, whereas in the Group Financial Statements they are
considered to be operating income or expenses and appear within the appropriate
income or expense category. These items are separately identified below.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Taxation</B>
</FONT>

<DIV align="left"><FONT size="2">Deferred Tax Assets and Deferred Tax Liabilities, except for a few immaterial
exceptions, are not recognized in the Parent Bank financial statements. Swiss
banking law does not require to recognize deferred taxes.
</FONT></DIV>

<P><FONT size="2">176</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<!-- link1 "Additional Income Statement Information" -->
<DIV align="left"><A NAME="088"></A></DIV>
<P align="left"><FONT size="5" color="#7F7F7F"><B>Additional Income Statement Information</B>
</FONT>

<!-- link2 "Net Trading Income" -->
<DIV align="left"><A NAME="089"></A></DIV>
<P align="left"><FONT size="4"><B>Net Trading Income</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="72%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2"><i>CHF million</i></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right" colspan="2"><FONT size="2">% change from</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2">For the year ended</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center"><FONT size="2" color="#0865AB"><b>31.12.01</b></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Foreign exchange and bank notes</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,629</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,151</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">42</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Bonds and other interest rate instruments</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>805</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">88</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">815</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Equities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,435</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,117</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(60</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Precious metals and commodities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>146</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">22</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">564</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>5,015</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,378</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(32</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<!-- link2 "Extraordinary Income and Expenses" -->
<DIV align="left"><A NAME="090"></A></DIV>
<P align="left"><FONT size="4"><B>Extraordinary Income and Expenses</B>
</FONT>

<P><FONT size="2">Extraordinary income contains CHF 87&nbsp;million (2000: CHF 496&nbsp;million) from the
sale of subsidiaries and CHF 8&nbsp;million (2000: CHF 15&nbsp;million) from other
disposals. Extraordinary expenses consist mainly of losses of CHF 4&nbsp;million
from the liquidation of investments in subsidiaries. In 2000 losses of CHF 20
million resulted from the sale of tangible fixed assets.
</FONT>
<P align="right"><FONT size="2">177</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="2"><B>UBS AG (Parent Bank)<BR>
Notes to the Financial Statements</B>
</FONT>

<!-- link1 "Additional Balance Sheet Information" -->
<DIV align="left"><A NAME="091"></A></DIV>
<P align="left"><FONT size="5" color="#7F7F7F"><B>Additional Balance Sheet Information</B>
</FONT>

<!-- link2 "Value Adjustments and Provisions" -->
<DIV align="left"><A NAME="092"></A></DIV>
<P align="left"><FONT size="4"><B>Value Adjustments and Provisions</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="55%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Provisions</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Recoveries,</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">applied in</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">doubtful</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">accordance</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">interest,</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">New</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">with their</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">currency</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">provisions</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Balance at</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">specified</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">translation</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">charged</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><b>Balance at</b></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2"><i>CHF million</i></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">purpose</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">differences</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">to income</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><b>31.12.01</b></FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Default risks (credit and country risk)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,389</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(2,976</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">252</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">367</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8,032</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other business risks</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,933</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(163</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(165</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">289</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,894</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Capital and income taxes</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,054</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1,634</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(68</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">549</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>901</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other provisions</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,573</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(799</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(212</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">469</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,031</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2"><B>Total allowance for general credit
<BR>losses and other provisions</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>16,949</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(5,572</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(193</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,674</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>12,858</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Allowances deducted from assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9,132</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8,899</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total provisions as per balance sheet</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>7,817</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3,959</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>

<P><FONT size="2">178</FONT>


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link2 "Statement of Shareholders&#146; Equity" -->
<DIV align="left"><A NAME="093"></A></DIV>


<P align="left"><FONT size="4"><B>Statement of Shareholders&#146; Equity</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="3%">&nbsp;</TD>
        <TD width="67%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">% change from</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left" colspan="2"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="14" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Shareholders&#146; equity</B>
Share capital at beginning of the period</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,444</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,309</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">General statutory reserves</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>18,047</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14,528</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">24</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Reserves for own shares</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,007</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,462</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other reserves</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8,361</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,356</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">32</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Retained earnings</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>7,913</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,791</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">17</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="14" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total shareholders&#146; equity at beginning of the period
(before distribution of profit)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>42,772</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">35,446</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">21</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="14" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Reduction of share capital</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(867</B></FONT></TD>
        <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Capital increase</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>12</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">135</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(91</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Increase in General statutory reserves</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>275</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">215</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">28</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Share premium</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(3,815</B></FONT></TD>
        <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,304</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other allocations<SUP>1</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(145</B></FONT></TD>
        <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1,979</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(93</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Prior-year dividend<SUP>2</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(2,255</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(100</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Profit for the period</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,655</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,906</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(41</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="14" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total shareholders&#146; equity at the end of the period
(before distribution of profit)</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>42,887</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">42,772</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">of which:</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Share capital</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3,589</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,444</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(19</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">General statutory reserves</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>14,507</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18,047</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(20</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Reserves for own shares</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3,253</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,007</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(19</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other reserves</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>16,883</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,361</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">102</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Retained earnings</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,655</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,913</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(41</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="14" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>1</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">The 31 December 2000 figure includes a partial dividend for the period from 1
January 2000 until 30 September 2000 distributed in the year 2000.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>2</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">For the fourth quarter 2000 a par value repayment has been done instead of distributing
a final dividend.</FONT></TD>
</TR>
</TABLE>
<!-- link2 "Share Capital" -->
<DIV align="left"><A NAME="094"></A></DIV>

<P align="left"><FONT size="4"><B>Share Capital</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="32%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2">Par value</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2">Ranking for dividends</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">No. of shares</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Capital in CHF</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">No. of shares</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Capital in CHF</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Issued and paid up</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,281,717,499</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3,588,808,997</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,258,653,143</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3,524,228,800</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Conditional share capital</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13,017,716</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>36,449,605</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P align="right"><FONT size="2">179</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="2"><B>UBS AG (Parent Bank)<BR>
Notes to the Financial Statements</B>
</FONT>

<!-- link1 "Off-Balance Sheet and Other Information" -->
<DIV align="left"><A NAME="095"></A></DIV>

<P align="left"><FONT size="5">Off-Balance Sheet and Other Information
</FONT>

<!-- link2 "Assets Pledged or Assigned as Security for Own Obligations, Assets Subject to Reservation of Title" -->
<DIV align="left"><A NAME="096"></A></DIV>
<P align="left"><FONT size="4"><B>Assets Pledged or Assigned as Security for Own Obligations,<BR>
Assets Subject to Reservation of Title</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="33%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2">Change in %</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>Book</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>Effective</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Book</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Effective</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Book</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Effective</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>value</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>liability</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">value</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">liability</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">value</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">liability</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Money market paper</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>29,893</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">28,355</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Mortgage loans</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,239</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>813</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,565</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,066</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(21</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(24</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Securities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>5,224</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">40,649</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">24,721</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(87</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(100</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>36,356</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>813</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">70,569</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">25,787</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(48</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(97</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">Assets are pledged as collateral for securities borrowing and repo
transactions, for collateralized credit lines with central banks, loans from
mortgage institutions and security deposits relating to stock exchange
membership.
</FONT>
<!-- link2 "Fiduciary Transactions" -->
<DIV align="left"><A NAME="097"></A></DIV>

<P align="left"><FONT size="4"><B>Fiduciary Transactions</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="68%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">% change from</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">

<TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Deposits
</FONT></DIV></TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">with other banks</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>38,978</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">50,274</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(22</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">with Group banks</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>532</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">682</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(22</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Loans and other financial transactions</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,042</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">403</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">159</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>40,552</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">51,359</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(21</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<!-- link2 "Due to UBS Pension Plans, Loans to Corporate Bodies/Related Parties" -->
<DIV align="left"><A NAME="098"></A></DIV>

<P align="left"><FONT size="4"><B>Due to UBS Pension Plans, Loans to Corporate Bodies/Related Parties</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="76%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">% change from</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Due to UBS pension plans (including securities
borrowed) and UBS securities held by pension plans</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,605</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,644</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(65</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Loans to directors, senior executives and auditors<SUP>1</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>32</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">36</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(11</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="13" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>1</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Loans to directors, senior executives and auditors are loans to members of
the Board of Directors, the Group Executive Board, the Group Managing Board and
the Group&#146;s official auditors under Swiss company law. This also includes loans
to companies which are controlled by these natural or legal persons. There are
no loans to the auditors.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">180</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="3"><B>UBS AG (Parent Bank)<BR>
Report of the Statutory Auditors</B></FONT>

<P align="center"><FONT size="2"><IMG src="y58380y58380ltr.gif" alt="Letterhead">
</FONT>

<P align="left"><FONT size="3"><B>Report of the statutory auditors</B>
</FONT>

<P align="left"><FONT size="2">to the General Meeting of
</FONT>

<P align="left"><FONT size="3"><B>UBS AG, ZURICH AND BASEL</B>
</FONT>


<P><FONT size="2">Mr.&nbsp;Chairman,<BR>
Ladies and Gentlemen,
</FONT>
<P><FONT size="2">As statutory auditors, we have audited the
accounting records and the financial statements (income statement,
balance sheet and notes) of UBS AG for the year ended
31&nbsp;December 2001.</FONT>
<P><FONT size="2">These financial statements are the responsibility
of the Board of Directors. Our responsibility is to express an
opinion on these financial statements based on our audit. We confirm
that we meet the legal requirements concerning professional
qualification and independence.</FONT>
<P><FONT size="2">Our audit was conducted in accordance with auditing
standards promulgated by the Swiss profession, which require that an
audit be planned and performed to obtain reasonable assurance about
whether the financial statements are free from material misstatement.
We have examined on a test basis evidence supporting the amounts and
disclosures in the financial statements. We have also assessed the
accounting principles used, significant estimates made and the
overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.</FONT>
<P><FONT size="2">In our opinion, the accounting records and
financial statements and the proposed appropriation of available
earnings comply with the Swiss Law and the company's articles of
association.</FONT>
<P><FONT size="2">We recommend that the financial statements
submitted to you be approved.</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="36%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="28%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="26%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">Basel, 12 February 2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center" valign="top"><FONT size="2">
Ernst &#038; Young Ltd</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
<IMG src="y58380perkinsig.gif" alt="Perkin's Signature">
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2"><IMG src="y58380heckesig.gif" alt="Heckendorn's Signature"></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Roger K. Perkin
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Peter Heckendorn</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Chartered Accountant
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">lic. oec.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
in charge of the audit
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">in charge of the audit</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">Enclosures</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2"><IMG src="y58380y58380f1.gif" alt="Footer">
</FONT>


<P align="center"><FONT size="2">&nbsp;</FONT>

<P align="right"><FONT size="2">181</FONT>


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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P align="left"><FONT size="2"><IMG src="y5838058380p17.gif" alt="GRAPHIC">
</FONT>

<P><FONT size="2">182</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P align="left"><FONT size="2"><IMG src="y5838058380p18.gif" alt="ADDITIONAL DISCLOSURE">
</FONT>

<P align="right"><FONT size="2">183</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<TABLE cellspacing="0" cellpadding="0" border="0" width="100%">
<TR>
<TD width="13%"></TD>
<TD width="87%"></TD>
</TR>
<TR>
<TD></TD>
<TD><FONT size="2"><B>Additional Disclosure Required<BR>
under SEC Regulations<BR>
Table of Contents</B></FONT></TD>
<TR>
</TABLE>

<P align="left"><FONT size="5">Additional Disclosure Required under SEC Regulations<BR>
Table of Contents
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="8%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="79%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2" color="#0865AB"><B>A</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#0865AB">
<B>Introduction</B>
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#0865AB"><B>185</B></FONT></TD>
</TR>
<TR>
<TD>&nbsp;</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2" color="#0865AB"><B>B</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#0865AB">
<B>Selected Financial Data</B>
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#0865AB"><B>185</B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Balance Sheet Data
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">187</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
US GAAP Income Statement Data
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">188</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
US GAAP Balance Sheet Data
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">189</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Ratio of Earnings to Fixed Charges
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">189</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2" color="#0865AB"><B>C</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#0865AB">
<B>Information on the Company</B>
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#0865AB"><B>189</B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Property, plant and equipment
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">189</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2" color="#0865AB"><B>D</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#0865AB">
<B>Information Required by Industry Guide 3</B>
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2" color="#0865AB"><B>190</B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Selected statistical information
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">190</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Average Balances and Interest Rates
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">190</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Analysis of Changes in Interest Income and Expense
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">192</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Deposits
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">194</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Short-term Borrowings
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">195</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Loans
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">196</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Loan Maturities
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">197</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Impaired, Non-performing and Restructured Loans
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">198</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Cross-Boarder Outstandings
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">199</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Summary of Movements in Allowances and Provisions for Credit Losses
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">201</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Allocation of the Allowances and Provisions for Credit Losses
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">203</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Loss History Statistics
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">205</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">184</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<!-- link1 "A &#150; Introduction" -->
<DIV align="left"><A NAME="099"></A></DIV>

<P align="left"><FONT size="4" color="#0865AB"><B>A &#150; Introduction</B>
</FONT>

<P><FONT size="2">The following pages contain additional disclosure about UBS Group which is
required under
SEC regulations.
</FONT>
<!-- link1 "B &#150; Selected Financial Data" -->
<DIV align="left"><A NAME="100"></A></DIV>

<P align="left"><FONT size="4" color="#0865AB"><B>B &#150; Selected Financial Data</B>
</FONT>

<P><FONT size="2">UBS&#146;s Financial Statements have been prepared in accordance with International
Accounting Standards (IAS)&nbsp;and are denominated in Swiss francs, or CHF, the
reporting currency of the Group. Certain financial information has also been
presented in accordance with United States Generally Accepted Accounting
Principles (US GAAP).
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The tables below set forth, for the periods and dates indicated,
information concerning the noon buying rate for the Swiss franc, expressed in
United States dollars, or USD, per one Swiss franc. The noon buying rate is the
rate in New York City for cable transfers in foreign currencies as certified
for customs purposes by the Federal Reserve Bank of New York.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;On 28 February 2002 the noon buying rate was 0.5864 USD per 1 CHF.
</FONT></DIV>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="14%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="8%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="9%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="8%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="8%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="8%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Average rate<sup>1</sup></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2">Year ended 31 December</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">High</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Low</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">(USD per 1 CHF)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">At period end</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1997</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.7446</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.6510</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.6890</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.6845</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1998</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.7731</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.6485</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.6894</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.7281</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1999</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.7361</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.6244</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.6605</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.6277</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2000</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.6441</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.5479</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.5912</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.6172</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.6331</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.5495</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.5910</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.5857</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD nowrap align="left"><FONT size="2">Month</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">High</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Low</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">September 2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.6331</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.5859</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">October 2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.6217</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.6021</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">November 2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.6132</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.5985</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">December 2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.6136</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.5907</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">January 2002</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.6081</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.5814</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">February 2002</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.5932</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.5833</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>1</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">The average of the noon buying rates on the last business day of each full
month during the relevant period.</FONT></TD>
</TR>
</TABLE>

<P align="right"><FONT size="2">185</FONT>


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><FONT size="2"><B>Additional Disclosure Required<BR>
under SEC Regulations</B>
</FONT>

<P align="left"><FONT size="4" color="#0865AB"><B>B &#150; Selected Financial Data (continued)</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="53%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million, except where indicated</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2">For the year ended</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.98</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.97</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Income statement data</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>52,277</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">51,745</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">35,604</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">37,442</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">23,669</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest expense</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>44,236</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">43,615</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">29,695</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">32,424</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16,733</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net interest income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8,041</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,130</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,909</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,018</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,936</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Credit loss (expense) / recovery</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(498</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">130</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(956</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(951</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1,278</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net interest income after
credit loss (expense) / recovery</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>7,543</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,260</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,953</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,067</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,658</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net fee and commission income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>20,211</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16,703</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12,607</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12,626</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12,234</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net trading income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8,802</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9,953</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,719</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,313</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,491</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>558</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,486</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,146</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,241</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,497</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Operating income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>37,114</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">36,402</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">28,425</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">22,247</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">24,880</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Operating expenses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>30,396</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">26,203</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">20,532</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18,376</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18,636</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Operating profit before tax</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6,718</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,199</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,893</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,871</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,244</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Restructuring costs</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Tax expense/(benefit)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,401</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,320</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,686</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">904</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(105</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Minority interests</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(344</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(87</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(54</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(16</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net profit</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,973</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,792</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,153</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,972</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(667</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cost / income ratio (%) <SUP>1</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>80.8</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">72.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">69.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">79.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">71.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cost / income ratio before
goodwill (%) <SUP>1, 2</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>77.3</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">70.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">68.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">77.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">70.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Per share data (CHF)</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Basic earnings per share <SUP>3, 4</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3.93</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.44</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.07</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.44</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(0.53</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Basic earnings per share
before goodwill <SUP>2, 3, 4</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4.97</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.35</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.72</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Diluted earnings per share <SUP>3, 4</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3.78</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.35</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.02</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.40</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(0.53</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Diluted earnings per share
before goodwill <SUP>2, 3, 4</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4.81</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.89</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.30</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.68</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash dividends declared per share (CHF) <SUP>5</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.50</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.83</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.67</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash dividends declared per share (USD) <SUP>5</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.86</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.10</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.10</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Dividend payout ratio (%) <SUP>5</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">23.28</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">36.18</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">68.21</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Rates of return (%)</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Return on shareholders&#146; equity <SUP>6</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>11.7</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">21.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">22.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Return on shareholders&#146; equity
before goodwill <SUP>2, 6</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>14.8</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">23.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">23.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Return on average equity</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>10.4</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">22.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(2.0</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Return on average assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0.36</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.65</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.28</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(0.07</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>1</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Operating expenses / operating income before credit loss expense.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>2</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">The amortization of goodwill and other intangible assets is excluded
from
the calculation.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>3</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">For EPS calculation, see Note 9 to the Financial Statements.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>4</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">The 2000, 1999, 1998 and 1997 share and earnings per share
figures have been adjusted for the 3 for 1 share split which took place on 16
July 2001.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>5</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Dividends are normally declared and paid in the year
subsequent to the reporting period. In 2000, as part of the arrangements of the
acquisition of PaineWebber, a dividend of CHF 1.50 was paid
on 5 October 2000 in respect of the nine months ended 30 September 2000. Prior
to the merger between Union Bank of Switzerland and Swiss
Bank Corporation, each paid dividends in accordance with its own dividend
policies. In 2001 a further amount of CHF 1.60 per share was distributed to
shareholders in the form of a par value reduction, in respect of 2000. No
dividend will be paid out for the year 2001. A par value
reduction of CHF 2.00 per share will be paid on 10 July 2002, in respect of
2001, subject to approval by shareholders at the Annual General
Meeting.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>6</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Net profit / average shareholders&#146; equity excluding dividends.</FONT></TD>
</TR>
</TABLE>

<P><FONT size="2">186</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="4" color="#0865AB"><B>B &#150; Selected Financial Data (continued)</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="35%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million, except where indicated</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2">As at</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.98</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.97</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Balance sheet data</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,253,297</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,087,552</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">896,556</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">861,282</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,086,414</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Shareholders&#146; equity</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>43,530</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">44,833</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">30,608</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">28,794</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">30,927</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Average equity to average assets (%)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3.49</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.17</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.52</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.06</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.40</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Market capitalization</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>105,475</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">112,666</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">92,642</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">90,720</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Shares</B><SUP><B>1</B></SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Registered ordinary shares</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,281,717,499</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,333,139,187</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,292,679,486</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,289,857,836</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,286,174,100</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Own shares to be delivered</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">28,447,788</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Treasury shares</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>41,254,951</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">55,265,349</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">110,621,142</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">73,370,094</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">38,236,224</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>BIS capital ratios</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Tier 1 (%)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>11.6</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total BIS (%)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>14.8</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Risk-weighted assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>253,735</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">273,290</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">273,107</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">303,719</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">345,904</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Invested assets (CHF billion)</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,457</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,452</FONT></TD>
        <TD><FONT size="2"><sup>4</sup></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,744</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,573</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Headcount (full time equivalents) </B><SUP><B>2</B></SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>69,985</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">71,076</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">49,058</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">48,011</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Long-term ratings </B><SUP><B>3</B></SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Fitch, London</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">AAA</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">AAA</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">AAA</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">AAA</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Moody&#146;s, New York</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">AA2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">Aa1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">Aa1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">Aa1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Standard &#038; Poor&#146;s, New York</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">AA&#043;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">AA&#043;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">AA&#043;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">AA&#043;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>1</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">The 2000, 1999, 1998 and 1997 share figures have been adjusted for the 3 for 1 split which took place on 16 July 2001.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>2</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">The Group headcount does not include the Klinik Hirslanden AG headcount.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>3</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">See the UBS Handbook 2001/2002, page 10 to 11 for information about the
nature of these ratings.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>4</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Restated to reflect the new definition.</FONT></TD>
</TR>
</TABLE>
<!-- link2 "Balance Sheet Data" -->
<DIV align="left"><A NAME="101"></A></DIV>
<P align="left"><FONT size="2"><B>Balance Sheet Data</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="46%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2">As at</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00<sup>1</sup></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99<sup>1</sup></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.98<sup>1</sup></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.97<sup>1</sup></FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Assets</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,253,297</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,087,552</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">896,556</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">861,282</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,086,414</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Due from banks</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>27,526</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">29,147</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">29,907</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">68,495</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">66,582</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash collateral on securities borrowed</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>162,938</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">177,857</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">113,162</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">91,695</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">82,656</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Reverse repurchase agreements</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>269,256</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">193,801</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">132,391</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">141,285</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">216,355</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Trading portfolio assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>397,886</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">315,588</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">211,932</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">159,179</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">210,738</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Positive replacement values</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>73,447</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">57,875</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">62,957</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">90,511</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">149,538</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Loans, net of allowances
for credit losses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>226,545</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">244,842</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">234,858</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">247,926</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">270,917</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Liabilities</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Due to banks</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>106,531</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">82,240</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">76,365</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">85,716</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">159,634</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash collateral on securities lent</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>30,317</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">23,418</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12,832</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">19,171</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14,140</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Repurchase agreements</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>368,620</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">295,513</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">196,914</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">137,617</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">191,793</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Trading portfolio liabilities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>105,798</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">82,632</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">54,638</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">47,033</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">68,215</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Negative replacement values</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>71,443</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">75,923</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">95,786</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">125,847</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">170,162</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Due to customers</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>333,781</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">310,679</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">279,960</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">274,850</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">302,516</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Debt issued</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>156,218</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">129,635</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">120,987</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">102,310</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">109,864</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Shareholders&#146; equity</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>43,530</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">44,833</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">30,608</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">28,794</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">30,927</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>1</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Changes have been made to prior year to conform to the current presentation (see Note 1: Summary of Significant Accounting Policies in the
Financial Statements).</FONT></TD>
</TR>
</TABLE>

<P align="right"><FONT size="2">187</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P align="left"><FONT size="2"><B>Additional Disclosure Required<BR>
under SEC Regulations</B>
</FONT>

<P align="left"><FONT size="4" color="#0865AB"><B>B &#150; Selected Financial Data (continued)</B>
</FONT>

<!-- link2 "US GAAP Income Statement Data" -->
<DIV align="left"><A NAME="102"></A></DIV>
<P align="left"><FONT size="2"><B>US GAAP Income Statement Data</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="60%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2">For the year ended</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.98</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Operating income</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>51,975</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">51,565</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">35,404</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">29,136</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest expense</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(44,178</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(43,584</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(29,660</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(25,773</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net interest income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>7,797</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,981</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,744</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,363</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Credit loss (expense) / recovery</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(498</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">130</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(956</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(787</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>

<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net interest income after credit loss (expense) / recovery</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>7,299</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,111</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,788</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,576</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net fee and commission income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>20,211</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16,703</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12,607</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,925</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net trading income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8,973</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,597</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,174</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">455</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>534</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,514</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,182</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">725</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total operating income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>37,017</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">34,925</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">27,751</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12,681</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Operating expenses</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Personnel expenses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>19,713</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">17,262</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12,483</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,938</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">General and administrative expenses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>7,631</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,813</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,664</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,259</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Depreciation and amortization</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,597</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,952</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,454</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,403</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Restructuring costs</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>112</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">191</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">750</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,089</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total operating expenses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>32,053</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">28,218</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">23,351</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">17,689</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Operating profit / (loss)
before tax and minority interests</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,964</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,707</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,400</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(5,008</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Tax expense / (benefit)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,386</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,183</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,509</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1,339</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net profit / (loss)&nbsp;before minority interests</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3,578</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,524</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,891</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(3,669</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Minority interests</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(344</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(87</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(54</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net profit / (loss)</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3,234</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,437</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,837</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(3,665</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">188</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="4" color="#0865AB"><B>B &#150; Selected Financial Data (continued)</B>
</FONT>

<!-- link2 "US GAAP Balance Sheet Data" -->
<DIV align="left"><A NAME="103"></A></DIV>
<P align="left"><FONT size="2"><B>US GAAP Balance Sheet Data</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="54%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2">As at</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00<sup>1</sup></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99<sup>1</sup></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.98<sup>1</sup></FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Assets</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,314,856</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,124,554</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">893,525</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">899,589</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Due from banks</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>27,550</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">29,182</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">29,954</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">68,554</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash collateral on securities borrowed</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>162,566</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">177,857</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">113,162</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">91,695</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Reverse repurchase agreements</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>269,256</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">193,801</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">132,391</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">141,285</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Trading portfolio assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>399,577</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">318,788</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">228,230</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">178,130</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Positive replacement values <SUP>2</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>73,051</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">57,775</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">62,294</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">90,520</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Loans, net of allowances for credit losses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>226,747</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">245,214</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">235,401</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">248,657</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Intangible assets and goodwill</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>33,765</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">35,726</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">21,428</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">21,707</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>36,972</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">27,955</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18,717</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">29,398</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Liabilities</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Due to banks</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>106,531</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">82,240</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">76,363</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">85,716</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash collateral on securities lent</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>30,317</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">23,418</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12,832</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">19,127</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Repurchase agreements</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>368,620</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">295,513</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">173,840</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">136,824</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Trading portfolio liabilities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>108,924</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">87,832</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">52,658</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">47,772</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Negative replacement values <SUP>2</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>71,018</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">75,423</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">95,004</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">125,857</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Due to customers</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>333,766</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">310,686</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">279,971</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">274,861</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Accrued expenses and deferred income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>17,289</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">21,038</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12,040</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11,232</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Debt issued</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>156,462</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">129,750</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">120,704</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">101,973</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Shareholders&#146; equity</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>59,282</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">62,960</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">51,833</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">54,761</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">

<TD colspan="3" width="1%" align="left"><FONT size="1"><sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes have been made to prior year to conform to the current presentation
(see Note 1: Summary of significant Accounting Policies in the
Financial Statements).</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">

<TD colspan="3" width="1%" align="left"><FONT size="1"><sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Positive and negative replacement values represent the fair value of
derivative instruments.</FONT></TD>
</TR>
</TABLE>

<P>
<!-- link2 "Ratio of Earnings to Fixed Charges" -->
<DIV align="left"><A NAME="104"></A></DIV>
<P align="left"><FONT size="2"><B>Ratio of Earnings to Fixed Charges</B>
</FONT>

<P><FONT size="2">The following table sets forth UBS AG&#146;s ratio of earnings to fixed charges, for
the periods indicated.
Ratios of earnings to combined fixed charges and preferred stock dividends
requirements are not presented as there were no preferred share dividends in any of the periods
indicated.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="15%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2">For the year ended</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.98</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.97</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">IAS</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1.14</B></FONT></TD>
        <TD><FONT size="2"><sup>1</sup></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.23</FONT></TD>
        <TD><FONT size="2"><sup>1</sup></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.25</FONT></TD>
        <TD><FONT size="2"><sup>1</sup></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.11</FONT></TD>
        <TD><FONT size="2"><sup>1</sup></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.95</FONT></TD>
        <TD><FONT size="2"><sup>1,3</sup></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">US GAAP</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1.10</B></FONT></TD>
        <TD><FONT size="2"><sup>1,2</sup></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.15</FONT></TD>
        <TD><FONT size="2"><sup>1,2</sup></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.14</FONT></TD>
        <TD><FONT size="2"><sup>1,2</sup></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.80</FONT></TD>
        <TD><FONT size="2"><sup>1,2</sup></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">

<TD colspan="3" width="1%" align="left"><FONT size="1"><sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The ratio is provided using both IAS and US GAAP values, since the ratio is
materially different under the two accounting standards. No US
GAAP information is provided for 31 December 1997 as a US GAAP reconciliation
was not required for that period.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">

<TD colspan="3" width="1%" align="left"><FONT size="1"><sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The deficiency in the
coverage of fixed charges by earnings before fixed charges at 31 December 1998
was CHF 5,319&nbsp;million.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">

<TD colspan="3" width="1%" align="left"><FONT size="1"><sup>3</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The deficiency in the coverage of
fixed charges by earnings before fixed charges at 31 December 1997 was CHF 851
million.</FONT></TD>
</TR>
</TABLE>
<!-- link1 "C &#150; Information on the Company" -->
<DIV align="left"><A NAME="105"></A></DIV>
<P align="left"><FONT size="4" color="#0865AB"><B>C &#150; Information on the Company</B>
</FONT>

<!-- link2 "Property, plant and equipment" -->
<DIV align="left"><A NAME="106"></A></DIV>
<P align="left"><FONT size="2"><B>Property, plant and equipment</B>
</FONT>

<DIV align="left"><FONT size="2">At 31 December 2001, UBS operated about
2000 offices and branches worldwide, of which
about 51% were in Switzerland, 10% in the rest
of Europe, 37% in the Americas and 2% in Asia.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;28% of the offices and branches in
Switzerland were owned directly by UBS with
the remainder, along with most of UBS&#146;s offices
outside Switzerland, being held under commercial leases.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;These premises are subject to continuous
maintenance and upgrading and are considering
suitable and adequate for our current and anticipated operations.
</FONT></DIV>

<P align="right"><FONT size="2">189</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="2"><B>Additional Disclosure Required<BR>
under SEC Regulations</B>
</FONT>

<!-- link1 "D &#150; Information Required by Industry Guide 3" -->
<DIV align="left"><A NAME="107"></A></DIV>
<P align="left"><FONT size="4" color="#0865AB"><B>D &#150; Information Required by Industry Guide 3</B>
</FONT>

<!-- link2 "Selected statistical information" -->
<DIV align="left"><A NAME="108"></A></DIV>
<P align="left"><FONT size="2"><B>Selected statistical information</B>
</FONT>

<DIV align="left"><FONT size="2">The tables below set forth selected statistical
information regarding the Group&#146;s banking
operations extracted from the Financial
Statements. Unless otherwise indicated, average
balances for the year ended 31 December 2001,
31 December 2000 and 31 December 1999 are
calculated from monthly data. Certain prior year
balances and figures have been reclassified to
conform to current year presentation. The distinction between domestic and foreign is generally based on the booking location. For loans,
this method is not significantly different from an
analysis based on the domicile of the borrower.
</FONT></DIV>

<!-- link2 "Average Balances and Interest Rates" -->
<DIV align="left"><A NAME="109"></A></DIV>
<P align="left"><FONT size="2"><B>Average Balances and Interest Rates</B>
</FONT>

<P><FONT size="2">The following table sets forth average interest-earning assets and average
interest-bearing liabilities, along with the average rates, for
the years ended 31 December 2001, 2000 and 1999.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="3%">&nbsp;</TD>
        <TD width="33%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="2">31.12.99</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="11"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="11"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="11"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>Average</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>Average</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Average</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Average</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Average</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Average</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left" colspan="2"><FONT size="2"><I>CHF million, except where indicated</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>balance</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>Interest</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>rate (%)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">balance</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Interest</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">rate (%)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">balance</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Interest</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">rate (%)</FONT></TD>
</TR>
<TR>
        <TD colspan="38" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Assets</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">

<TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Due from banks</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Domestic</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>11,753</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,055</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>9.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13,366</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,273</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">19,451</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,757</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Foreign</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>15,528</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,823</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>11.7</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16,994</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,280</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">28,999</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,739</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash collateral on securities borrowed and
on reverse repurchase agreements</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Domestic</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>7,868</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>563</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>7.2</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,383</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">558</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,265</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">117</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Foreign</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>474,295</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>17,774</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3.7</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">348,395</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18,530</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">223,962</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11,305</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">

<TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Trading
portfolio assets</FONT></DIV></TD>

</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Domestic</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>12,940</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>307</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2.4</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">20,800</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">244</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">38,372</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">72</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Foreign</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>333,576</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>16,225</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4.9</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">256,605</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11,598</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">159,327</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,526</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">

<TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Loans</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Domestic</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>177,404</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8,017</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4.5</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">181,646</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,985</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">200,111</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,750</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Foreign</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>72,176</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3,090</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4.3</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">67,528</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,813</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">58,634</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,485</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Financial investments</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Domestic</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,598</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>90</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,440</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">105</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,761</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">101</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Foreign</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>39,252</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>363</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0.9</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">22,529</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">297</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">17,153</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">143</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net interest on swaps</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,970</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,062</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,609</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="38" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total interest-earning assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,149,390</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>52,277</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4.5</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">939,686</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">51,745</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">752,035</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">35,604</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Non-interest-earning assets</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Positive replacement values</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>153,687</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">135,762</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">146,036</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Fixed assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>13,376</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9,660</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,824</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>46,954</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">32,925</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">34,957</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="38" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total average assets</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,363,407</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,118,033</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">941,852</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="38" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">190</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="4" color="#0865AB"><B>D &#150; Information Required by Industry Guide 3 (continued)</B>
</FONT>

<P align="left"><FONT size="2"><B>Average Balances and Interest Rates (continued)</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="3%">&nbsp;</TD>
        <TD width="36%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="2">31.12.99</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="11"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="11"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="11"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>Average</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>Average</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Average</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Average</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Average</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Average</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left" colspan="2"><FONT size="2"><I>CHF million, except where indicated</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>balance</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>Interest</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>rate (%)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">balance</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Interest</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">rate (%)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">balance</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Interest</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">rate (%)</FONT></TD>
</TR>
<TR>
        <TD colspan="38" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Liabilities and Equity</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">

<TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Due
to banks</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Domestic</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>36,260</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,424</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">31,133</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,397</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">37,581</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,254</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Foreign</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>61,642</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,506</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">57,258</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,758</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">41,583</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,261</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash collateral on securities lent and
repurchase agreements</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Domestic</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>13,147</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">600</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12,700</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">478</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12,830</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">106</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Foreign</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>415,121</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13,917</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">284,220</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14,437</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">144,837</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,340</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Trading portfolio liabilities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Domestic</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,526</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,078</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Foreign</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>94,597</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,814</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">66,597</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,305</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">48,560</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,070</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Due to customers</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Domestic</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>139,014</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,420</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">143,809</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,202</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">155,887</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,931</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Foreign</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>187,783</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,738</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">143,432</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,303</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">122,411</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,399</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Debt issued</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Domestic</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>12,823</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">587</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15,569</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">778</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16,387</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">952</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Foreign</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>139,982</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,229</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">116,095</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,953</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">95,919</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,382</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="38" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total interest-bearing liabilities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,102,895</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">44,236</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">871,891</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">43,615</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">675,995</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">29,695</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Non-interest-bearing liabilities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Negative replacement values</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>165,220</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">157,668</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">171,800</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>47,676</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">53,049</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">60,946</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="38" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total liabilities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,315,791</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,082,608</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">908,741</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Shareholders&#146; equity</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>47,616</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">35,425</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">33,111</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="38" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total average liabilities and shareholders&#146; equity</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,363,407</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,118,033</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">941,852</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="38" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net interest income</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,041</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,130</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,909</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net yield on interest-earning assets</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="38" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The percentage of total average interest-earning assets attributable to
foreign activities was 81% for 2001 (76% for 2000 and 65%
for 1999). The percentage of total average interest-bearing liabilities
attributable to foreign activities was 82% for 2001 (77% for 2000
and 67% for 1999).
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;All assets and liabilities are translated into CHF at uniform month-end
rates. Interest income and expense are translated at monthly average rates.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Average rates earned and paid on assets and liabilities can change from
period to period based on the changes in interest rates in
general, but are also affected by changes in the currency mix included in the
assets and liabilities. This is especially true for foreign
assets and liabilities. Tax exempt income is not recorded on a tax-equivalent
basis. For all three years presented, tax exempt income is
considered to be insignificant and therefore the impact from such income is
negligible.</font></div>
<P align="right"><FONT size="2">191</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><FONT size="2"><B>Additional Disclosure Required<BR>
under SEC Regulations</B>
</FONT>

<P align="left"><FONT size="4" color="#0865AB"><B>D &#150; Information Required by Industry Guide 3 (continued)</B>
</FONT>

<!-- link2 "Analysis of Changes in Interest Income and Expense" -->
<DIV align="left"><A NAME="110"></A></DIV>
<P align="left"><FONT size="2"><B>Analysis of Changes in Interest Income and Expense</B>
</FONT>

<P><FONT size="2">The following tables allocate, by categories of interest-earning assets and
interest-bearing liabilities,
the changes in interest income and expense due to changes in volume and
interest rates for the year
ended 31 December 2001 compared to the year ended 31 December 2000, and for the
year ended 31
December 2000 compared to the year ended 31 December 1999. Volume and rate
variances have
been calculated on movements in average balances and changes in interest rates.
Changes due to a
combination of volume and rates have been allocated proportionally.
</FONT>
<CENTER>

<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="3%">&nbsp;</TD>
        <TD width="73%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="2" color="#0865AB"><B>2001 compared to 2000</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="2">2000 compared to 1999</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="11"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="11"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2" color="#0865AB"><B>Increase (decrease)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2">Increase (decrease)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2" color="#0865AB"><B>due to changes in</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2">due to changes in</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="7"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="7"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>Average</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>Average</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>Net</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Average</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Average</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Net</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left" colspan="2"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>volume</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>rate</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>change</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">volume</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">rate</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">change</FONT></TD>
</TR>
<TR>
        <TD colspan="26" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Interest income from interest-earning assets</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Due from banks</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Domestic</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(153</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(65</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(218</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(550</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">66</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(484</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Foreign</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(196</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(261</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(457</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1,134</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">675</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(459</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash collateral on securities borrowed
and reverse repurchase agreements</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Domestic</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(35</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>40</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>5</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">183</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">258</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">441</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Foreign</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6,673</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(7,429</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(756</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,281</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">944</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,225</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Trading portfolio assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Domestic</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(94</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>157</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>63</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(33</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">205</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">172</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Foreign</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3,464</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,163</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,627</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,374</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,698</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,072</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Loans</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Domestic</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(255</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(2,713</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(2,968</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(807</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,042</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,235</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Foreign</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>260</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(983</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(723</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">529</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(201</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">328</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Financial investments</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Domestic</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>36</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(51</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(15</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">25</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(21</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Foreign</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>217</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(151</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>66</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">45</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">109</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">154</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="26" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Domestic</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(501</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(2,632</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(3,133</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1,182</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,550</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,368</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Foreign</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>10,418</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(7,661</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,757</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9,095</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,225</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13,320</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="26" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total interest income from
interest-earning assets</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>9,917</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(10,293</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(376</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,913</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,775</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15,688</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net interest on swaps</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>908</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">453</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="26" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total interest income</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>532</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16,141</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="26" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">192</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="4" color="#0865AB"><B>D &#150; Information Required by Industry Guide 3 (continued)</B>
</FONT>

<P align="left"><FONT size="2"><B>Analysis of Changes in Interest Income and Expense (continued)</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="3%">&nbsp;</TD>
        <TD width="52%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="2" color="#0865AB"><B>2001 compared to 2000</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="2">2000 compared to 1999</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="11"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="11"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2" color="#0865AB"><B>Increase (decrease)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2">Increase (decrease)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2" color="#0865AB"><B>due to changes in</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2">due to changes in</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>Average</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>Average</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>Net</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Average</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Average</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Net</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left" colspan="2"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>volume</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>rate</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>change</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">volume</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">rate</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">change</FONT></TD>
</TR>
<TR>
        <TD colspan="26" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Interest expense on interest-bearing liabilities</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Due to banks</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Domestic</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>395</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(1,368</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(973</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(558</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(299</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(857</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Foreign</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>289</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(541</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(252</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">852</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">645</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,497</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash collateral on securities lent
and repurchase agreements</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Domestic</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>17</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>105</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>122</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">373</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">372</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Foreign</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6,676</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(7,196</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(520</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,026</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1,929</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,097</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Trading portfolio liabilities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Domestic</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(9</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(3</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Foreign</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,240</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>269</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,509</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">769</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,466</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,235</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Due to customers</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Domestic</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(72</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>290</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>218</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(150</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">421</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">271</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Foreign</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,262</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(2,827</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(565</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,099</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(195</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">904</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Debt issued</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Domestic</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(137</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(54</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(191</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(48</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(126</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(174</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Foreign</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,433</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(1,157</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>276</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">922</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,649</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,571</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="26" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest expense</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Domestic</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>209</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(1,036</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(827</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(753</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">369</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(384</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Foreign</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>12,900</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(11,452</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,448</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11,668</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,636</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14,304</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="26" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><HR size="1" noshade></B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total interest expense</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>13,109</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(12,488</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>621</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,915</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,005</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13,920</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="26" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P align="right"><FONT size="2">193</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="2"><B>Additional Disclosure Required<BR>
under SEC Regulations</B>
</FONT>

<P align="left"><FONT size="4" color="#0865AB"><B>D &#150; Information Required by Industry Guide 3 (continued)</B>
</FONT>

<!-- link2 "Deposits" -->
<DIV align="left"><A NAME="111"></A></DIV>
<P align="left"><FONT size="2"><B>Deposits</B>
</FONT>

<P><FONT size="2">The following table analyzes average deposits and the average rates on each
deposit category listed
below for the years ended 31 December 2001, 2000 and 1999. The geographic
allocation is based on
the location of the office or branch where the deposit is made. Deposits by
foreign depositors in
domestic offices were CHF 54,095&nbsp;million, CHF 45,815&nbsp;million and CHF 45,285
million at 31 December 2001, 31 December 2000 and 31 December 1999, respectively.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="45%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2">31.12.99</FONT></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>Average</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>Average</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Average</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Average</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Average</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Average</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million, except where indicated</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>deposit</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>rate (%)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">deposit</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">rate (%)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">deposit</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">rate (%)</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>

<tr><td>&nbsp;</td></tr>

<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Banks</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Domestic offices</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Demand deposits</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3,741</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1.2</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,649</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12,736</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Time deposits</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8,012</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4.2</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,717</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,715</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total domestic offices</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>11,753</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3.3</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13,366</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">19,451</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Foreign offices</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest-bearing deposits <sup>1</sup></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>15,528</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>5.7</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16,994</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">28,999</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total due to banks</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>27,281</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4.6</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">30,360</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">48,450</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">

<tr><td>&nbsp;</td></tr>


        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Customer accounts</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Domestic offices</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Demand deposits</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>41,664</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1.7</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">44,403</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">49,261</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Savings deposits</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>66,089</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1.1</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">72,207</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">80,543</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Time deposits</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>31,261</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3.2</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">27,199</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">26,083</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total domestic offices</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>139,014</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1.7</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">143,809</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">155,887</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Foreign offices</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Demand deposits</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>187,783</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3.6</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">143,432</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">122,411</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>





<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>






<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total due to customers</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>326,797</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2.8</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">287,241</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">278,298</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>1</sup></FONT></TD>
        <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="98%" align="left"><FONT size="1">Mainly time deposits.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">At 31 December 2001, the maturity of time deposits exceeding CHF 150,000, or an
equivalent amount in other currencies, was as follows:
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="57%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="8%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="9%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>Domestic</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>Foreign</B></FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Within 3&nbsp;months</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>34,240</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>156,183</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">3 to 12&nbsp;months</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,103</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>7,783</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1 to 5&nbsp;years</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>981</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>705</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Over 5&nbsp;years</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>56</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>896</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total time deposits</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>39,380</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>165,567</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="9" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">194</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="4" color="#0865AB"><B>D &#150; Information Required by Industry Guide 3 (continued)</B>
</FONT>

<!-- link2 "Short-term Borrowings" -->
<DIV align="left"><A NAME="112"></A></DIV>
<P align="left"><FONT size="2"><B>Short-term Borrowings</B>
</FONT>

<P><FONT size="2">The following table presents our period-end, average and maximum month-end
outstanding amounts for short-term borrowings, along
with the average rates and period-end rates at and for the years ended 31
December 2001, 2000 and 1999.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="62%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="2">Money market paper issued</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="2">Due to banks</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="2">Repurchase agreements<sup>1</sup></FONT></TD>
</TR>
<TR valign="top">
        <TD nowrap align="left"><FONT size="2"><I>CHF million,</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="11"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="11"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="11"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>except where indicated</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
</TR>
<TR>
        <TD colspan="37" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Period-end balance</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>99,006</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">74,780</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">64,655</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>77,312</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">51,245</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">40,580</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>462,316</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">330,857</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">217,736</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Average balance</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>96,253</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">78,154</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">58,102</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>70,621</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">58,031</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">30,714</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>400,648</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">278,601</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">149,071</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Maximum month-end balance</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>117,022</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">89,821</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">76,368</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>85,808</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">73,355</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">64,562</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>502,578</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">342,427</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">217,736</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Average interest rate during the period (%)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4.4</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>7.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3.2</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Average interest rate at period-end (%)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2.6</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2.2</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2.9</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="37" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>1</sup></FONT></TD>
        <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="98%"><FONT size="1">For the purpose of this disclosure, balances are presented on a gross basis.</FONT></TD>
</TR>
</TABLE>
<P align="right"><FONT size="2">195</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="2"><B>Additional Disclosure Required<BR>
under SEC Regulations</B>
</FONT>

<P align="left"><FONT size="4" color="#0865AB"><B>D &#150; Information Required by Industry Guide 3 (continued)</B>
</FONT>

<!-- link2 "Loans" -->
<DIV align="left"><A NAME="113"></A></DIV>
<P align="left"><FONT size="2"><B>Loans</B>
</FONT>

<P><FONT size="2">Loans are widely dispersed over customer categories both within and outside of
Switzerland. With
the exceptions of private households (foreign and domestic) and banks and
financial institutions outside Switzerland, there is no material concentration of loans. For further
discussion of the loan portfolio, see the UBS Handbook 2001/2002. The following table illustrates the
diversification of the
loan portfolio among customer categories at 31 December 2001, 2000, 1999, 1998
and 1997. The
industry categories presented are consistent with the classification of loans
for reporting to the Swiss
Federal Banking Commission and Swiss National Bank.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="50%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.98</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.97</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Domestic</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Banks</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,533</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,896</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,802</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,543</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">17,751</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Construction</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3,499</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,870</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,577</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,897</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9,627</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Financial institutions</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>5,673</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,725</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9,387</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,240</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11,371</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Hotels and restaurants</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,950</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,526</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,259</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,129</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,668</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Manufacturing<SUP>1</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8,686</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9,577</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11,377</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13,505</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16,440</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Private households</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>93,746</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">91,667</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">93,846</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">97,664</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">109,044</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Public authorities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>5,222</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,658</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,277</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,858</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,354</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Real estate and rentals</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>14,992</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16,673</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">19,835</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">21,231</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">22,915</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Retail and wholesale</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8,674</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9,635</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,904</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,912</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,512</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Services<SUP>2</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>12,161</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11,767</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14,862</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11,582</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13,083</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other<SUP>3</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,860</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,651</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,818</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,662</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,862</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total domestic</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>158,996</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">164,645</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">183,944</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">187,223</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">223,627</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Foreign</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Banks</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>26,728</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">27,168</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">24,983</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">65,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">49,559</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Chemicals</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,080</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,423</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Construction</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>266</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">773</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Electricity, gas and water supply</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>977</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,584</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Financial institutions</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>14,458</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">20,348</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Manufacturing<SUP>6</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,258</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,596</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Mining</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,313</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,070</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Private households</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>25,619</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">29,470</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Public authorities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6,454</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11,754</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Real estate and rentals</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>10,227</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,077</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Retail and wholesale</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,732</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,862</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Services</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,786</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,585</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Transport, storage and communication</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,117</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">993</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other<SUP>4, 5</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,973</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11,168</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">69,087</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">78,741</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">80,054</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total foreign</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>102,988</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">119,871</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">94,070</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">143,741</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">129,613</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total gross</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>261,984</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>284,516</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>278,014</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>330,964</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>353,240</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>1</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Includes chemicals, food and beverages.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>2</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Includes transportation, communication, health and social work,
education and other social and
personal service activities.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>3</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Includes mining and electricity, gas and water supply.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>4</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">For the years prior to the year 2000, no detailed industry
classifications are available.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>5</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Includes hotels and restaurants.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>6</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Includes food and beverages.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">196</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><FONT size="4" color="#0865AB"><B>D &#150; Information Required by Industry Guide 3 (continued)</B>
</FONT>

<P align="left"><FONT size="2"><B>Loans (continued)</B>
</FONT>

<P><FONT size="2">The following table analyzes the Group&#146;s mortgage portfolio by geographic
origin of the customer
and type of mortgage at 31 December 2001, 2000, 1999, 1998 and 1997. Mortgages
are included in
the industry categories mentioned above.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="35%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.98</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.97</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Mortgages</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Domestic</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>116,628</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">116,348</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">126,677</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">138,306</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">142,919</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Foreign</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>9,583</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,206</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,310</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,479</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,883</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total gross mortgages</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>126,211</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">120,554</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">127,987</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">140,785</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">146,802</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Mortgages</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Residential</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>101,969</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">96,181</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">91,408</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">106,093</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">105,926</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Commercial</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>24,242</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">24,373</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">36,579</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">34,692</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">40,876</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total gross mortgages</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>126,211</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">120,554</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">127,987</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">140,785</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">146,802</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<!-- link2 "Loan Maturities" -->
<DIV align="left"><A NAME="114"></A></DIV>
<P align="left"><FONT size="2"><B>Loan Maturities</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The following table discloses loans by maturity at 31 December 2001. The
determination of maturities is based on contract terms. Information on interest rate sensitivities can
be found in Note 30 to
the UBS Group Financial Statements.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="36%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Within 1 year</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">1 to 5 years</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Over 5 years</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>Total</B></FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Domestic</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Banks</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,384</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">149</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,533</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Mortgages</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">63,952</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">45,246</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,430</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>116,628</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other loans</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">31,578</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,671</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,586</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>40,835</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total domestic </B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">96,914</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">53,066</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9,016</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>158,996</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Foreign</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Banks</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">26,153</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">305</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">270</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>26,728</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Mortgages</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,746</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">664</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">173</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>9,583</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other loans</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">63,927</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,110</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">640</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>66,677</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total foreign</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">98,826</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,079</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,083</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>102,988</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total gross loans</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">195,740</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">56,145</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,099</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>261,984</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="17" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P align="right"><FONT size="2">197</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="2"><B>Additional Disclosure Required
under SEC Regulations</B></FONT>
<P align="left"><FONT size="4" color="#0865AB"><B>D &#150; Information Required by Industry Guide 3 (continued)</B>
</FONT>

<!-- link2 "Impaired, Non-performing and Restructured Loans" -->
<DIV align="left"><A NAME="115"></A></DIV>
<P align="left"><FONT size="2"><B>Impaired, Non-performing and Restructured Loans</B>
</FONT>

<P><FONT size="2">A loan is classified as impaired if the book value of the claim exceeds the
present value of the cash
flows actually expected in future periods &#150; interest payments, scheduled
principal repayments and
liquidation of collateral. Impaired obligations are thus obligations where
losses are probable and
estimable. A provision is then made with respect to the loan in question.
Impaired loans include non-performing loans, for which the contractual payments of principal, interest or
commission are overdue by 90&nbsp;days. When loans are classified as non-performing, the recognition of
interest or commission income ceases to be recorded according to the original terms of the loan
agreement. Allowances
are provided for non-performing loans to reflect their net estimated
recoverable amount. The gross
interest income that would have been recorded on non-performing loans was CHF
336&nbsp;million for
the year ended 31 December 2001, CHF 182&nbsp;million for the year ended 31 December
2000 and CHF
409&nbsp;million for the year ended 31 December 1999. The amount of interest income
that was included in net income for those loans was CHF 201&nbsp;million for the year ended 31
December 2001. There
was no interest income recorded in net income for non performing loans in 2000
and 1999. The table
below provides an analysis of the Group&#146;s non-performing and restructured
loans. For further discussion of impaired and non-performing loans, see the UBS Handbook 2001/2002.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="47%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.98</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.97</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Non-performing loans:</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Domestic</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6,531</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,588</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11,435</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14,023</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15,238</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Foreign</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,108</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,864</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,638</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,091</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,426</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total non-performing loans</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8,639</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,452</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13,073</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16,114</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16,664</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Foreign restructured loans</B><SUP><B>1</B></SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">179</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">287</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">449</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">638</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>1</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Amounts presented for 2001, 2000, 1999 and 1998 include only performing
foreign restructured loans. Amounts presented for 1997 include
both performing and non-performing foreign restructured loans. UBS does not, as
a matter of policy, typically restructure loans to accrue interest at rates different from the original contractual terms or reduce the
principal amount of loans. Instead, specific loan allowances are established
as necessary. Unrecognized interest related to foreign restructured loans was
not material to the results of operations during these periods.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;In addition to the non-performing loans shown above, the Group had CHF
5,990&nbsp;million, CHF
8,042&nbsp;million, CHF 9,383&nbsp;million and CHF 10,333&nbsp;million in &#147;other impaired
loans&#148; for the years
ended 31 December 2001, 2000, 1999 and 1998, respectively. These are loans that
are current, or less
than 90&nbsp;days in arrears, with respect to payment of principal or interest
however, the Group&#146;s credit
officers have expressed doubts as to the ability of the
borrowers to repay the loans.
As at 31 December 2001 specific allowances of CHF 1,920&nbsp;million had been
established against these
loans, which are primarily domestic.
</FONT>
<P><FONT size="2">198</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="4" color="#0865AB"><B>D &#150; Information Required by Industry Guide 3 (continued)</B>
</FONT>

<!-- link2 "Cross-Border Outstandings" -->
<DIV align="left"><A NAME="116"></A></DIV>
<P align="left"><FONT size="2"><B>Cross-Border Outstandings</B>
</FONT>

<P><FONT size="2">Cross-border outstandings consist of general banking products such as loans and
deposits with third
parties, credit equivalents of over-the-counter (OTC)&nbsp;derivatives and
repurchase agreements, and the
market value of the inventory of securities. Outstandings are monitored and
reported on an ongoing
basis by the credit risk management and control organization with a dedicated
country risk information system. With the exception of the 27 most developed economies, these
exposures are rigorously limited.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Claims that are secured by third-party guarantees are recorded against the
guarantor&#146;s country of
domicile. Outstandings that are secured by collateral are recorded against the
country where the
asset could be liquidated. This follows the &#147;Guidelines for the Management of
Country Risk&#148;, which
are applicable to all banks that are supervised by the Swiss Federal Banking
Commission.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The following tables list those countries for which cross-border
outstandings exceeded 0.75% of
total assets at 31 December 2001, 2000 and 1999. At 31 December 2001, there
were no outstandings
that exceeded 0.75% of total assets in any country currently facing liquidity
problems that the Group
expects would materially affect the country&#146;s ability to service its
obligations.
</FONT></DIV>

<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;For more information on cross-border outstandings, see the UBS Handbook
2001/2002.</FONT></DIV>
<P align="right"><FONT size="2">199</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P align="left"><FONT size="2"><B>Additional Disclosure Required<BR>
under SEC Regulations</B>
</FONT>

<P align="left"><FONT size="4" color="#0865AB"><B>D &#150; Information Required by Industry Guide 3 (continued)</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="27%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="23"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="23"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2" color="#0865AB"><B>Banking products</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>Traded</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>Tradable</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>% of total</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>Banks</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>Non-banks</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>products<sup>1</sup></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>assets<sup>2</sup></B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>Total</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>assets</B></FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">United States</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,360</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,284</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>31,129</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>114,615</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>149,388</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>11.9</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">United Kingdom</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,483</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>543</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>9,128</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>27,754</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>39,908</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3.2</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Germany</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3,605</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6,395</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>11,962</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>11,755</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>33,717</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2.7</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Japan</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>640</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>770</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,442</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>22,995</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>28,847</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2.3</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Italy</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,086</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>498</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>11,628</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>11,180</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>24,392</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1.9</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">France</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>159</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,043</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4,114</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8,052</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>14,368</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1.1</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Canada</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>114</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>950</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>5,220</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8,038</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>14,322</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1.1</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Netherlands</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,834</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,414</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>6,126</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3,110</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>13,484</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1.1</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="28%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="23"><FONT size="2">31.12.00</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="23"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2">Banking products</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Traded</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Tradable</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">% of total</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Banks</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Non-banks</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">products<sup>1</sup></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">assets<sup>2</sup></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Total</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">assets</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">United States</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,826</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">958</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">21,796</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">64,077</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">88,657</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Japan</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">123</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">895</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,378</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">58,779</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">66,175</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">United Kingdom</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,795</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,224</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9,037</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">22,440</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">34,496</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Germany</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,686</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,720</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13,198</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,085</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">24,689</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Italy</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,293</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">931</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,629</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9,700</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15,553</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">France</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,085</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,900</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,956</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,987</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12,928</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Netherlands</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">910</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,480</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,092</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,803</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12,285</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Australia</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">27</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">370</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,113</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,508</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11,018</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="30%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="23"><FONT size="2">31.12.99</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="23"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="2">Banking products</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="7"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Traded</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Tradable</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">% of total</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Banks</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Non-banks</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">products<sup>1</sup></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">assets<sup>2</sup></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">Total</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">assets</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">United States</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,202</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,508</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">41,970</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">48,012</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">95,692</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Japan</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,117</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">965</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,153</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">69,194</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">78,429</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">United Kingdom</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,417</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,193</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11,273</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">58,300</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">76,183</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Germany</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,455</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,174</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">41,422</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,181</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">57,232</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Italy</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,462</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">762</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,803</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,708</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18,735</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Netherlands</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,932</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,149</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,648</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,993</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14,722</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">France</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,200</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,395</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,324</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,379</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14,298</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Australia</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,688</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">409</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,342</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,735</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13,174</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Canada</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">866</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">492</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,233</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">807</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,398</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="25" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>1</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Traded products consist of derivative instruments and repurchase agreements.
In 2001 and 2000 unsecured OTC derivatives exposure is
reported based on the Potential Credit Exposure measurement methodology and is
therefore not directly comparable to the exposure in the prior
years, which were measured based on Gross Replacement Values plus Add-on.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>2</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Tradeable assets consist of equity and fixed income financial
instruments held for trading purposes, which are marked to market on a daily
basis.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">200</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><FONT size="4" color="#0865AB"><B>D &#150; Information Required by Industry Guide 3 (continued)</B>
</FONT>

<!-- link2 "Summary of Movements in Allowances and Provisions for Credit Losses" -->
<DIV align="left"><A NAME="117"></A></DIV>
<P align="left"><FONT size="2"><B>Summary of Movements in Allowances and Provisions for Credit Losses</B>
</FONT>

<P><FONT size="2">The following table provides an analysis of movements in allowances and
provisions for credit losses.
</FONT>
<DIV align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;As a result of Swiss bankruptcy laws, banks write-off loans against
allowances only upon final
settlement of bankruptcy proceedings, the sale of the underlying assets and/or
in case of the forgiveness of debt. Under Swiss law, a creditor can continue to collect from a debtor
who has emerged from
bankruptcy, unless the debt has been forgiven through a formal agreement.
</FONT></DIV>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="50%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.98</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.97</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Balance at beginning of year</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>10,581</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13,398</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14,978</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16,213</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18,135</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Write-offs</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Domestic</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Banks</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(4</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(2</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(5</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Construction</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(248</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(261</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(296</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(228</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(408</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Financial institutions</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(51</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(178</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(92</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(66</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(226</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Hotels and restaurants</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(52</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(193</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(137</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(98</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(138</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Manufacturing<SUP>1</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(109</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(264</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(242</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(214</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(514</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Private households</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(1,297</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(640</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(598</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(534</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1,214</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Public authorities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(2</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(19</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Real estate and rentals</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(317</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(729</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(823</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(610</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(871</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Retail and wholesale</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(115</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(160</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(210</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(178</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(227</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Services<SUP>2</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(93</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(227</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(315</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(116</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(229</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other<SUP>3</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(46</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(30</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(41</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(15</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(29</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total domestic domestic write-offs</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(2,328</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(2,682</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(2,758</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(2,063</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(3,880</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Foreign</B><SUP><B>4</B></SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Banks</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(24</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(15</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Chemicals</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(2</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Construction</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(10</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(13</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Electricity, gas and water supply</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(63</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(3</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Financial institutions</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(74</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(33</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Manufacturing<SUP>6</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(119</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(11</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Mining</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(304</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Private households</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(5</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Public authorities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(4</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Real estate and rentals</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(1</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Retail and wholesale</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(160</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Services</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(30</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(8</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Transport, storage and communication</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(11</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(48</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(55</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total foreign write-offs</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(680</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(313</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(517</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(261</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(240</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total write-offs</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(3,008</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(2,995</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(3,275</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(2,324</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(4,120</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Recoveries</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Domestic</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>58</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">124</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">54</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">59</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">406</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Foreign</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>23</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">39</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">36</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total recoveries</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>81</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">163</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">65</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">59</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">442</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net write-offs</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>(2,927</B></FONT></TD>
        <TD nowrap><FONT size="2" color="#0865AB"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(2,832</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(3,210</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(2,265</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(3,678</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Credit loss expense / (recovery)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>498</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(130</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">956</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">951</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,432</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other adjustments<SUP>5</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>66</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">145</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">674</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">79</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">324</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Balance at end of year</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8,218</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,581</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13,398</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14,978</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16,213</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>1</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Includes chemicals, food and beverages.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>2</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Includes transportation, communication, health and social work,
education and other social and
personal service activities.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>3</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Includes mining and electricity, gas and water supply.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>4</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">For years prior to 2000, no detailed industry classifications
are available.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>5</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">See the following table for details.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>6</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Includes food and beverages.</FONT></TD>
</TR>
</TABLE>
<P align="right"><FONT size="2">201</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="2"><B>Additional Disclosure Required<BR>
under SEC Regulations</B>
</FONT>

<P align="left"><FONT size="4" color="#0865AB"><B>D &#150; Information Required by Industry Guide 3 (continued)</B>
</FONT>

<P align="left"><FONT size="2"><B>Summary of Movements in Allowances and Provisions for Credit Losses (continued)</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="52%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.98</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.97</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Doubtful interest</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">182</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">409</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">423</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">450</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net foreign exchange</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>44</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">23</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">351</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(98</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">91</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Subsidiaries sold and other</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>22</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(60</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(86</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(246</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(217</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total adjustments</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>66</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">145</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">674</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">79</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">324</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">202</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="4" color="#0865AB"><B>D &#150; Information Required by Industry Guide 3 (continued)</B>
</FONT>

<!-- link2 "Allocation of the Allowances and Provisions for Credit Losses" -->
<DIV align="left"><A NAME="118"></A></DIV>
<P align="left"><FONT size="2"><B>Allocation of the Allowances and Provisions for Credit Losses</B>
</FONT>

<P><FONT size="2">The following table provide an analysis of the allocation of the allowances and
provisions for credit losses by industry categories and geographic location at 31 December 2001,
2000, 1999, 1998 and
1997. For a description of procedures with respect to allowances and provisions
for credit losses, see
the UBS Handbook 2001/2002.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="52%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.98</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.97</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Domestic</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Banks</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>34</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">41</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">49</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">34</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Construction</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>467</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">843</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,247</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,671</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,449</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Financial institutions</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>262</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">328</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">342</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">668</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">510</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Hotels and restaurants</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>346</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">454</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">690</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">657</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">512</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Manufacturing<SUP>1</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>722</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">863</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,223</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,331</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,036</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Private households</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,082</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,570</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,350</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,741</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,264</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Public authorities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>37</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">40</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">107</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">59</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Real estate and rentals</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,067</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,635</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,696</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,333</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,591</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Retail and wholesale</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>395</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">629</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">779</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">825</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">723</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Services<SUP>2</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>448</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">419</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">934</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">766</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">661</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other<SUP>3</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>165</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">413</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">141</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">71</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">52</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total domestic</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>5,025</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,154</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,483</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12,219</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9,891</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Foreign</B><SUP><B>8</B></SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Banks<SUP>4</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>39</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">32</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Chemicals</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>5</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Construction</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Electricity, gas and water supply</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>88</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">107</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Financial institutions</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>420</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">262</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Manufacturing<SUP>9</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>653</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">547</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Mining</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>169</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">586</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Private households</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>103</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">72</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Public authorities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Real estate and rentals</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>9</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">82</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Retail and wholesale</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">41</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Services</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>414</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">126</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Transport, storage and communication</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>45</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other<SUP>5</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>242</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">267</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total foreign,
net of country provisions</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2,187</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,135</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,539</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,309</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,399</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Country provisions</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1,006</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,292</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,376</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,450</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,175</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total foreign</B><SUP><B>6</B></SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3,193</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,427</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,915</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,759</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,574</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Unallocated allowances<SUP>7</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,748</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total allowances and
provisions for credit losses</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>8,218</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,581</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13,398</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14,978</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16,213</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>1</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Includes chemicals, food and beverages.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>2</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Includes transportation, communication, health and social work,
education and other social and
personal service activities.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>3</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Includes mining and electricity, gas and water supply.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>4</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Counterparty allowances and provisions only. Country
provisions with banking counterparties amounting to CHF 662&nbsp;million are
disclosed under country provisions.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>5</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Includes hotels and restaurants.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>6</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">The 2001, 2000, 1999 and 1998 amounts include CHF 305&nbsp;million, CHF 54
million, CHF 149&nbsp;million and CHF 435&nbsp;million respectively of
provisions and commitments for contingent liabilities.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>7</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">The 1997 amount includes a provision for commitments and contingent
liabilities of
CHF 472&nbsp;million.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>8</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">For years prior to 2000, no detailed industry classifications are
available.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>9</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">Includes food and beverages.</FONT></TD>
</TR>
</TABLE>
<P align="right"><FONT size="2">203</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><FONT size="2"><B>Additional Disclosure Required<BR>
under SEC Regulations</B>
</FONT>

<P align="left"><FONT size="4" color="#0865AB"><B>D &#150; Information Required by Industry Guide 3 (continued)</B>
</FONT>

<P align="left"><FONT size="2"><B>Allocation of the Allowances and Provisions for Credit Losses (continued)</B>
</FONT>

<P><FONT size="2">The following table presents the percentage of loans in each category to total
loans. This table can
be read in conjunction with the preceding table showing the breakdown of the
allowances and provisions for credit losses by industry categories to evaluate the credit risks
in each of the categories.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="55%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>in %</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2" color="#0865AB"><B>31.12.01</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.98</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.97</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Domestic</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Banks</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0.6</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Construction</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1.3</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Financial institutions</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2.2</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Hotels and restaurants</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1.1</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Manufacturing</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3.3</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Private households</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>35.8</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">32.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">33.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">29.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">30.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Public authorities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Real estate and rentals</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>5.7</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Retail and wholesale</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3.3</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Services</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>4.6</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0.8</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total domestic</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>60.7</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">57.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">66.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">56.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">63.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Foreign</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Banks</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>10.2</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">19.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Chemicals</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0.4</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Construction</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0.1</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Electricity, gas and water supply</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0.4</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Financial institutions</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>5.5</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Manufacturing</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1.6</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Mining</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0.5</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Private households</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>9.8</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Public authorities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>2.5</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Real estate and rentals</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>3.9</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Retail and wholesale</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0.7</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Services</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1.8</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Transport, storage and communication</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>0.8</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>1.1</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">24.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">23.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">22.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total foreign</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>39.3</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">42.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">33.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">43.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">36.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total gross loans</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2" color="#0865AB"><B>100.0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">100.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">100.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">100.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">100.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">204</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="4" color="#0865AB"><B>D &#150; Information Required by Industry Guide 3 (continued)</B>
</FONT>

<!-- link2 "Loss History Statistics" -->
<DIV align="left"><A NAME="119"></A></DIV>
<P align="left"><FONT size="2"><B>Loss History Statistics</B>
</FONT>

<P><FONT size="2">The following is a summary of the Group&#146;s loan loss history.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="50%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="2"><I>CHF million, except where indicated</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.01</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.99</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.98</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2">31.12.97</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Gross loans</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">261,984</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">284,516</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">278,014</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">330,964</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">353,240</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Impaired loans</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14,629</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18,494</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">22,456</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">26,447</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Non-performing loans</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,639</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,452</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13,073</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16,114</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16,664</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Allowances and
provisions for credit losses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8,218</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,581</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13,398</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14,978</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16,213</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net write-offs</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,927</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,832</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,210</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,265</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,678</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Credit loss expense / (recovery)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">498</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(130</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">956</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">951</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,432</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Ratios</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Impaired loans as a percentage
of gross loans</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Non-performing loans as a percentage
of gross loans</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Allowance and provisions
for credit losses as a percentage of:</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Gross loans</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Impaired loans</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">56.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">57.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">59.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">56.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Non-performing loans</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">95.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">101.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">102.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">93.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">97.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Allocated allowances as a percentage
of impaired loans<SUP>1</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">49.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">52.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">55.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">51.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Allocated allowances as a percentage
of non-performing loans<SUP>2</SUP></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">62.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">60.6</FONT></TD>
        <TD valign="top"><FONT size="2"><SUP>3</SUP></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">66.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">62.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net write-offs as a percentage of:</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Gross loans</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Allowance and provisions for credit losses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">35.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">26.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">24.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">22.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Allowance and provisions for credit losses
as multiple of net write-offs</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.81</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.74</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.17</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.61</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.41</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD colspan="21" align="left"><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>&nbsp;</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">1 Allowances relating to impaired loans only.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>&nbsp;</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">2 Allowances relating to non-performing loans only.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="1"><sup>&nbsp;</sup></FONT></TD>
        <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="1">3 31 December 2000 figure has been restated to account for an
overallocation of allowances to non-performing loans.</FONT></TD>
</TR>
</TABLE>

<P align="right"><FONT size="2">205</FONT>


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><FONT size="2"><B>Cautionary statement regarding forward-looking statements</B>
</FONT>

<DIV align="left"><FONT size="2">This communication contains statements that constitute &#147;forward-looking
statements&#148;, including, without limitation, statements relating to the
implementation of strategic initiatives, including the implementation
of the new
European wealth management strategy, expansion of our corporate finance
presence in the US and worldwide, the
development of UBS Warburg&#146;s new energy trading operations, and other
statements relating to our future business
development and economic performance.
</FONT></DIV>

<DIV align="left"><FONT size="2">While these forward-looking statements represent our judgments and future
expectations concerning the development of our business, a number of risks,
uncertainties and other important factors could cause actual developments and
results to differ materially from our expectations.
</FONT></DIV>

<DIV align="left"><FONT size="2">These factors include, but are not limited to, (1)&nbsp;general market,
macro-economic, governmental and regulatory
trends, (2)&nbsp;movements in local and international securities markets, currency
exchange rates and interest rates, (3)
competitive pressures, (4)&nbsp;technological developments, (5)&nbsp;changes in the
financial position or credit-worthiness of our
customers, obligors and counterparties, (6)&nbsp;legislative developments,
(7)&nbsp;the impact of the terrorist attacks on the
World Trade Center and other sites in the United States on 11 September 2001
and subsequent related developments,
(8)&nbsp;the impact of the management changes and changes to our Business Group
structure which took place in December 2001 and (9)&nbsp;other key factors that we have indicated could adversely
affect our business and financial performance which are contained in our past and future filings and reports, including
those with the SEC.
</FONT></DIV>

<DIV align="left"><FONT size="2">More detailed information about those factors is set forth in documents
furnished by UBS and filings made by UBS with
the SEC, including UBS&#146;s Annual Report on Form&nbsp;20-F for the year ended 31
December 2001. UBS is not under any obligation to (and expressly disclaims any
such obligations to) update or alter its forward-looking statements whether as
a result of new information, future events, or otherwise.
</FONT></DIV>

<P align="left"><FONT size="2"><B>Imprint</B>
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<DIV align="left"><FONT size="2">Publisher/ Copyright: UBS AG, Switzerland;
Photos: Thierry Martinez, Philippe Schiller (Alinghi);
Daniel Forster, Carlo Borlenghi (Nautor Challenge);
Marcel Grubenmann (Portraits).
Languages: English, German; SAP-R/3 80531E-0201
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<P align="left"><FONT size="4"><B>Index to Exhibits</B>
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        <TD nowrap align="center"><FONT size="1"><B>Exhibit</B></FONT></TD>
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        <TD nowrap align="center"><FONT size="1"><B>Number</B></FONT></TD>
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        <TD nowrap align="center"><FONT size="1"><B>Description</B></FONT></TD>
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        <TD valign="top"><FONT size="2">1.1.</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Articles of Association of UBS AG</FONT></TD>
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        <TD valign="top"><FONT size="2">1.2.</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
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Organization Regulations of UBS AG</FONT></TD>
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        <TD valign="top"><FONT size="2">2(b)</FONT></TD>
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Instruments defining the rights of the holders of
long-term debt issued by UBS AG and its subsidiaries.</FONT></TD>
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We agree to furnish to the SEC upon request, copies of the
instruments, including indentures, defining the rights of the
holders of our long-term debt and of our subsidiaries&#146;
long-term debt.</FONT></TD>
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Statement regarding ratio of earnings to fixed charges.</FONT></TD>
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        <TD valign="top"><FONT size="2">8.</FONT></TD>
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Significant Subsidiaries of UBS AG</FONT></TD>
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Please see Note 36 on pages 147 to 150 of the attached
Financial Report 2001.</FONT></TD>
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        <TD valign="top"><FONT size="2">10.</FONT></TD>
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Consent of Ernst &#038; Young Ltd.</FONT></TD>
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UBS AG
Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 20-F
(Mark One)
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2001
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from
to
.
Commission file number: 1-15026
UBS AG
(Exact Name of Registrant as Specified in Its Charter)
Switzerland
(Jurisdiction of Incorporation or Organization)
Bahnhofstrasse 45, CH-8098 Zurich, Switzerland, and Aeschenvorstadt 1, CH-4051 Basel, Switzerland
(Address of Principal Executive Offices)
Securities registered or to be registered pursuant to Section 12(b) of the Act:
Please see the following page.
Securities registered or to be registered pursuant to Section 12 (g) of the Act:
None.
Securities for which there is as reporting obligation pursuant to Section 15 (d) of the Act:
Please see the following page.
Indicate the number of outstanding shares of each of the issuer's classes of
capital or common stock as of 31 December 2001:
Ordinary shares, par value CHF 2.80 per share: 1,281,717,499 ordinary shares
(including 41,254,951 treasury shares)
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports) and (2) has been subject to such
filing requirements for the past 90 days.
Yes
No
Indicate by check mark which financial statement item the registrant has
elected to follow.
Item 17
Item 18
Table of Contents
Securities registered or to be registered pursuant to Section 12(b) of the Act:
Title of each class
Name of each exchange on which registered
Ordinary Shares (par value of CHF 2.80 each)
New York Stock Exchange
7.25% Noncumulative Trust Preferred Securities
New York Stock Exchange
7.25% Noncumulative Company Preferred Securities
New York Stock Exchange*
Subordinated Guarantee of UBS AG with respect to Company
Preferred Securities
New York Stock Exchange*
$75,000,000 18.5% GOALS due May 28, 2002
American Stock Exchange
$50,000,000 18.25% GOALS due June 27, 2002
American Stock Exchange
$60,000,000 19.5% GOALS due July 23, 2002
American Stock Exchange
$45,000,000 18.25% GOALS due July 31, 2002
American Stock Exchange
$30,000,000 14.125% GOALS due August 15, 2002
American Stock Exchange
$51,000,000 26% GOALS due September 12, 2002
American Stock Exchange
$80,000,000 BULS due April 10, 2003
American Stock Exchange
$40,000,000 BULS due April 28, 2003
American Stock Exchange
$32,000,000 BULS due May 16, 2003
American Stock Exchange
$17,000,000 16.25% GOALS due November 18, 2002
American Stock Exchange
$45,000,000 23.125% GOALS due May 31, 2002
American Stock Exchange
$6,500,000 16.125% GOALS due July 2, 2002
American Stock Exchange
$54,000,000 BULS due September 1, 2006
American Stock Exchange
$4,500,000 BULS due October 17, 2006
American Stock Exchange
$48,000,000 12.5% GOALS+ due November 1, 2002
American Stock Exchange
$27,000,000 10.5% GOALS+ due December 2, 2002
American Stock Exchange
$15,000,000 9.5% GOALS+ due December 23, 2002
American Stock Exchange
$19,500,000 12% GOALS+ due January 24, 2003
American Stock Exchange
$23,500,000 14% GOALS+ due February 3, 2003
American Stock Exchange
Securities registered or to be registered pursuant to Section 12(g) of the Act:
None
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:
8.622% Noncumulative Trust Preferred Securities
8.622% Noncumulative Company Preferred Securities
7.247% Noncumulative Trust Preferred Securities
7.247% Noncumulative Company Preferred Securities
Subordinated Guarantee of UBS AG with respect to Company Preferred Securities
$100,000,000 Variable Rate Credit Linked Notes due September 5, 2002
$14,000,000 Equity Linked Notes due February 1, 2007
Guarantees with respect to certain securities of UBS Americas Inc.
*
Not for trading, but solely in connection with the registration of the
corresponding Trust Preferred Securities.
2
TABLE OF CONTENTS
Cautionary Statement Regarding Forward-Looking Statements
Item 6. Directors, Senior Management and Employees.
Item 7. Major Shareholders and Related Party Transactions.
Item 8. Financial Information.
Item 9. The Offer and Listing.
Item 10. Additional Information.
Item 11. Quantitative and Qualitative Disclosures About Market Risk.
PART II
Item 13. Defaults, Dividend Arrearages and Delinquencies.
Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds.
Item 15. [Reserved].
Item 16. [Reserved].
PART III
Item 17. Financial Statements.
Item 18. Financial Statements.
Item 19. Exhibits.
Signatures
Introduction
UBS Group Financial Highlights
UBS Group
Our Business Groups
Sources of Information about UBS
Information for Readers
Group Results
Review of Business Group Performance
Introduction
UBS Switzerland
UBS Asset Management
Financial Statements
UBS Group Income Statement
UBS Group Balance Sheet
UBS Group Statement of Changes in Equity
UBS Group Statement of Cash Flows
Notes to the Financial Statements
Note 1 Summary of Significant Accounting Policies
Note 2a Segment Reporting by Business Group
Note 2b Segment Reporting by Geographic Location
Note 3 Net Interest Income
Note 4 Net Fee and Commission Income
Note 5 Net Trading Income
Note 6 Other Income
Note 7 Personnel Expenses
Note 8 General and Administrative Expenses
Note 9 Earnings per Share (EPS) and Outstanding Shares
Note 10a Due from Banks and Loans to Customers
Note 10b Allowances and Provisions for Credit Losses
Note 10c Impaired Loans
Note 10d Non-Performing Loans
Note 11 Securities Borrowing, Securities Lending, Repurchase and Reverse Repurchase Agreements and Other Collateralized Transactions
Note 12 Trading Portfolio
Note 13 Financial Investments
Note 14 Investments in Associates
Note 15 Property and Equipment
Note 16 Goodwill and Other Intangible Assets
Note 17 Other Assets
Balance Sheet: Liabilities
Note 18 Due to Banks and Customers
Note 19 Debt Issued
Note 20 Other Liabilities
Note 21 Provisions, including Restructuring Provision
Note 22 Income Taxes
Note 23 Minority Interests
Note 24 Derivative Instruments
Off-Balance Sheet and other Information
Note 25 Pledged Assets
Note 26 Fiduciary Transactions
Note 27 Commitments and Contingent Liabilities
Note 27 Commitments and Contingent Liabilities (continued)
Note 28 Operating Lease Commitments
Note 29 Litigation
Note 30 Financial Instruments Risk Position
a) Interest Rate Risk
b) Credit Risk
(b)(i) On-balance sheet assets
(b)(ii) Off-balance sheet financial instruments
(b)(iii) Credit risk mitigation techniques
c) Currency Risk
d) Liquidity Risk
Note 37 Acquisition of Paine Webber Group, Inc.
Note 38 Currency Translation Rates
Note 39 Swiss Banking Law Requirements
Note 40 Reconciliation of International Accounting Standards (IAS) to United States Generally Accepted Accounting Principles (US GAAP)
Parent Bank Review
Financial Statements
Income Statement
Balance Sheet
Statement of Appropriation of Retained Earnings
Notes to the Financial Statements
Additional Income Statement Information
Net Trading Income
Extraordinary Income and Expenses
Additional Balance Sheet Information
Value Adjustments and Provisions
Statement of Shareholders' Equity
Share Capital
Off-Balance Sheet and Other Information
Assets Pledged or Assigned as Security for Own Obligations, Assets Subject to Reservation of Title
Fiduciary Transactions
Due to UBS Pension Plans, Loans to Corporate Bodies/Related Parties
A – Introduction
B – Selected Financial Data
Balance Sheet Data
US GAAP Income Statement Data
US GAAP Balance Sheet Data
Ratio of Earnings to Fixed Charges
C – Information on the Company
Property, plant and equipment
D – Information Required by Industry Guide 3
Selected statistical information
Average Balances and Interest Rates
Analysis of Changes in Interest Income and Expense
Deposits
Short-term Borrowings
Loans
Loan Maturities
Impaired, Non-performing and Restructured Loans
Cross-Border Outstandings
Summary of Movements in Allowances and Provisions for Credit Losses
Allocation of the Allowances and Provisions for Credit Losses
Loss History Statistics
Index to Exhibits
EX-99.1.1: ARTICLES OF ASSOCIATION OF UBS AG
EX-99.1.2: ORGANIZATION OF REGULATIONS OF UBS AG
EX-99.7: STATEMENT RE RATIO OF EARNINGS
EX-99.10: CONSENT OF ERNST & YOUNG LTD
Table of Contents
Contents
Cautionary Statement Regarding Forward-Looking Statements
4
PART I
6
Item 1. Identity of Directors, Senior Management and Advisors.
6
Item 2. Offer Statistics and Expected Timetable.
6
Item 3. Key Information.
6
Item 4. Information on the Company.
6
Information required by Industry Guide 3.
7
Item 5. Operating and Financial Review and Prospects.
7
Item 6. Directors, Senior Management and Employees.
8
Item 7. Major Shareholders and Related Party Transactions.
8
Item 8. Financial Information.
9
Item 9. The Offer and Listing.
9
Item 10. Additional Information.
11
Item 11. Quantitative and Qualitative Disclosures About Market Risk.
15
Item 12. Description of Securities Other than Equity Securities.
15
PART II
16
Item 13. Defaults, Dividend Arrearages and Delinquencies.
16
Item 14. Material Modifications to the Rights of Security Holders
and Use of Proceeds.
16
Item 15. [Reserved].
16
Item 16. [Reserved].
16
PART III
17
Item 17. Financial Statements.
17
Item 18. Financial Statements.
17
Item 19. Exhibits.
17
Signatures
18
Index to Exhibits
19
A reader-friendly PDF version of this report is
available at
www.ubs.com/investors, in
the SEC filings section.
3
Table of Contents
Cautionary Statement Regarding Forward-Looking Statements
This annual report contains statements that constitute "forward-looking
statements" within the meaning of Section 21E of the Securities Exchange Act of
1934. The Private Securities Litigation Reform Act of 1995 provides a "safe
harbor" for forward-looking information to encourage companies to provide
prospective information about themselves without fear of litigation so long as
the information is identified as forward looking and is accompanied by
meaningful cautionary statements identifying important factors that could cause
actual results to differ materially from those projected in the information.
The words "anticipate", "believe", "expect", "estimate", "intend", "plan",
"should", "could", "may" and other similar expressions are used in connection
with forward-looking statements. In this annual report, forward-looking
statements may, without limitation, relate to:
•
The implementation of strategic initiatives, such as the
implementation of the European wealth management strategy and our plans
to continue to expand our corporate finance business;
•
The development of revenues overall and within specific business
areas, including the possibility of further losses in UBS Capital in
2002;
•
The development of operating expenses;
•
The anticipated level of capital expenditures and associated depreciation expense;
•
The expected impact of the risks that affect UBS's business,
including the risk of loss resulting from the default of an obligor or
counterparty;
•
Expected credit losses based upon UBS's credit review; and
•
Other statements relating to UBS's future business development and economic performance.
There can be no assurance that forward-looking statements will approximate
actual experience. Several important factors exist that could cause UBS's
actual results to differ materially from expected results as described in the
forward-looking statements. Such factors include:
•
General economic conditions, including prevailing interest rates
and performance of financial markets, which may affect demand for
products and services and the value of our assets;
•
Changes in UBS's expenses associated with acquisitions and dispositions;
•
General competitive factors, locally, nationally, regionally and globally;
•
Industry consolidation and competition;
•
Changes affecting the banking industry generally and UBS's banking
operations specifically, including asset quality;
•
Developments in technology;
•
Credit ratings and the financial position of obligors and counterparties;
•
UBS's ability to control risk in its businesses;
•
Changes in tax laws in the countries in which UBS operates, which
could adversely affect the tax advantages of certain of UBS's products
or subject it to increased taxation;
•
Changes in accounting standards applicable to UBS, as more fully
described below;
•
Changes in investor confidence in the future performance of
financial markets, affecting the level of transactions they undertake,
and hence the levels of transaction based fees UBS earns;
4
Table of Contents
Cautionary Statement Regarding Forward-Looking Statements
(continued)
•
Changes in the market value of securities held by UBS's clients,
affecting the level of asset based fees UBS can earn on the services it
provides; and
•
Changes in currency exchange rates, including the exchange rate for
the Swiss franc into US dollars.
UBS is not under any obligation to (and expressly disclaims any such
obligations to) update or alter its forward-looking statements, whether as a
result of new information, future events, or otherwise.
The effect of future changes in accounting standards
Included in the Notes to the Financial Statements is a description of the
expected effect of accounting standards that have been issued but have not yet
been adopted, for both IAS and US GAAP.
Although we believe that description includes all significant matters that have
been approved by the IASB and the FASB, those standard setting bodies have a
large number of projects in process that could result in significant new
accounting standards or significant changes to existing standards.
This increased level of activity includes normal ongoing development and
efforts to improve the existing body of accounting standards, and also is in
response to a number of perceived deficiencies in accounting standards
exemplified by reported abuses by various companies.
We believe it is likely that several new accounting standards will be issued in
the near future, and that those new standards could have a significant effect
on our reported results of operations and financial position, but cannot
predict the precise nature or amounts of any such changes.
5
Table of Contents
PART I
Item 1. Identity of Directors, Senior Management and Advisors.
Not required because this Form 20-F is filed as an annual report.
Item 2. Offer Statistics and Expected Timetable.
Not required because this Form 20-F is filed as an annual report.
Item 3. Key Information.
A—Selected Financial Data.
Please see pages 185 to 189 of the attached Financial Report 2001.
Ratio of Earnings to Fixed Charges
Please see page 189 of the attached Financial Report 2001, and Exhibit 7
to this Form 20-F.
B—Capitalization and Indebtedness.
Not required because this Form 20-F is filed as an annual report.
C—Reasons for the Offer and Use of Proceeds.
Not required because this Form 20-F is filed as an annual report.
D—Risk Factors.
Please see pages 10 to 15 of the attached Financial Report 2001.
Item 4. Information on the Company.
A—History and Development of the Company.
1 – 3
Please see page 6 of the attached Handbook 2001/2002.
4
Please see pages 14 to 15 of the attached UBS Handbook
2001/2002.
5, 6
Please see the section
Information for Readers
on page 8 of
the attached Financial Report 2001, in particular, subsections
PaineWebber merger
and
Restructuring provision
; also see section
Group Results 2001
of the
Group Financial Review
on
pages 17 to 29
of the attached Financial Report 2001, in particular, the subsection
regarding PaineWebber merger-related costs.
7
Not applicable.
B—Business Overview.
1, 2, 3, 5, 7
Please see sections
The UBS Group
and
The Business Groups
on pages 9 to 53
of the attached UBS Handbook 2001/2002. For a breakdown of revenues
by category of activity and geographic market, please refer to Notes
2a and 2b to the Financial Statements, on pages 92 to 95 of the
attached Financial Report 2001.
4, 6
Not applicable.
8
Please see the section
Regulation and Supervision
on pages
106 to 110 of the attached UBS Handbook 2001/2002.
6
Table of Contents
PART I
(continued)
C—Organizational Structure.
Please see Note 36 to the Financial Statements on pages 147 to 150
of the attached Financial Report 2001.
D—Property, Plant and Equipment.
Please see page
Property, plant and equipment
on page 189 of the
attached Financial Report 2001.
Information Required by Industry Guide 3
Please see pages 190 to 205 of the attached Financial Report 2001.
Item 5. Operating and Financial Review and Prospects.
A—Operating Results.
Please see sections
Information for Readers
,
Group Financial Review
and
Review of Business Group Performance
on pages 8 to 73 of the attached
Financial Report 2001.
Please also see Note 40 to the Financial Statements
Reconciliation
of International Accounting Standards (IAS) to United States Generally
Accepted Accounting Principles (US GAAP)
and Note 41 to the Financial
Statements
Additional Disclosures Required Under US GAAP and SEC
Rules
on pages 154 to 168 of the
attached Financial Report 2001 and the
Currency management
subsection of
the Group Treasury section, on page 83 of the attached Handbook
2001/2002.
B—Liquidity and Capital Resources.
We believe that our working capital is sufficient for the company's
present requirements.
Group liquidity and capital management is undertaken at UBS by Group
Treasury as an integrated asset and liability management function. For a
detailed discussion of Group Treasury's functions and results, including
our capital resources, please see pages 77 to 85 of the attached UBS
Handbook 2001/2002, and Note 19
Debt Issued
on pages 108 to 113 of the attached Financial
Report 2001.
For comments on UBS Group's balance sheet and cash flows, please see
pages 25 to 26 of the attached Financial Report 2001.
For comment on UBS's long term credit ratings, please see the
Capital strength
subsection on page 11 of the attached UBS
Handbook 2001/2002.
C—Research and Development, Patents and Licenses, etc.
Not applicable.
D—Trend Information.
Please see the subsection
Outlook 2002
on page 26 of the attached
Financial Report 2001, and pages 13-14, 37, 44, and 50 of the attached
Handbook 2001/2002, which contain trend information.
7
Table of Contents
PART I
(continued)
Item 6. Directors, Senior Management and Employees.
A—Directors and Senior Management.
1, 2, 3
Please see pages 94 to 98 of the attached UBS Handbook
2001/2002.
The Board of Directors has nominated Ernesto Bertarelli to
become a member of the Board of Directors, subject to the
approval of the Annual General Meeting on 18 April 2002. His
biographical details are provided below:
Ernesto Bertarelli (born 1965), a Swiss citizen, has been
the Chief Executive Officer and Chairman of the Executive
Committee of Serono International SA since 1996. He started his
career with Serono in 1985 and held several positions in sales
and marketing. Prior to his appointment as CEO, he served for
five years as Deputy CEO and Vice Chairman of the Board of
Directors. Mr. Bertarelli received his Bachelor of Science
degree from Babson College in Boston, Massachusetts, and his
MBA from Harvard Business School. Mr. Bertarelli's business
address is Serono International SA, Chemin des Mines 15 bis,
1202 Genève.
4. and 5.
None.
B—Compensation.
Please see Notes 33 and 34 to the Financial Statements on pages 141
to 146 of the attached Financial Report 2001.
C—Board Practices.
Please see pages 88 to 98 of the attached UBS Handbook 2001/2002 and
Note 34 to the Financial Statements on page 146 of the attached Financial
Report 2001.
D—Employees.
Please see page 24 of the attached Financial Report 2001 and the
charts on page 13 of the attached UBS Handbook 2001/2002.
E—Share Ownership.
Please see Notes 33 and 34 to the Financial Statements on pages 141
to 146 of the attached Financial Report 2001.
Item 7. Major Shareholders and Related Party Transactions.
A—Major Shareholders.
Please see pages 127 to 128 of the attached UBS Handbook 2001/2002.
8
Table of Contents
PART I
(continued)
B—Related Party Transactions.
For 2001 and 2000, please see Note 34 to the Financial Statements on
page 146 of the attached Financial Report 2001.
The number of long-term stock options outstanding to related parties
from equity plans was 823,848 at 31 December 1999.
The total loans and advances receivable were CHF 28 million at 31
December 1999.
The total amounts of shares and warrants held by members of the
Board of Directors, Group Executive Board and Group Managing Board were
7,368,276 and 11,424,514 as of 31 December 1999. (These figures have
been restated to reflect the effect of the 3 for 1 share split which took
place on 16 July 2001).
C—Interests of Experts and Counsel.
Not applicable because this Form 20-F is filed as an annual report.
Item 8. Financial Information.
A—Consolidated Statements and Other Financial Information.
Please see Item 18 of this Form 20-F.
B—Significant Changes.
UBS is not aware of any significant change that has occurred since
the date of the annual financial statements included in this Form 20-F.
Item 9. The Offer and Listing.
A—Offer and Listing Details.
1, 2, 3, 5, 6, 7 Not required because this Form 20-F is filed as an
annual report.
4.
Please see page 126 of the attached UBS Handbook 2001/2002.
B—Plan of Distribution
Not required because this Form 20-F is filed as an annual report.
C—Markets.
UBS's shares are traded on the virt-x, the New York Stock Exchange
and the Tokyo Stock Exchange. The symbols are shown on page 123 of the
attached UBS Handbook 2001/2002.
Trading on virt-x
Since July 2001, Swiss blue chip stocks have no longer been traded
on the SWX Swiss Exchange. All trading in the shares of members of the
Swiss Market Index (SMI) now takes place on virt-x, although these stocks
remain listed on the SWX Swiss Exchange.
virt-x, the new name for Tradepoint, is a collaboration between the
TP Group LDC and the SWX Swiss Exchange to provide the first platform on
which all European blue chips can be traded electronically and which
offers integrated clearing and settlement. virt-x is a Recognized
Investment Exchange supervised by the Financial Services Authority in the
United Kingdom. It is delivered on the modern, scalable SWX trading
platform.
9
Table of Contents
PART I
(continued)
All the constituents of the SMI are traded on virt-x. Altogether,
approximately 600 blue chips representing around 80% of European market
capitalization are traded on virt-x, in the currency of their home
market.
virt-x is available for trading on all TARGET days, as specified by
the European Central Bank. The opening hours are 06:00 to 22:00 CET and
the trading hours are 09:00 to 17:30 CET. During the pre-opening phase
from 17:30 to 22:00 CET on the previous business day and from 06:00 to
09:00 CET on the current business day, orders can be entered or deleted.
From 09:00 CET, once the opening price is set, trading begins. Orders are
executed automatically according to established rules that match bid and
asked prices. Regardless of their size or origin, incoming orders are
executed on a price/time priority, i.e., in the order of price (first
priority) and time received (second priority). Depending on the type of
transaction, the order and trade details are also transmitted to data
vendors (Reuters, Bloomberg, Telekurs, etc.).
In most cases, each trade triggers an automatic settlement
instruction which is routed through to the Swiss national central
securities depository SIS SEGAINTERSETTLE AG, the UK national central
securities depository CRESTCo or Euroclear.
All trades executed through the order book settle on a uniform "T+3"
basis, meaning that delivery and payment of exchange transactions occur
three days after the trade date. The buyer is able to ask virt-x to
enforce settlement if the seller has not delivered within two days of the
intended settlement date.
Any transaction executed under the rules of virt-x must be reported
to virt-x. Order book executions are automatically reported by the
trading system. There are separate provisions for the delayed reporting
of certain qualifying trades. Individual elements of Portfolio trades
must be reported within one hour while block trades and enlarged risk
trades must be reported when the business is substantially (80%)
complete, or by the end of order book trading that day, unless the trade
is agreed one hour or less before the market close, when the Trade must
be reported by the end of order book trading on the following market day.
Block trades and enlarged risk trades are subject to minimum trade size
criteria. During normal trading hours all other transactions must be
reported within three minutes. The enlarged risk trades provisions enable
a member to protect a client's interest while the member works a large
trade on behalf of the client. The block trade provisions allow a member
a publication delay when the member has executed a large transaction for
a client; the delay gives the member time in which to offset the risk of
the large trade.
In the event of extraordinary situations such as large price
fluctuations and other situations likely to hamper fair and orderly
trading, virt-x may take whatever measures it deems necessary to maintain
fair and orderly markets. A listed security may be suspended, the opening
of trading in that security may be delayed or continuous trading may be
interrupted.
Trading on the New York Stock Exchange
UBS listed its shares on the New York Stock Exchange ("NYSE") on 16
May 2000.
As of 31 December 2001, the equity securities of more than 2,797
corporations were listed on the NYSE.
The NYSE is open Monday through Friday, 9:30 A.M.-4:00 P.M., eastern
time.
The NYSE is an agency auction market. Trading at the NYSE takes
place by open bids and offers by Exchange members, acting as agents for
institutions or individual investors. Buy and sell orders meet directly
on the trading floor, and prices are determined by the interplay of
supply and demand. In contrast, in the US over-the-counter market, the
price is determined by a dealer who buys and sells out of inventory.
At the NYSE, each listed stock is assigned to a single post where
the specialist manages the auction process. NYSE members bring all orders
for NYSE-listed stocks to the Exchange floor either electronically or
through a floor broker. As a result, the flow of buy and sell orders for
each stock is funneled to a single location.
10
Table of Contents
PART I
(continued)
This heavy stream of diverse orders is one of the great strengths of
the Exchange. It provides liquidity—the ease with which securities can
be bought and sold without wide price fluctuations.
When an investor's transaction is completed, the best price will
have been exposed to a wide range of potential buyers and sellers.
Every transaction made at the NYSE is under continuous surveillance
during the trading day. Stock Watch, a computer system that searches for
unusual trading patterns, alerts NYSE regulatory personnel to possible
insider trading abuses or other prohibited trading practices. The
Exchange's other regulatory activities include the supervision of member
firms to enforce compliance with financial and operational requirements,
periodic checks on broker's sales practices, and the continuous
monitoring of specialist operations.
Trading on the Tokyo Stock Exchange
Volumes of UBS shares traded on the Tokyo Stock Exchange are
negligible in comparison to the volumes on virt-x or on the NYSE.
D—Selling Shareholders.
Not required because this Form 20-F is filed as an annual report.
E—Dilution.
Not required because this Form 20-F is filed as an annual report.
F—Expenses of the Issue.
Not required because this Form 20-F is filed as an annual report.
Item 10. Additional Information.
A—Share Capital.
Not required because this Form 20-F is filed as an annual report.
B—Memorandum and Articles of Association.
Please see:
a) Item 14 of our registration statement on Form 20-F filed 9 May
2000
b) The "Global Registered Share" chapter on pages 122 to 123 of the
attached Handbook 2001/2002 which provides details of recent changes
relating to the par value of the UBS share.
c) Pages 7 and 122 of the attached Handbook 2001/2002 which provide
details of our new transfer agent in the US, Mellon Investor Services.
C—Material Contracts.
None.
D—Exchange Controls.
There are no restrictions under UBS's Articles of Association or
Swiss law, presently in force, that limit the right of non-resident or
foreign owners to hold UBS's securities freely or to vote UBS's
securities freely in matters put to a vote of UBS security holders
generally. There are currently no Swiss foreign exchange controls or
other Swiss laws restricting the import or export of capital by UBS or
its subsidiaries. In addition, there are currently no restrictions under
Swiss law affecting the remittance of dividends, interest or other
payments to non-resident holders of UBS securities.
11
Table of Contents
PART I
(continued)
E—Taxation.
This section outlines the material Swiss tax and United States
federal income tax consequences of the ownership of UBS ordinary shares
by a US holder (as defined below) who holds UBS ordinary shares as
capital assets. It is designed to explain the major interactions between
Swiss and US taxation for US persons who hold UBS shares.
The discussion does not address the tax consequences to persons who
hold UBS ordinary shares in particular circumstances, such as tax-exempt
entities, banks, financial institutions, insurance companies,
broker-dealers, traders in securities that elect to mark to market,
holders liable for alternative minimum tax, holders that actually or
constructively own 10% or more of the voting stock of UBS, holders that
hold UBS ordinary shares as part of a straddle or a hedging or conversion
transaction or holders whose functional currency for US tax purposes is
not the US dollar. This discussion also does not apply to holders who
acquired their UBS ordinary shares pursuant to the exercise of employee
stock options or otherwise as compensation or through a tax-qualified
retirement plan.
The discussion is based on the tax laws of Switzerland and the
United States, including the US Internal Revenue Code of 1986, as
amended, its legislative history, existing and proposed regulations under
the Internal Revenue Code, published rulings and court decisions, as in
effect on the date of this document, as well as the convention between
the United States of America and Switzerland, which we call the "Treaty,"
all of which may be subject to change or change in interpretation,
possibly with retroactive effect.
For purposes of this discussion, a "US holder" is any beneficial
owner of UBS ordinary shares that is:
•
a citizen or resident of the United States,
•
a corporation or other entity taxable as a corporation
organized under the laws of the United States or any political
subdivision of the United States,
•
an estate the income of which is subject to United States
federal income tax without regard to its source, or
•
a trust if a court within the United States is able to
exercise primary supervision over the administration of the trust
and one or more United States persons have the authority to control
all substantial decisions of the trust.
The discussion does not generally address any aspects of
Swiss taxation other than income and capital taxation or of United States
taxation other than federal income taxation. Holders of UBS shares are
urged to consult their tax advisors regarding the United States federal,
state and local and the Swiss and other tax consequences of owning and
disposing of these shares.
Ownership of UBS Ordinary Shares—Swiss Taxation
Dividends and Distributions
Dividends paid by UBS to a holder of UBS ordinary shares (including
dividends on liquidation proceeds and stock dividends) are subject to a
Swiss federal withholding tax at a rate of 35%. The withholding tax must
be withheld from the gross distribution, and be paid to the Swiss Federal
Tax Administration.
12
Table of Contents
PART I
(continued)
A US holder that qualifies for Treaty benefits may apply for a
refund of the withholding tax withheld in excess of the 15% Treaty rate.
The claim for refund must be filed with the Swiss Federal Tax
Administration, Eigerstrasse 65, CH-3003 Berne, Switzerland. The form
used for obtaining a refund is Swiss Tax Form 82 (82C for companies; 82E
for other entities; 82I for individuals), which may be obtained from any
Swiss Consulate General in the United States or from the Swiss Federal
Tax Administration at the address above. The form must be filled out in
triplicate with each copy duly completed and signed before a notary
public in the United States. The form must be accompanied by evidence of
the deduction of withholding tax withheld at the source.
Repayment of capital in the form of a par value reduction is not
subject to Swiss withholding tax.
Transfers of UBS Ordinary Shares
The sale of UBS ordinary shares, whether by Swiss resident or
non-resident holders (including US holders), may be subject to a Swiss
securities transfer stamp duty of up to 0.15% calculated on the sale
proceeds if it occurs through or with a bank or other securities dealer
in Switzerland as defined in the Swiss Federal Stamp Tax Act. In addition
to the stamp duty, the sale of UBS ordinary shares by or through a member
of a recognized stock exchange may be subject to a stock exchange levy.
Capital gains realized by a US holder upon the sale of UBS ordinary
shares are not subject to Swiss income or gains taxes, unless such US
holder holds such shares as business assets of a Swiss business operation
qualifying as a permanent establishment for the purposes of the Treaty.
In the latter case, gains are taxed at ordinary Swiss individual or
corporate income tax rates, as the case may be, and losses are deductible
for purposes of Swiss income taxes.
Ownership of UBS Ordinary Shares—United States Federal Income Taxation
Dividends and Distribution
Subject to the passive foreign investment company rules discussed
below, US holders will include in gross income the gross amount of any
dividend paid, before reduction for Swiss withholding taxes, by UBS out
of its current or accumulated earnings and profits, as determined for
United States federal income tax purposes, as ordinary income when the
dividend is actually or constructively received by the US holder.
For United States federal income tax purposes, a dividend will
include a distribution characterized as a repayment of capital in the
form of a par value reduction, if the distribution is made out of current
or accumulated earnings and profits, as described above.
Dividends will be income from sources outside the United States for
foreign tax credit limitation purposes, but generally will be "passive
income" or "financial services income," which are treated separately from
other types of income for foreign tax credit limitation purposes. The
dividend will not be eligible for the dividends-received deduction
generally allowed to United States corporations in respect of dividends
received from other United States corporations. The amount of the
dividend distribution included in income of a US holder will be the US
dollar value of the Swiss franc payments made, determined at the spot
Swiss franc/US dollar rate on the date such dividend distribution is
included in the income of the US holder, regardless of whether the
payment is in fact converted into US dollars. Generally, any gain or loss
resulting from currency exchange fluctuations during the period from the
date the dividend distribution is included in income to the date such
dividend distribution is converted into US dollars will be treated as
ordinary income or loss. Such gain or loss will generally be income or
loss from sources within the United States for foreign tax credit
limitation purposes. Distributions in excess of current and accumulated
earnings and profits, as determined for United States federal income tax
purposes, will be treated as a return of capital to the extent of the US
holder's basis in its UBS ordinary shares and thereafter as capital gain.
13
Table of Contents
PART I
(continued)
Subject to certain limitations, the Swiss tax withheld in accordance
with the Treaty and paid over to Switzerland will be creditable against
the US holder's United States federal income tax liability. To the extent
a refund of the tax withheld is available to a US holder under the laws
of Switzerland or under the Treaty, the amount of tax withheld that is
refundable will not be eligible for credit against the US holder's United
States federal income tax liability, whether or not the refund is
actually obtained.
Stock dividends to US holders that are made as part of a pro rata
distribution to all shareholders of UBS generally will not be subject to
United States federal income tax. US holders that received a stock
dividend that is subject to Swiss tax but not US tax, may not have enough
foreign income for US tax purposes to receive the benefit of the foreign
tax credit associated with that tax, unless the holder has foreign income
from other sources.
Transfers of UBS Ordinary Shares
Subject to the passive foreign investment company rules discussed
below, a US holder that sells or otherwise disposes of UBS ordinary
shares generally will recognize capital gain or loss for United States
federal income tax purposes equal to the difference between the US dollar
value of the amount realized and the tax basis, determined in US dollars,
in the UBS ordinary shares. Capital gain of a non-corporate US holder is
generally taxed at a maximum rate of 20% if the UBS ordinary shares were
held for more than one year. The gain or loss will generally be income or
loss from sources within the United States for foreign tax credit
limitation purposes.
Passive Foreign Investment Company Rules
UBS believes that UBS ordinary shares should not be treated as stock
of a passive foreign investment company for United States federal income
tax purposes, but this conclusion is a factual determination made
annually and thus may be subject to change. In general, UBS will be a
passive foreign investment company with respect to a US holder if, for
any taxable year in which the US holder held UBS ordinary shares, either
at least 75% of the gross income of UBS for the taxable year is passive
income or at least 50% of the value, determined on the basis of a
quarterly average, of UBS's assets is attributable to assets that produce
or are held for the production of passive income. If UBS were to be
treated as a passive foreign investment company, then unless a US holder
makes a mark-to-market election, gain realized on the sale or other
disposition of UBS ordinary shares would in general not be treated as
capital gain. Instead, a US holder would be treated as if the holder had
realized such gain and certain "excess distributions" ratably over the
holder's holding period for the shares and would be taxed at the highest
tax rate in effect for each such year to which the gain was allocated,
together with an interest charge in respect of the tax attributable to
each such year.
F—Dividends and Paying Agents.
Not required because this Form 20-F is filed as an annual report.
G—Statement by Experts.
Not required because this Form 20-F is filed as an annual report.
H—Documents on Display.
UBS files periodic reports and other information with the Securities
and Exchange Commission. You may read and copy any document that UBS
files with the SEC at the SEC's public reference room at 450 Fifth
Street, N.W., Washington, D.C. 20549. Please call the SEC at
1-800-SEC-0330 for further information on the operation of its public
reference room. You may also inspect UBS's SEC reports and other
information at the New York Stock Exchange, Inc., 20 Broad Street, New
York, New York 10005 and the American Stock Exchange LLC, 86 Trinity
Place, New York, NY 10006. Some of this information may also be found on
the UBS website at www.ubs.com/investors.
14
Table of Contents
PART I
(continued)
I—Subsidiary Information.
Not applicable.
Item 11. Quantitative and Qualitative Disclosures About Market Risk.
A—Quantitative Information About Market Risk.
Please see the
Market Risk
section on pages 72 to 76 of the attached
UBS Handbook 2001/2002.
B—Qualitative Information About Market Risk.
Please see the
Market Risk
section on pages 72 to 76 of the attached
UBS Handbook 2001/2002.
C—Interim Periods.
Not applicable.
D—Safe Harbor.
The safe harbor provided in Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934 ("statutory
safe harbors") applies to information provided pursuant to paragraphs
(a), (b) and (c) of this Item 11.
E—Small Business Issuers.
Not applicable.
Item 12. Description of Securities Other than Equity Securities.
Not required because this Form 20-F is filed as an annual report.
15
Table of Contents
PART II
Item 13. Defaults, Dividend Arrearages and Delinquencies.
There has been no material default in respect of any indebtedness of
UBS AG or any of its significant subsidiaries or any arrearages of
dividends or any other material delinquency not cured within 30 days
relating to any preferred stock of UBS AG or any of its significant
subsidiaries.
Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds.
Not applicable.
Item 15. [Reserved].
Item 16. [Reserved].
16
Table of Contents
PART III
Item 17. Financial Statements.
Not applicable.
Item 18. Financial Statements.
The Financial Statements included on pages 75 to 169 in the attached
Financial Report 2001 are incorporated by reference herein.
Item 19. Exhibits.
Exhibit
Number
Description
1.1.
Articles of Association of UBS AG.
1.2.
Organization Regulations of UBS AG.
2(b)
Instruments defining the rights of the holders of
long-term debt issued by UBS AG and its subsidiaries.
We agree to furnish to the SEC upon request, copies of the
instruments, including indentures, defining the rights of the
holders of our long-term debt and of our subsidiaries'
long-term debt.
7.
Statement regarding ratio of earnings to fixed charges.
8.
Significant Subsidiaries of UBS AG.
Please see Note 36 on pages 147 to 150 of the attached
Financial Report 2001.
10.
Consent of Ernst & Young Ltd.
17
Table of Contents
Signatures
The registrant hereby certifies that it meets all of the requirements for
filing on Form 20-F and that it has duly caused and authorized the undersigned
to sign this annual report on its behalf.
UBS AG
/s/ Peter Wuffli
Name:
Peter Wuffli
Title:
President of the Group Executive Board
/s/ Hugo Schaub
Name:
Hugo Schaub
Title:
Group Controller and
Member of the Group Managing Board
Date: March 14, 2002
18
Table of Contents
HANDBOOK 2001/2002
Table of Contents
Table of Contents
Contents
Profile
Introduction
1
UBS Group
          Financial Highlights
2
UBS Group
3
Our Business
          Groups
4
Sources
          of Information about UBS
5
The
          UBS Group
9
Strategy,
          Structure and History
10
The
          Business Groups
17
UBS Switzerland
18
UBS Asset
          Management
34
UBS Warburg
38
Corporate
          Center
52
Capital
          and Risk Management
55
Risk Management
          and Control
56
Risk Analysis
61
Group
          Treasury
77
Corporate
          Governance
87
Corporate
          Organization
88
Directors
          and Officers of UBS
94
Financial
          Disclosure Principles
99
Value-based
          Management
102
Regulation
          and Supervision
106
Corporate
          Responsibility
111
UBS
          Share Information
121
The Global
          Registered Share
122
UBS Shares
          2001
124
Introduction
This is the second annual edition of the UBS Group Handbook.
The Handbook describes the UBS Group: its strategy and organization, and the
businesses it operates. It outlines the principles by which the Group manages
risk, and reports on developments during 2001 in the areas of credit risk,
market risk, and treasury management. It also contains a description of the
Group's environmental policies.
The Handbook describes the value-based management processes that are being
implemented at UBS. It contains an extensive discussion of the Group's
corporate governance arrangements and its relationships with regulators and
shareholders, along with detailed facts about the UBS ordinary share.
The Handbook should be read in conjunction with the other information published
by UBS, described on page 5.
We hope that you will find the information in our reporting documents useful
and informative. We believe that UBS is among the leaders in corporate
disclosure, but we would be very interested to hear your views on how we might
improve the content and presentation of our information portfolio.
Mark Branson
Head of Group Communications
UBS AG
1
Table of Contents
Profile
UBS Group Financial Highlights
1
Operating expenses / operating income before credit loss expense.
2
Excludes the amortization of goodwill and other intangible assets.
3
For EPS calculation, see Note 9 to the Financial Statements.
4
Net profit / average shareholders' equity excluding dividends.
5
Includes hybrid tier 1 capital, please refer to Note 30e in the Notes to the Financial Statements.
6
Calculated using the former definition of assets under management.
7
The Group headcount does not include the Klinik Hirslanden AG headcount
of 2,450, 1,839 and 1,853 for 31 December 2001, 31 December 2000 and 31
December 1999, respectively.
8
See the Capital strength section on pages 10-11.
9
Details of significant financial events can be found in the Financial
Report 2001.
All earnings per share figures have been restated for the 3 for 1 share split
which took place on 16 July 2001. Except where otherwise stated, all 31
December 2001 and 31 December 2000 figures throughout this report include the
impact of the acquisition of PaineWebber, which occurred on 3 November 2000.
All invested assets figures for 31 December 2000 have been restated to reflect
the new definition.
CHF million, except where indicated
% change from
For the year ended
31.12.01
31.12.00
31.12.99
31.12.00
Income statement key figures
Operating income
37,114
36,402
28,425
2
Operating expenses
30,396
26,203
20,532
16
Operating profit before tax
6,718
10,199
7,893
(34
)
Net profit
4,973
7,792
6,153
(36
)
Cost / income ratio (%)
1
80.8
72.2
69.9
Cost / income ratio before goodwill (%)
1, 2
77.3
70.4
68.7
Per share data (CHF)
Basic earnings per share
3
3.93
6.44
5.07
(39
)
Basic earnings per share before goodwill
2, 3
4.97
7.00
5.35
(29
)
Diluted earnings per share
3
3.78
6.35
5.02
(40
)
Diluted earnings per share before goodwill
2, 3
4.81
6.89
5.30
(30
)
Return on shareholders' equity (%)
Return on shareholders' equity
4
11.7
21.5
22.4
Return on shareholders' equity before goodwill
2, 4
14.8
23.4
23.6
CHF million, except where indicated
% change from
As at
31.12.01
31.12.00
31.12.99
31.12.00
Balance sheet key figures
Total assets
1,253,297
1,087,552
896,556
15
Shareholders' equity
43,530
44,833
30,608
(3
)
Market capitalization
105,475
112,666
92,642
(6
)
BIS capital ratios
Tier 1 (%)
5
11.6
11.7
10.6
(1
)
Total BIS (%)
14.8
15.7
14.5
(6
)
Risk-weighted assets
253,735
273,290
273,107
(7
)
Invested assets (CHF billion)
2,457
2,452
1,744
6
0
Headcount (full time equivalents)
7
69,985
71,076
49,058
(2
)
Long-term ratings
8
AAA
AAA
AAA
Fitch, London
Aa2
Aa1
Aa1
Moody's, New York
AA+
AA+
AA+
Standard & Poor's, New York
Earnings adjusted for significant financial events and pre-goodwill
2, 9
CHF million, except where indicated
% change from
For the year ended
31.12.01
31.12.00
31.12.99
31.12.00
Operating
          income
37,114
36,402
26,587
2
Operating
          expenses
29,073
25,096
20,194
16
Operating
          profit before tax
8,041
11,306
6,393
(29
)
Net profit
6,296
8,799
5,005
(28
)
Cost /
          income ratio (%)
1
77.3
69.2
73.3
Basic
          earnings per share (CHF)
3
4.97
7.28
4.12
(32
)
Diluted
          earnings per share (CHF)
3
4.81
7.17
4.09
(33
)
Return
          on shareholders' equity (%)
4
14.8
24.3
18.2
2
Table of Contents
UBS Group
UBS is one of the world's leading financial firms, serving a discerning global
client base. As an organization, we combine financial strength with a
reputation for innovation and a global culture which embraces change. Our
vision is to be the pre-eminent global integrated investment services firm and
the leading bank in Switzerland. We are the world's leading provider of private
banking services and one of the largest asset managers globally. In the
investment banking and securities businesses we are among the select bracket of
major global houses. In Switzerland, we are the clear market leader in
corporate and retail banking. As an integrated group, not merely a holding
company, we create added value for our clients by drawing on the combined
resources and expertise of all our businesses.
Our client philosophy puts advice at the heart of relationships. Our priority
is to provide premium-quality services to our clients, giving them the best
possible choice by supplementing best-in-class products we develop ourselves
with a quality-screened selection of products from others.
With head offices in Zurich and Basel, we operate in over 50 countries and from
all major international financial centers. Our global physical presence is
complemented by leading edge on-line services. All our clients can benefit from
our technology — it complements our advisory services and allows us to deliver
our services faster, more widely and more cost-effectively than ever before.
3
Table of Contents
Profile
Our Business Groups
All our Business Groups are in the top echelons of their sectors globally and
are committed to vigorously growing their franchises.
UBS Switzerland
UBS Switzerland includes the world's leading private banking business, with CHF
682 billion of invested assets at 31 December 2001. UBS Private Banking
provides a comprehensive range of products and services individually tailored
for wealthy clients, through offices around the world. UBS Switzerland also
provides a complete set of banking and securities services for some four
million individual and corporate clients in Switzerland. Its CHF 182 billion of
outstanding loans at 31 December 2001 give it around a quarter of the Swiss lending market.
UBS Asset Management
UBS Asset Management is a leading institutional asset manager and mutual fund
provider, with invested assets of CHF 672 billion at 31 December 2001, offering
a broad range of asset management services and products for institutional and
individual clients across the world.
UBS Warburg
UBS Warburg operates globally as a client-driven securities, investment banking
and wealth management firm. UBS Warburg provides innovative products,
top-quality research and advice, and comprehensive access to the world's
capital markets, for both its own corporate and institutional clients and for
the other parts of the UBS Group. UBS PaineWebber, one of the top US wealth
managers, became part of UBS Warburg in November 2000. Its distribution network
of 8,870 financial advisors manages over CHF 782 billion of invested assets at
31 December 2001. On 1 January 2002, UBS PaineWebber was separated from UBS
Warburg to form a new Business Group within UBS.
Corporate Center
Our portfolio of businesses is planned and managed for the long-term
maximization of shareholder value. The role of the Corporate Center is to
ensure that the Business Groups operate as a coherent and effective whole, in
alignment with UBS's overall corporate goals.
4
Table of Contents
Sources of information about UBS
This Handbook contains a detailed description of UBS, its strategy, its
organization and the businesses that make it up. You can find out more about
UBS from the sources shown below.
Publications
This Handbook is available in English and German. (SAP-R/3 80532-0201)
Annual Review 2001
Our Annual Review contains a short description of UBS, and a summary review of
our performance in the year 2001. It is available in English, German, French,
Italian and Spanish. (SAP-R/3 80530-0201).
Financial Report 2001
Our Financial Report contains our audited Financial Statements for the year
2001 and accompanying detailed analysis. It is available in English and German.
(SAP-R/3 80531-0201).
Quarterly reports
We provide detailed quarterly financial reporting and analysis, including
comment on the progress of our businesses and key strategic initiatives. These
are available in English.
How to order reports
Each of these reports is available on the internet at: www.ubs.com/investors,
in the "Financials" section. Alternatively, printed copies can be ordered,
quoting the SAP number and the language preference where applicable, from UBS
AG, Information Center, CA50-XMB, P.O. Box, CH-8098 Zurich, Switzerland.
E-information tools for investors
Website
Our Investors and Analysts website at www.ubs.com/investors offers a wide range
of information about UBS, including our financial reporting, media releases,
UBS share price graphs and data, corporate calendar and dividend information
and copies of recent presentations given by members of senior management to
investors at external conferences.
Our internet-based information is available
in English and German, with some sections also in French and Italian.
Messenger service
On the Investors and Analysts website, you can register to receive news alerts
about UBS via SMS or e-mail. Messages are sent in either English or German and
users are able to state their preferences for the theme of the alerts received,
e.g. SEC filings or webcast broadcasts.
Results presentations
Senior management presents UBS's quarterly results every quarter on publication
date. These presentations are broadcast live over the internet, and can be
downloaded on demand. The most recent results webcasts can also be found in the
"Financials" section of our Investors and Analysts website.
UBS and the Environment
This Handbook contains a summary of UBS environmental policies as part of the
Corporate Responsibility section. More detailed information is available at
www.ubs.com/environment.
Form 20-F and other submissions to the US Securities and Exchange Commission
We file periodic reports and other information about UBS with the US Securities
and Exchange Commission (SEC). Principal among these filings is the Form 20-F,
our Annual Report filed pursuant to the US Securities Exchange Act of 1934.
5
Table of Contents
Profile
Our Form 20-F filing is structured as a "wrap-around" document. Most
sections of the filing are satisfied by referring to part of this Handbook or
to part of the Financial Report 2001. However, there is a small amount of
additional information in the Form 20-F which is not presented elsewhere, and
is particularly targeted at readers from the US. You are encouraged to refer to
this additional disclosure.
You may read and copy any document that we file
with the SEC on the SEC's website, www.sec.gov, or at the SEC's public
reference room at 450 Fifth Street NW, Washington, D.C.
20549. Please call the SEC at 1-800-SEC-0330 (in the US) for further
information on the operation of its public reference room. You may also inspect
our SEC reports and other information at the New York Stock Exchange, Inc., 20
Broad Street, New York, NY 10005 and the American Stock Exchange LLC, 86
Trinity Place, New York, NY 10006. Much of this additional information may also
be found on the UBS website at www.ubs.com/investors, and copies of documents
filed with the SEC may be obtained from UBS's Investor Relations team, at the
addresses shown on the next page.
Corporate information
The legal and commercial name of the company is UBS AG. The company was formed
on 29 June 1998, when Union Bank of Switzerland (founded 1862) and Swiss Bank
Corporation (founded 1872) merged to form UBS.
UBS AG is incorporated and domiciled in Switzerland and operates under
Swiss Company Law and Swiss Federal Banking Law as an Aktiengesellschaft, a
corporation that has issued shares of common stock to investors.
The address
and telephone number of our two registered offices and principal places of
business are:
Bahnhofstrasse 45, CH-8098 Zurich, Switzerland, telephone
+41-1-234 11 11;
and Aeschenvorstadt 1, CH-4051 Basel, Switzerland, telephone
+41-61-288 20 20.
UBS AG shares are listed on the SWX Swiss Exchange and traded through
virt-x (a joint venture between Tradepoint and the SWX Swiss Exchange). They
are also listed on the New York Stock Exchange and on the Tokyo Stock Exchange.
6
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UBS
        Investor Relations
Our Investor Relations team supports institutional, professional and retail
        investors from offices in Zurich and New York.
E-mail: sh-investorrelations@ubs.com
Web: www.ubs.com/investors
Zurich
New York
Hotline Zurich:
+41 1 234 4100
Hotline New York:
+1 212 713 3641
Christian Gruetter
+41 1 234 4360
Richard Feder
+1 212 713 6142
Mark Hengel
+41 1 234 8439
Christopher McNamee
+1 212 713 3091
Charles Gorman
+41 1 234 2733
Catherine Lybrook
+41 1 234 2281
Fax
+41 1 234 3415
Fax
+1 212 713 1381
UBS AG
UBS Americas Inc.
Investor Relations G41B
Investor Relations
P.O. Box
1285 Avenue of the Americas, 14th Floor
CH-8098 Zurich, Switzerland
New York, NY 10019, USA
UBS Group Media Relations
Telephone
Fax
E-mail
Zurich
+41 1 234 8500
+41 1234 8561
sh-gpr@ubs.com
London
+44 20 7567 4714
+44 20 7568 0955
sh-mr-london@ubsw.com
New York
+1 212 713 83 91
+1 212 713 98 18
mediarelations-ny@ubsw.com
Tokyo
+81 3 52 08 62 75
+81 3 52 08 69 51
sh-comms-mktg-tokyo@ubs.com
Other useful contacts
Switchboards
Telephone
For all general queries.
Zurich
+41 1 234 1111
London
+44 20 7568 0000
New York
+1 212 821 3000
Tokyo
+81 3 5293 3000
UBS Shareholder Services
UBS Shareholder Services, a unit of the Company
        Secretary, is responsible for the registration of the Global Registered
        Shares. It is split into two parts — a Swiss register, which is maintained
        by UBS acting as Swiss transfer agent, and a US register, which is maintained
        by Mellon Investor Service as
US transfer agent (see below).
Telephone
Fax
E-mail
Zurich
+41 1 235 6202
+41 1 235 3154
sh-shareholder-service@ubs.com
UBS AG
Shareholder Services
P.O. Box
CH-8098 Zurich, Switzerland
US Transfer Agent
For all Global Registered Share related queries in the
USA.
Mellon Investor Services
Telephone: +1 866 541 9689
Overpeck Center
Fax: +1 201 296 4801
85 Challenger Road
Web: http:// www.melloninvestor.com
Ridgefield Park, NJ 07660, USA
UBS listed its
        Global Registered Shares on the New York Stock Exchange on 16 May 2000.
        Prior to
that date UBS operated an ADR program. See the Frequently Asked
        Questions (FAQs) section at www.ubs.com/investors for further details
        about the UBS share.
7
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8
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9
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The UBS Group
Strategy, Structure and History
Strategy, Structure and History
Our vision is to be the pre-eminent global integrated investment services firm
and the leading bank in Switzerland. We are the world's leading provider of
private banking services and one of the largest asset managers globally. In the
investment banking and securities businesses, we are among the select bracket
of major global houses. In Switzerland, we are the clear market leader in
corporate and retail banking. As an integrated group, not merely a holding
company, we create added value for our clients by drawing on the combined
resources and expertise of all our businesses.
Being dedicated to total value management means creating value for all
stakeholders.
We will only succeed by providing our
clients
with innovative and
high-quality service coupled with long-term personal relationships. Client
focus is the main driver of all our activities.
We seek to create value for our
shareholders
through sustainable growth of
our business within appropriate risk parameters.
We are committed to succeed in
the fierce competition for talent. The expertise and integrity of
our
staff
create value for our clients and for the Group as a whole. We seek to be a
highly attractive firm for our employees.
UBS's reputation is one of our most valuable assets. We aim to adhere to
the highest ethical standards, and to manage our risks with the greatest care.
We are committed to the
communities
we are part of and to complying fully with
the letter and spirit of the laws, rules and practices that govern UBS and its
staff.
Strategy
UBS's strategy is to deliver top-quality investment products and advice to a
premier client base across all client segments: individual, institutional and
corporate. UBS aims to bring its content excellence to an ever wider client
base, adding distribution organically, through acquisition and through
strategic partnership.
Choice is central to enhancing UBS's client offerings. We aim to increase
product choice by augmenting our in-house range with a quality-screened
selection of third-party products.
We believe that in the future, our clients will be global in outlook:
either with global presence or global investments. All our businesses must
compete on a global scale.
We are committed to attaining scale and scope in all our key businesses:
this is both desirable and necessary to enable us to deliver the full spectrum
of services at maximum efficiency, though we will rarely use price as a
first-line competitive weapon.
Our client philosophy is advice-led, with
intimacy stemming from the quality of our relationship managers. UBS's
businesses offer convenient access through multiple conventional and online
channels, but put advice at the heart of relationships.
We are committed to
being part of the technological elite, but we see e-commerce not as a business
per se, nor as a discipline in its own right, but as integral to all our
businesses. We aim to use technology to extend our reach to clients and markets
we could not previously have accessed, to perfect clients' experience of UBS,
to increase the number of products and services they buy, and to minimize the
production cost of our services.
UBS has a strong and well-managed capital structure. We are committed to
rigorous balance sheet management and the optimization of UBS's capital
structure. We use the full range of capital management tools to apply any
excess capital generated in the best interests of UBS's shareholders, or to
return it to them.
Financial targets
We focus on four key performance targets, designed to ensure that UBS delivers
continually improving returns to its shareholders. The Group's performance
against these targets is reported each quarter.
–
We seek to increase the value of UBS by achieving a sustainable,
after-tax return on equity of 15-20%, across periods of varying market
conditions.
–
We aim to increase shareholder value through double-digit average annual
percentage growth of basic earnings per share (EPS), across periods of
varying market conditions.
–
Through cost reduction and earnings enhancement initiatives we aim to
reduce UBS's cost / income ratio to a level that compares positively with
best-in-class competitors.
–
We aim to achieve a clear growth trend in net new money in the private
client businesses.
The first three targets are all reported pre-goodwill amortization, and
adjusted for significant financial events (for an explanation of significant
financial events see Financial Disclosure Principles on pages 99 to
101).
We seek to achieve an appropriate market price for UBS's shares by
communicating transparently, openly and consistently with investors and the
financial markets.
10
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Capital strength
UBS's financial stability stems from the fact that it is one of the most well
capitalized banks in the world. We believe that this financial strength is a
key part of the value proposition offered to both clients and investors.
In May
2001, Moody's downgraded UBS's long-term credit rating from Aa1 to Aa2,
attributing the change to concerns about "the ongoing challenges UBS faces in
gradually shifting the center of its global private banking activities to
onshore client segments".
At the same time, Moody's commented that the new
long-term ratings continue to reflect UBS's position as one of the world's
stronger and financially sounder banking groups and pointed to UBS's "good
profitability, low and balanced risk profile, and its ample economic
capitalization", adding that it expects UBS to preserve these healthy
fundamentals.
In early August 2001, Standard & Poor's reaffirmed its AA+ rating
for UBS's long-term debt, citing UBS's strong market positions and franchises
across a wide range of private banking and international securities activities,
which provide a high degree of business and geographic diversification.
Standard & Poor's commented
that "the ratings also reflect solid profitability and strong capitalization,
the combination of which still sets a standard for international banks
generally".
In December 2001, Fitch reaffirmed its AAA long-term rating of UBS, but
changed the outlook for the rating to negative, reflecting "the weaker
operating environment for investment banking".
UBS's ratings remain among the
best of any major globally active financial institution. Well-capitalized, with
strong and balanced cash-flow generation, and a cautious risk profile, UBS is
one of the soundest financial institutions worldwide.
UBS's long-term credit ratings are shown in the table below. Each of these
ratings reflects only the view of the applicable rating agency at the time the
rating was issued, and any explanation of the significance of a rating may be
obtained only from the rating agency. There is no assurance that any credit
rating will remain in effect for any given period of time or that a rating will
not be lowered, suspended or withdrawn entirely by the rating agency, if in the
rating agency's judgment, circumstances so warrant.
Long-term credit ratings
As at
31.12.01
31.12.00
31.12.99
Fitch,
          London
AAA
AAA
AAA
Moody's,
          New York
Aa2
Aa1
Aa1
Standard
          & Poor's, New York
AA+
AA+
AA+
11
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The UBS Group
Strategy, Structure and History
Business and management structure
UBS pursues its strategies through four Business Groups, all of which are in
the top echelon of their businesses globally, and aims to further enhance the
competitive position of each one. However, UBS is not merely a
holding company — it operates an integrated client service model.
UBS's Business Groups
are managed together to optimize shareholder value — to make the whole worth more than the sum of the parts.
In practice this means that products from the wholesale-focused Business
Groups, UBS Warburg and UBS Asset Management, are distributed to their own
corporate and institutional clients and through the Business Groups focused on
individual clients, UBS Switzerland and UBS PaineWebber. This exchange benefits
both sides — UBS's individual clients get access to sophisticated products and
services; UBS's wholesale Business Groups have access to premier distribution;
and the Group captures the whole of the value chain.
Each Business Group is led by a member of the Group Executive Board or
Group Managing
Board who is individually responsible for the performance of the Business
Group.
UBS's Corporate Center complements the Business Groups, aiming to ensure
that the Business Groups operate as a coherent and effective whole, in
alignment with UBS's overall corporate goals.
UBS Switzerland — Stephan Haeringer
UBS Switzerland is made up of two business units. Its Private Banking business
unit offers comprehensive wealth management services for private clients from
across the world, who bank in Switzerland and other financial centers
worldwide.
Private Banking is the world's biggest private bank. Its strategy is
centered on the client advisor, combining strong personal relationships with a
full range of products and services specifically designed for the wealthy
client, complemented by leading-edge technology.
Within Switzerland, the
Private and Corporate Clients business unit provides a complete set of banking
and securities services for individual and corporate clients, focused foremost
on customer service excellence, profitability and growth via multi-channel
distribution.
UBS Asset Management — John Fraser
UBS Asset Management provides asset management services and products to a broad
range of institutional, individual and mutual fund clients across the world. It
offers a diverse range of investment management capabilities from the
traditional to the alternative, with a core focus on identifying and exploiting
the discrepancies
12
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between asset prices and their fundamental worth. UBS Asset Management also
provides investment fund products for the UBS Group and intends to increasingly
widen its reach through third parties to individual clients outside the UBS
Group.
UBS Asset Management is the twelfth largest institutional asset managers
in the world, the second largest investment fund manager in Europe and the
leading fund manager in Switzerland.
UBS Warburg — John Costas and Markus Granziol
UBS Warburg operates globally as a client-driven securities and investment
banking firm. For both its own corporate and institutional clients and for
other parts of the UBS Group, UBS Warburg provides product innovation,
top-quality research and advice, and complete access to the world's capital
markets.
In 2001, UBS PaineWebber was part of UBS Warburg, and was reported as
a business unit called Private Clients. This is the structure reflected in the
UBS Financial Report 2001 and in this Handbook. On 1 January 2002, UBS
PaineWebber was separated from UBS Warburg to form a new Business Group within
UBS, and will be reported separately with effect from our First Quarter 2002
Report.
UBS PaineWebber — Joseph J. Grano, Jr.
UBS PaineWebber, the fourth largest private client firm in the US, provides
advisory services and best-in-class products to a uniquely affluent US client
base.
Corporate Center — Peter Wuffli
The UBS Group's portfolio of businesses is planned and managed for the
long-term maximization of shareholder value. Risk and reward profiles are
carefully monitored and controlled. Strong capitalization and ratings will
remain key distinguishing characteristics of UBS. The Corporate Center aims to
ensure that the Business Groups operate as a coherent and effective whole with
a common set of values and principles.
Corporate Center is led by Peter Wuffli, President of the Group Executive
Board.
Board structure
In order to further the highest standards of corporate governance, UBS has a
dual board structure. UBS's Board of Directors, a majority of whom are
independent non-executive directors, has responsibility for the ultimate
direction of the Group and the supervision and control of executive management.
The Group Executive Board, which is UBS's most senior executive body, assumes
overall responsibility for the day-to-day management of the Group, for the
implementation of strategy and for the results of the business. Together with
the Chairman's Office it develops the Group's strategies for submission to the
Board.
Industry trends
UBS believes that it is particularly well positioned to gain from the
developing trends in global financial markets.
13
Table of Contents
The UBS Group
Strategy, Structure and History
The increasing reliance of individuals on equity investment, for their
personal savings and for their pension provision, will benefit firms that
manage assets or trade in capital market products.
Commoditization of wholesale products, with increased competition and
shrinking margins, is a fact of life, but one that is least harmful to
institutions like UBS with the scale, global reach and technology
infrastructure to support the volumes required to maintain profitability.
UBS believes markets will further deregulate and globalize, driving sharp
increases in cross-border investment, both corporate and institutional. These
changes present enormous opportunities for a firm like UBS with a global
presence and the expertise to capitalize on cross-border flows.
The biggest trend that will drive UBS's business in the coming years is
the anticipated expansion and concentration of private wealth. In the US,
wealthy households (those with USD 500,000 or more in net investable assets),
represented 65% of assets in 2001, according to UBS proprietary research data.
By 2005 they are expected to represent 68% of total household assets. The
compound annual growth rate of this segment from 2001 to 2005 amounts to 6.6%,
compared to 5.9% for total US household assets. While wealth is less
concentrated in Europe, wealthy households (in this case with more than EUR
500,000 of investable assets), are still expected to own 42% of total household
assets by 2005, up from 38% in 2001, with annual growth of 9.6% compared to
8.0% for total household assets.
The combination of this growth in wealth with the increasing shift towards
equity investments, will provide huge opportunities for the best, most global,
asset managers. Those securities firms with large institutional franchises will
experience significant growth servicing the expanding asset management
industry. And of course, the concentration and growth of wealth will bring with
it a huge demand for private
banking services,
providing a further opportunity for the current market leaders to grow their
market share.
All of UBS's businesses are positioned to benefit from this increase in
private wealth. UBS Asset Management is among the top five global asset
managers, with an increasingly diversified range of investment styles. UBS
Warburg has an extremely strong institutional client franchise. And the
combination of Private Banking and UBS PaineWebber gives UBS the largest and
most balanced share of the global wealth market.
Strategic developments in 2001
UBS Warburg continues to develop its corporate finance business, aiming to
bring its origination strength in line with its strength in research and
distribution. The addition of UBS PaineWebber has brought a step change to our
profile in the US, demonstrating our commitment to the US market and
strengthening our hiring platform. We have capitalized on this to make
significant new hires during the year, appointing a new head of US corporate
finance for UBS Warburg, and other senior bankers across different sectors in
the US and worldwide. Despite a very difficult year for corporate finance
globally, with significantly lower volumes, UBS has begun to see the results of
this initiative, with increased market share in both Europe and the US,
according to a leading industry survey.
The merger with PaineWebber has been a transforming partnership for UBS,
not just in the US, but across our private client businesses, through the
strengths that UBS PaineWebber can bring to our developing European wealth
management business. Applying the combined skills and expertise of Private
Banking and UBS PaineWebber, we have started to build a successful business in
the growing domestic wealth management markets of Europe. Since the start of
2001, we have added almost 250 new client advisors in our key European markets
of Germany, France, Italy, Spain and the UK, and projects to upgrade products,
training, marketing and technology are all on target.
14
Table of Contents
History and development of UBS
UBS was formed on 29 June 1998, by the merger of two of Switzerland's leading
banking groups, Union Bank of Switzerland and Swiss Bank Corporation.
Union Bank of Switzerland's history as a powerful force in banking began
in the 1860s with the founding of the Bank in Winterthur and the Toggenburger
Bank. In 1912, the merger of these two financial institutions resulted in the
creation of the Union Bank of Switzerland. Subsequently, Union Bank of
Switzerland developed primarily through internal growth, although it also made
certain significant acquisitions, such as the asset management firm Phillips &
Drew in 1985.
Swiss Bank Corporation celebrated its 125th anniversary in 1997. It was
incorporated in Basel in 1872 and its history can be traced back to the
creation of "Bankverein" from six private banking houses in 1854. Swiss Bank
Corporation's expansion involved significant acquisitions, including:
–
O'Connor & Associates, a group of affiliated firms specializing in the
trading of options and other derivative instruments, in 1992.
–
Brinson Partners, a leading institutional investment management firm, in
1995.
–
the investment banking and securities operations of S.G. Warburg Group, in
1995.
–
Dillon Read & Co. Inc., a United States-based investment bank, in 1997.
All
the entities that have joined UBS have, regardless of their size, had a
significant impact on our culture and ethos. O'Connor & Associates was a much
smaller firm, but brought an affinity for technology, which has remained with
UBS ever since, and a trading approach and risk management sophistication which
still remains core to our operations today. The most significant benefit was
the reverse cultural revolution O'Connor brought. This was quite deliberate; it
transformed the company and helped it move into the modern age in a dramatic
way. Later mergers reinforced this pattern of cultural change, with S.G.
Warburg bringing a deep and passionate client focus, and Brinson Partners
redefining the asset management process.
Merger with PaineWebber
On 3 November 2000, UBS transformed the scope and scale of its private client
business in the US, through the merger with PaineWebber, one of the leading US
wealth management firms.
The operational integration of PaineWebber's
businesses was completed swiftly and smoothly in early 2001, and capped by the
introduction of the new brand, UBS PaineWebber. We had not
planned to change the PaineWebber brand so soon after the merger, but it was
made possible by the extremely positive reception for the merger from
PaineWebber staff and the smooth progress of integration. The decision to
implement the new brand was supported by requests from UBS
PaineWebber financial advisors, who wanted a way to emphasize to their clients
the advantages in scope, scale and access to global resources brought by this
business's new place in the UBS Group.
At the same time, like previous merger
partners, UBS PaineWebber is already transforming UBS; not just through
increased US presence and distribution capacity, but through the proven
strengths in marketing, technology, product development and training that it is
bringing to all our private client businesses, leveraging its skills to help
drive UBS's European wealth management initiative.
This history of acquisition and openness to cultural diversity continues
to be a key strength of the UBS Group. We are conscious of the importance of
cultural change as a response to the growing challenges of the competitive
global environment. The diversity of knowledge and experience offered by new
acquisitions means that we can import into UBS better corporate cultures,
better ways of doing business and better insights.
15
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16
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17
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The Business Groups
UBS Switzerland
UBS Switzerland
UBS Switzerland is the world's largest private banking business and the leading bank in Switzerland.
Business Group Reporting adjusted for significant financial events
Private and
Corporate Clients
Private Banking
UBS Switzerland
CHF million
For the year ended
31.12.01
31.12.00
31.12.01
31.12.00
31.12.01
31.12.00
Income
7,161
7,443
6,314
6,928
13,475
14,371
Credit loss expense
(576
)
(759
)
(28
)
(26
)
(604
)
(785
)
Total operating income
6,585
6,684
6,286
6,902
12,871
13,586
Personnel expenses
2,988
3,187
1,776
1,956
4,764
5,143
General and administrative expenses
991
1,058
1,609
1,561
2,600
2,619
Depreciation
459
419
157
142
616
561
Amortization of goodwill and
other intangible assets
0
27
41
43
41
70
Total operating expenses
4,438
4,691
3,583
3,702
8,021
8,393
Business Group performance before tax
2,147
1,993
2,703
3,200
4,850
5,193
Cost / income ratio before goodwill (%)
62
63
56
53
59
58
Net new money (CHF billion)
8.5
0.4
22.5
2.8
Invested assets (CHF billion)
320
345
682
691
Heacount (Full time equivalents)
19,938
21,100
9,266
8,925
29,204
30,025
Organization structure
UBS Switzerland Business Group is made up of
two business units:
–
Private Banking, the world's leading provider
of wealth management services;
–
Private and Corporate Clients, Switzerland's
premier retail and commercial bank.
Shared expertise
Since the bringing together of Private Banking
and Private and Corporate Clients into UBS
Switzerland in February 2000, we have continued
to examine opportunities for synergies between
the two business units. We aim to concentrate
resources in centers of excellence, sharing common products, infrastructure and services.
Some of these areas, such as Risk and Financial
Control, are managed centrally by UBS Switzerland, while for others, such as the products and
services unit in Private Banking or the wide range
of operations, IT and middle office services provided in Private and Corporate Clients, a business
unit takes the lead. The aim is always to ensure
that functions are provided by those areas with the
best expertise, so that UBS Switzerland's domestic
and international clients benefit from state-of-the-art products and services, while we gain the benefits of scale effects and avoid duplication.
Product development
In late 2001, we established a centralized
Products and Services unit, based within Private
Banking. The new unit will take responsibility
for design and delivery of the whole investment
product portfolio for UBS Switzerland. The aim
of the new group is to promote a client driven
sales process which puts clients' requirements
clearly at the center of all new product development, and to deliver excellent support and training to our client advisors.
18
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Services UBS Switzerland
At the end of 2001, we merged Private Banking
and Private and Corporate Clients' middle office
services. The combined group employs over
1,200 people and is responsible for all documentation management, retained mail, loan processing and client information management. It will
process over 230,000 loan events, 4.8 million
documents and 7.5 million changes in customer
information per year. The merger of these two
units is intended to enhance our ability to ensure
swift and comprehensive compliance with developments in "know your customer" rules and to
improve efficiency.
e-commerce
Over recent years the needs of our private clients
have changed: while the physical branch network used to be the central distribution platform, nowadays banking clients require the flexibility to access their accounts using the full
range of modern communication technology;
they want to contact their bank when it is convenient for them, without restrictions imposed
by opening hours.
In response, we thoroughly revised our distribution strategy after the 1998 merger of Union
Bank of Switzerland and Swiss Bank Corporation,
leading to the establishment of a centralized "e-Channel and Products" business area.
While simultaneously enhancing our ATM
network and introducing a new branch concept
which focuses resources on financial advice
rather than transactions, we concentrated on
realizing our e-commerce vision and strategy.
Our success in designing and implementing a
wide range of client centered e-banking solutions
has been recognized by top ranks in both
European and Swiss surveys.
The result is that all clients can benefit from a
wide choice of ways to interact with UBS, while
UBS Switzerland is able to further increase its
efficiency.
e-commerce strategy
Our internet and other e-banking platforms are
part of an integrated multi-channel strategy in
which technology is employed wherever it creates
additional value for our clients and the bank.
We use technology to complement, not
replace the traditional physical branch network.
Standard transactions can be conveniently executed using one of the alternative electronic
channels, leaving client advisors able to focus on
providing personalized added value advice,
developing financial solutions to match each
client's individual requirements. Technology is
therefore critical to supporting our goal of building strong client relationships, with advice at the
center.
As well as being a transaction tool, e-banking
is an important method for distributing information about UBS's products and services. UBS's
website provides a wide spectrum of information
on specific UBS products. If questions arise, call
centers are available to support the client or to
arrange in depth advice from specialists.
Our integrated distribution strategy, combining advice with a comprehensive e-banking
offering, helps to strengthen our relationship
with our existing clients, but is also pivotal in
acquisition of new clients.
e-commerce highlights 2001
The internet provides a wealth of financial information which was previously not easily available, bringing challenges in deciding which
information is genuinely useful and accessing it
conveniently.
myUBS
, launched in June 2001,
provides a free, tailor-made solution to this need
for UBS e-banking clients.
In an easy configuration process, clients can
create their own personalized internet page,
showing their own selection of news, research
and market price charts, and giving convenient
links to UBS Quotes, UBS's free on-line financial
information service, and e-banking.
myUBS continues to be enhanced, with a
number of additional services introduced since
its launch:
–
Secure Messaging
is a secure mechanism for
transferring messages from a client to and
from their advisor. It operates in a safeguarded environment, avoiding the need to send e-mail messages over the open internet.
The system automatically routes client messages to
the appropriate client advisor, who can
respond via the same secure link.
–
my Opportunities
allows e-banking clients to
create an investor profile and call up corresponding investment proposals. Additional
tools help a client to plan the financing of lifecycle events, such as buying a first house, or
paying for a child's education.
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Table of Contents
The Business Groups
UBS Switzerland
–
my
IPO is a calendar containing details of
current and expected initial public offerings
that will be available through UBS.
Despite the growth in internet penetration in
recent years, many of our clients do not have
access to the internet, so providing access to e-banking services via the telephone is still a key
part of our e-commerce strategy. Clients calling
UBS e-banking phone can talk to an e-banking
advisor, or request information about their
accounts through an automated system.
UBS Voice
now provides voice-activated
access to this information service. Launched in
its German version at the beginning of June, this
technology allows navigation through e-banking
services by the spoken word. It provides access
to information on current account balances or
account transactions and can process transfers
between accounts. It can tell a user information
about exchange rates and the contents of their
securities portfolio and can accept stock
exchange orders. During 2002 we plan to extend
the offering to other languages and allow users
to receive details of their account balances or
portfolio using the SMS text messaging system to
a standard mobile telephone. UBS is the first
Swiss bank to provide voice activated access of
this sort.
UBS Quotes
, our comprehensive free on-line
financial information service, has evolved into a
powerful financial analysis platform and has
recently been integrated with the e-banking
portal.
UBS Quotes covers the world's financial centers, the entire range of UBS funds as well as
IPO's and provides access to UBS research and
up to the minute market news sourced directly
from the UBS Warburg trading floor. The system
can provide detailed portfolio analysis, tracking
a portfolio's value, unrealized gains or losses,
and breaking it down by currency, sector, domicile, and instrument type. It can hold sub-positions with individual
prices and allows drill-downs to see the status of individual positions. A
limit minder service monitors security-specific
price limits set by the client and automatically
sends an e-mail or a text message to a mobile
phone if the limit is reached.
UBS Quotes is now fully integrated into the
rest of our e-banking offering, allowing a user
who has looked up details of a security to proceed directly to entering a stock exchange order.
UBS Quotes can also be accessed anywhere
via personal digital assistants or WAP phones.
Layouts adapt to the display size and format of
the user's particular device. UBS Quotes for
mobile users includes a wide selection of services
available on the Internet version, including personal lists, portfolio analysis functions, the
prices of several hundred thousands securities,
and a currency converter.
Extensive e-banking services are also available
to corporate clients and financial intermediaries.
For example, UBS Connect, our professional,
multi-client banking system, gives financial intermediaries full access to data on their client's
assets. Direct links to the leading exchanges
enable the intermediary to place and process
orders during normal trading hours directly and
instantly, with information on allocation and settlement available without delay. In addition, the
user can access asset statements, detailed asset
statistics and performance figures. UBS Connect
has been a great success with our clients: at 31
December 2001, 84% of our intermediary
accounts were administered through this channel.
Our customers make extensive use of our e-banking channels. At the end of December 2001,
295,000 clients had active e-banking contracts.
Approximately 29.2% of payment orders are
initiated via e-banking, and 11.5% of securities
transactions.
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Table of Contents
Private and Corporate Clients
Private and Corporate Clients, UBS Switzerland's retail and commercial banking
unit, provides a complete set of banking and securities services for individual and corporate clients, focused foremost on customer service
excellence, profitability and growth via multi-channel distribution.
Business description and organization
Private and Corporate Clients is the leading
bank in Switzerland. At year end 2001, Private
and Corporate Clients had in excess of 4 million
individual client accounts and relationships with
some 170 top-tier companies, approximately
8,000 large corporations and 170,000 small and
medium sized enterprises across Switzerland.
Clients have invested assets of CHF 320 billion
with us. With a total loan book of CHF 152 billion at December 31 2001, we have a share of
over 25% in the Swiss lending market and the
retail mortgage market.
We aim to provide our clients with optimal
levels of convenience and service by continuously expanding our comprehensive range of alternative distribution channels. Together with our
successful e-banking offering and customer service centers, our 1,177 ATM's and 327 branches
across Switzerland provide a network broader
than any of our domestic competitors.
At the end of 2001, the Private and Corporate
Clients business unit employed 19,938 people
throughout Switzerland. This represents a reduction of more than 5,700 since the merger in 1998
between Union Bank of Switzerland and Swiss
Bank Corporation, as we have continued to realize the cost control effects of the systematic
implementation of our strategic projects portfolio and the synergy benefits of the merger.
Private and Corporate Clients' objective is to
further develop the most profitable large bank
serving private, business and corporate clients in
Switzerland. While continuously realizing further
efficiency gains and exploiting cost saving potential, Private and Corporate Clients strives to create additional value by providing integrated
financial solutions for clients' individual requirements. We will maintain and develop our state-of-the-art infrastructure by optimizing efficiency,
quality of services and security to the benefit of
our clients and the rest of the UBS Group.
The Private and Corporate Clients business unit
is composed of six business areas, four of which
have income generating activities (Individual
Clients, Corporate Clients, Operations and Risk
Transformation and Capital Management) and
two of which provide essential support services
(Resources and Information Technology). Almost
one quarter of our staff, primarily in the business
areas Operations, Resources and Information
Technology, provide services to other UBS units.
Our business areas
Individual Clients
The Individual Clients business area offers financial solutions for private clients. At the end of
2001, we had over four million individual client
accounts, of which more than one-quarter related to affluent clients, with assets between
approximately CHF 50,000 and CHF 1 million,
a key focus of our efforts.
Our range of products and services provides
comprehensive coverage of clients' financial life
cycle needs, from current accounts and savings
products, residential mortgages, to wealth management services, pensions and life insurance.
UBS is the leading lender to private clients in
Switzerland, offering a comprehensive range of
mortgage products, and has the biggest Swiss
credit card portfolio, with a market share of
31%. We offer both the most widely accepted
cards, VISA and Eurocard (Mastercard), giving
our clients financial independence worldwide.
Our clients benefit from access to a wide
range of services and expertise, be it from specialists within Private and Corporate Clients,
from the newly established UBS Switzerland
products and services unit, or from the capabili-
21
Table of Contents
The Business Groups
UBS Switzerland
ties of UBS Warburg or UBS Asset Management.
Examples include the recently launched UBS
classic mortgage, where the interest rate is linked
to the ten-year Swiss federal bond rate, the newly
established Alternative Investments unit, which
provides screened access to high quality alternative investments, or innovative investment products such as UBS's Fresco Index shares, which
bring the benefits of exchange traded funds to
the European market.
In addition to UBS Group's own products,
our offering is also supplemented by an open
product architecture approach, which provides
access to carefully screened "best in class" third-party products. For example, UBS recently introduced third party management of funds deposited in its Fiscainvest retirement savings account,
and UBS Life, which provides its own unit-linked
life insurance products to UBS clients, also offers
more traditional life insurance products sourced
from a third party supplier.
As a leader in a relatively slow growing market, we are dedicated to increasing operational
efficiency through the intelligent application of
technology. Centered on UBS Switzerland's integrated multi-channel strategy, with its extensive e-banking offering, our infrastructure is designed to
give our clients convenient and efficient access to
banking services. For basic products and services
technology is used, both to ensure round the clock
availability and low cost provision. Our customer
service centers provide convenient contact, and
basic information or advice 24 hours a day, while
for in depth advice and to work out specific individual investment solutions all our clients have
our expert client advisors and Switzerland's
largest banking network at their disposal. In 26 of
our branches we have implemented a "two-zone
concept": standard transactions can be undertaken via ATMs, while client advisors focus on value-adding advice.
Technological support for our client advisors is
also critical to our success. During 2001 we became the first bank in Switzerland to introduce
a fully integrated and standardized automated lending business process. Our client advisors receive
completeend-to-endsupportinallactivitiesrelating
to granting and administrating loans. Functionalities range from client relationship management to obtaining a rating and a credit decision,
risk-adjusted pricing and the automatic execution
and documentation of the transaction. Our clients
benefit from fast response times, clear and comprehensive documentation and price transparency,
while we gain from high data quality to support
risk management tasks and, of course, increased efficiency with minimal manual intervention.
Corporate Clients
Corporate Clients provides integrated financial
solutions for corporate clients including institutional investors, public entities and foundations
based in Switzerland.
Our range of products and services is tailored
to the needs and sophistication of our clients.
The 170 top-tier companies, many of them with
operations that span a multitude of markets, require advanced financing and risk management
skills and comprehensive access to the capital
22
Table of Contents
markets for their funding needs. Approximately
8,000 large companies utilize our expertise in
handling complex financial transactions; focused
on the domestic market, around 170,000 small
and medium enterprises (SMEs) primarily require local market know-how and access to a full
range of products and services. We are also the
leading bank in Switzerland for public sector
bodies.
Lending is naturally a core part of our business. Since 1998 we have introduced a completely new lending business process, using portfolio
theory and detailed knowledge of our loans and
our borrowers to introduce a comprehensive risk
adjusted pricing model. This was designed to
alter the focus from the volume of lending to the
quality of lending, with an emphasis on transactions which create economic value, through an
adequate risk/return relationship. As a result of
this process the risk profile of our loan portfolio
has gradually improved, with a higher proportion of higher quality counterparties, reflected in
a reduction in our adjusted expected credit loss
charge. At the same time risk adjusted pricing
can bring benefits to our clients, promoting
transparent and open discussions between client
and advisor. The advisor communicates clearly
the basis for credit decisions and can provide an
external perspective to the client, as a basis for
suggesting products and services that address
identified issues and add value. Possible areas of
improvement can be identified, which, if successfully implemented, can be reflected in lower loan
pricing.
Our client advisors can also provide a wide
range of financial advice, from investment products to complex mergers and acquisitions or
structured financing advisory services, often
working in close cooperation with specialists
from UBS Warburg and UBS Asset Management.
As well as lending and finance, Corporate
Clients provides substantial business processes
support to its clients, ranging from transactional
payments and securities services to facilitating
cross-border transactions with trade finance
products.
To support a close relationship and ensure personalized advice, detailed knowledge of each client
and their situation is key. During 2001, we introduced a web-based client relationship management system which consolidates
data from a number of different systems, allowing each client advisor to
view client data in a structured and systematic way. Each client's particular situation and
preferences can be analyzed in detail with the
objective to propagate an even more client-tailored
advisory process and actively address client needs.
Risk Transformation and
Capital Management
The Risk Transformation and Capital
Management (RTC) area was created in 1999 in
order to separate the management of UBS
Switzerland's balance sheet, and the risks associated with it, from loan origination, as part of our
redesign of the entire lending process. Although
other business areas are responsible for managing client relationships and granting loans, RTC
is in charge of managing the risk profile of the
loan portfolio as a whole.
This responsibility covers both strategy for
new credits, including the management of risk
adjusted pricing, and the management of the
recovery portfolio, which principally contains
impaired and non-performing loans. In addition
RTC is responsible for identifying opportunities
for securitization, sale or syndication of loans or
risk exposures, in order to best manage the risk
profile of the whole portfolio.
RTC has begun to use its extensive product
and process expertise in this field to develop new
products and services for third party distribution
channels. Through its Credit Asset Transfer
(CAT) initiative RTC works with third party
financial institutions to give them the opportunity to sell on all or a portion of their residential
mortgages. UBS then takes on the risk directly
and refinances the transactions in the market,
while the seller remains responsible for servicing
the loan and maintains the customer relationship. A major new CAT relationship was
announced on 15 February 2002, between UBS
and Postfinance, the financial services arm of the
Swiss Post Office. With outlets in every town in
Switzerland, Postfinance will be able to offer
mortgages and loans to individuals and small
and medium sized enterprises without being
licensed to operate as a bank.
Based on our expertise in this field, this innovative service gives our partners access to top
quality risk management and funding, while UBS
is able to leverage the robustness and scaleability of its processes to generate additional revenues for the bank.
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Table of Contents
The Business Groups
UBS Switzerland
Operations
The Operations business area provides the
transaction processing infrastructure to UBS
Switzerland and to other UBS units. For example, in the Primary Booking Name initiative,
which was implemented over the last two years,
FX interbank and FX options transactions from
key UBS Warburg locations such as London,
Stamford, Singapore, Hong Kong, and Tokyo
are now centrally processed in Switzerland. This
centralized approach exploits economies of
scale, and ensures that synergies between the
various units are fully realized. Since the 1998
merger between Union Bank of Switzerland and
Swiss Bank Corporation we have streamlined
overlapping infrastructure and re-engineered
processes, so that UBS now has a stable and reliable infrastructure at its disposal, able to provide state-of-art services with high efficiency.
Operations also offers payments, securities,
and custodial services to more than 3,000 financial institutions world-wide, and plays a leading
role with UBS Warburg in the group-wide "Bank
for Banks" initiative which offers state-of-the-art wholesale banking services to third party
banks. This allows the bank to optimize the utilization of its existing infrastructure and increase
efficiency, while third parties who lack our scale
can outsource activities and benefit from wideranging UBS's expertise.
UBS Global Custody & Investment Services
offers institutional investors the opportunity to
consolidate multiple bank relationships into a single cost-efficient global custodian. This simplifies
their processing and administration and allows
them to take advantage of our value added services, such as flexible consolidated performance
reporting, investment controlling and accounting,
and powerful portfolio management tools.
Loan Portfolio
At 31 December 2001, the Private and
Corporate Clients loan portfolio amounted to
CHF 152 billion. Mortgages represented CHF
114 billion, of which 82% were residential mortgages.
Continued discipline in implementing our credit portfolio strategy has resulted in a strong focus
of our origination efforts on higher quality exposure with an attractive risk return relationship.
The risk profile of the portfolio further improved
over the past year.
For details on the credit portfolio, please refer to the Risk Analysis section on
pages 61 to 76.
Recovery portfolio
Risk-adjusted pricing takes account of the fact
that, based on historic loss experience and considering our economic scenario for the future, a
certain percentage of clients will be unable to
meet their financial obligations. Once a particular client is in actual default, dedicated teams of
recovery specialists advise the client to achieve
the best financial result either by pursuing a possible economic recovery through restructuring,
or alternatively, by achieving the best possible
value through liquidation of available collateral
in order to limit our financial loss.
The recovery portfolio amounted to CHF
12 billion at 31 December 2001, of which CHF
11 billion were impaired and carried provisions
of CHF 5 billion. The recovery portfolio has
reduced by 54% over the last three years from
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CHF 26 billion at 31 December 1998, soon after
it was set up, thanks to the improved economic
situation in Switzerland and our successful
recovery efforts. Over the same period, non-performing loans with payments outstanding for
ninety days or longer decreased from CHF 14.0
billion at 31 December 1998 to CHF 7.0 billion
at 31 December 2001, leading to a non-performing loans to gross loans ratio of 4.6%.
Strategic initiatives
The Strategic Projects Portfolio
Private and Corporate Clients has enjoyed considerable success since the formation of UBS following the 1998 merger. Net profit before tax
grew at an average annual rate of more than
33% from 1998 to 2001, despite the difficult
environment of the last year. Much of this success has resulted from our dedicated efforts to
realize the opportunities presented by the merger, including both cost synergies and improved
revenue generation.
In order to make the most of these opportunities, we set up a Strategic Projects Portfolio,
which groups together our most important initiatives — those
with the highest potential to contribute towards achieving our
strategic goals –
giving them regular senior management attention and priority in terms of IT and other
resources, and subjecting them to a systematic
control process.
Structured along five value drivers: "distribution", "pricing", "products", "processes", and
"cost control", its achievements since the merger
have included rationalizing and extending our
product portfolio, streamlining our distribution
network, combining payments and securities
operations centers and integrating logistics functions, resulting in substantial efficiency gains.
The biggest positive effect on income has
come through the implementation of risk-adjusted pricing in the lending business and our continued efforts to increase the efficiency and customer focus of the different steps in the lending
process. At the same time we have filled out our
product portfolio, for example by introducing
the UBS Classic mortgage which has an interest
rate linked to the ten-year federal bond rate. This
addition to our product range ensures that we
can offer our clients an optimized product for
any phase of the interest rate cycle. We are also
using technology to help us increase revenues,
using data mining to better understand our
clients needs and identify cross-selling opportunities, while at the same time increasing process
efficiency so that client advisors can spend more
time on providing advice.
Cost control initiatives within the strategic
projects portfolio are now increasingly focused
towards exploiting synergies for the entire UBS
Switzerland Business Group — providing services
centrally for both Private and Corporate Clients
and Private Banking. Examples include the centralized products and services unit, the centralization of document management and loan
processing and shared development of e-banking
initiatives.
25
Table of Contents
The Business Groups
UBS Switzerland
Private Banking
UBS Private Banking is committed to becoming the wealth management provider of choice for private investors, world-wide.
Business description
UBS Private Banking provides a comprehensive
range of products and services individually tailored for wealthy clients from Switzerland and
abroad, through offices around the world.
With 140 years of private banking experience,
85 offices world wide and CHF 682 billion of
client invested assets, Private Banking is the
world's largest private bank.
Private Banking's 2,346 highly trained client
advisors, combine strong personal relationships
with access to the resources of the whole UBS
Group to provide a full range of wealth management services, from asset management to
estate planning, corporate finance advice to art
banking. Private Banking is committed to developing an open product platform, widening the
choices available to its clients by complementing
UBS's own products with top quality third party
products, through a screened open-architecture.
Private Banking is currently expanding its
domestic business in five key European markets – France,
Germany, Italy, Spain and the UK – opening new offices and aiming to hire a total of
up to 250 new client advisors each year.
Organization
Private Banking's global product offering is carefully tailored to meet country-specific tax and
legal regulations and the different aspirations of
clients in different markets. Our client advisors
are organized in line with this geographical
focus, into five regional business areas:
–
Europe
–
Asia
–
Middle East and Africa
–
Americas International, and
–
Swiss Clients
Where local regulations allow, client advisors
who serve clients domestically or internationally
report through to a single manager, helping to
avoid channel conflict and ensuring that our
clients receive a consistent high quality service
whether they bank at home or abroad.
In addition, we have established expert
global teams which concentrate on the requirements of particular client groups or provide
specialized services. Examples include the
Family Office for wealthy families, the sports
and entertainment group focusing on the special life-cycle related needs of artists or sports
professionals, the Islamic banking team which
provides products designed to be Shari'a com-
pliant, and our numismatic and art banking
groups.
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The Intermediaries business area is the market leading provider of products and services to
financial intermediaries in Switzerland.
Leveraging the scale and scope of our private
banking expertise, we provide financial intermediaries in Switzerland, Germany and elsewhere
with solutions, products and services that add
substantial value to their client relationships,
and allow efficient and convenient management
of their clients' assets through UBS Connect, our
sophisticated e-platform.
Finally, we operate five independently branded, but wholly-owned private banks: Armand
von Ernst, Banco di Lugano, Cantrade, Ehinger,
and Ferrier Lullin, each based in a different one
of Switzerland's key regional private banking
markets.
Clients and marketing
Target clients
UBS has moved away from rigid client segmentation. We prefer clients to "self-segment" themselves, based on the different levels of service we
provide at different costs.
In Europe, our products and services are
designed for "core affluent clients", i.e. those
with in excess of EUR 500,000/CHF 750,000 of
investable assets, a market which represents a
tremendous opportunity. A Datamonitor study
in April 2001 predicted that there will be over
four million individuals in this target segment in
Europe by 2004, with over EUR 4 trillion in
investable assets. In addition, the wealth of the
most affluent segment (those with EUR 3 million
or more in investable assets) is expected to grow
fastest, providing great potential for UBS, which
has the focus, resources and expertise to meet
these clients' needs.
Marketing
Brand strength and brand recognition are a key
success factor in the private banking industry,
helping to create a situation in which clients trust
us to provide them with high quality advice,
products and services.
UBS is one of the best known brand names
among high net worth individuals globally. This
position is bolstered by the UBS Group's brand
marketing campaigns, which aim to increase
awareness of UBS amongst high net worth individuals and business leaders, and by Private
Banking's own brand campaigns, specifically targeted at potential private banking clients.
UBS Private Banking is associated with values
such as "security and stability", "inspires trust",
"takes clients seriously" and "excellent products
and services", all factors which are among the
most important for high net worth individuals.
Our brand advertising campaigns aim to sustain
and strengthen our image and brand awareness.
For the last two years, these campaigns have
been based around images of the UBS Verbier
Youth Orchestra, which gives around 100 talented young musicians aged between 17 and 29
the opportunity to gain experience working with
top international conductors.
In addition to brand based activities, each
business area is responsible for its own regional
marketing activities, supported by a centralized
UBS Switzerland marketing function, which is
responsible for coordinating brand management
activities, advertising, market research, and for
sponsoring and the preparation of standardized
marketing materials.
Structured advisory process
The consistent delivery of a truly consultative
advisory process combined with a comprehensive product positioning framework is essential
to putting Private Banking's value proposition
into action. Highly skilled client advisors take
time to understand clients' needs in order to provide comprehensive, best-in-class solutions
through a carefully structured process, supported by leading technology.
The client advisor's role is to ensure a clear
focus on the needs of each individual client.
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The Business Groups
UBS Switzerland
Together with the client, the client advisor
invests significant time and energy to understand
and analyze the client's situation, taking into
account all the different factors which affect the
client's investment goals and risk appetite. The
client advisor then acts as a consultant, helping
to build a personalized financial strategy to meet
these requirements.
The client advisor acts as a gateway for the
client to the resources and expertise of the whole
of UBS and third-party providers, building on a
robust product management framework and the
resources of our specialists to bring together the
products and services required to implement the
client's strategy. Our commitment to open architecture forms a key part of the value proposition
for our clients in this process, allowing the client
advisor to select the best product to meet the
client's needs from a much wider range.
The process is completed through comprehensive monitoring and reporting of investment
performance, with regular feedback to adjust
goals and strategies as required.
Products and Services
UBS Private Banking's offering spans the entire
range of financial solutions, allowing us to tailor
our offerings to each client's specific needs. The
bank's own range includes products from all our
Business Groups and is supplemented by carefully screened third party products which have been
through a comprehensive due diligence process.
Open architecture
In order to be credible to our clients we have to
offer them product-neutral advice, selecting the
best possible products for each client's specific
situation. But the only way to do this meaningfully is to give our clients access to best in class
products in every field, suited to their needs and
risk appetite. To do this successfully means opening our product architecture to include products
and services from third-party suppliers. But
rather than becoming a financial supermarket,
we have chosen to carefully screen third-party
offerings, only selecting those that meet the high
quality our clients require. The combination of
this careful product selection with our structured, consultative advisory process aims to
ensure that the solutions we propose best fits our
clients' needs and goals.
In order to have the greatest possible impact,
our open architecture framework is focused on
products or services which differ substantially in
both quality and content between different
providers, such as mutual funds and alternative
investment products.
At the same time, a successful open architecture framework requires efficient product
management capabilities, with clear ownership of
each product category across all phases of the
product lifecycle, including responsibility for
selecting and screening potential product offerings. During 2001, we have rationalized our
product management structures and processes,
introducing end to end responsibility for product
selection, development, and support.
Product positioning framework
Depending on their financial situation and individual preferences, clients have varying requirements regarding the level of service they expect
from their advisor. This is where a logical and
intuitive positioning of our wide range of products and services can add value for the client as
well as the client advisor.
At the first level,
UBS Investment Products
include advisory services which are primarily
focused upon effective management of a stan-
dard suite of transaction-oriented products.
UBS
Investment Solutions
, the second level, adds systematic advisory services including asset allocation, investment selection and portfolio management. Clients choose investments based on a
consultative advisory service or delegate all decision making to their client advisor. The third
level,
UBS Financial Planning
, goes beyond pure
investment decisions and offers comprehensive
advice reflecting the client's lifecycle needs and
their entire asset base, including for example real
estate and art. At the top end of the range,
UBS
Ultra High Net Worth Wealth Management
pro-
28
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vides the whole range of financial services in an
exclusive and very individualized format for
ultra high net worth individuals.
The framework is fully dedicated to open architecture and provides access to carefully screened
best-in-class products. By applying a consultative
advisory process the services are centered around
the individual client with the goal of creating and
reinforcing the UBS brand experience.
The four levels of the product positioning
framework provide the foundation for external
and internal communication of our product
offering. The framework also acts as the basis
for the organizational and structural set-up of
our product functions as we implement a systematic product development process.
To promote the proposition and ensure consistency in communication, a comprehensive
client advisor training program is being carried
out, and client literature and other promotional
material are being updated. The overall message
is also taken up in the latest UBS Private
Banking advertisement campaign "AAA": "Access" representing the open architecture; "Analysis" representing the screening process; and
"Advice" representing the systematic advisory
process.
Research and investment products
UBS Private Banking clients benefit from the same service standards enjoyed by institutional investors, with direct access to market specialists and execution on major financial markets world-wide, across the full range of products from equities to FX, structured products to precious metals.
Alternative investments
. Our clients can access
a wide range of alternative investments, from
in-house hedge funds (like the GAM or
O'Connor range of funds) to third party private
equity funds and fund of funds products. In particular, we offer discretionary portfolio management clients the option to include alternative
investments in their asset allocation.
Research
. UBS Private Banking clients have
access to a broad range of research on the development of economies and financial markets, on
industries and on individual companies.
Research and analysis is provided through the
investment center within UBS Private Banking.
Private Banking clients can have direct access to
exclusive research information via the internet.
Investment solutions
Discretionary portfolio management
. Clients
delegate the management of their assets to a
team of professional UBS portfolio managers,
according to an investment strategy agreed with
their client advisor and reflecting the client's risk
appetite and investment goals.
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The Business Groups
UBS Switzerland
Clients can elect either to invest in the full
range of securities directly, or to limit their
investments to investment funds, through our
Managed Fund Portfolio product. In each case,
our portfolio management service offers clients
an active, but risk-controlled investment
approach, based on consistent analysis of macroeconomics, markets and individual companies
with regular monitoring of credit quality and liquidity of assets. Investments are managed with
an emphasis on diversification across asset categories and markets, and an increasing focus on a
regional and sector orientation. We can also take
into consideration tax aspects in our investment
process, if requested.
Through discretionary portfolio management
our clients can benefit directly from the investment policy of a leading financial institution with
international resources and access to a large fund
of knowledge and experience, secure in the
knowledge that portfolios and risks are continually monitored. UBS's portfolio management services do not simply provide an "off-the-peg"
product: there are over 650 different investment plans
within the six basic strategies, depending on criteria such as currency, home market bias, and the
inclusion or exclusion of alternative investments.
Advisory management of assets
. Clients
increasingly wish to be involved in the management of their own assets, with the support from
UBS's investment professionals. For them, Private
Banking provides analysis and supervision of
portfolios and their risk profiles, together with
tailor-made proposals to support investment decisions. We offer different levels of structured adviory services, all based on an all-inclusive fee.
Examples of our different offerings include:
Active Portfolio Supervision (APS) in which a
client receives investment recommendations
whenever their portfolio breaches specified
parameters; Active Fund Supervision, which is
essentially the same, but the client's portfolio is
limited to investment funds; and Active Portfolio
Advisory (APA) which, in addition, provides
direct access to a dedicated investment specialist
and tailor-made strategies. UBS Choice and UBS
Fund Choice provides more limited supervision
and advice for smaller portfolios, including access
to a screened selection of third party funds and a
comprehensive banking package, all for a flat fee.
Financial planning
We provide professional financial planning to
help our clients achieve their personal and financial objectives and cope with important lifecycle
events (e.g. inheritance, proceeds from business
sale, change in tax regulations). We develop and
execute customized solutions using our own inhouse experts and top external consultants, to
deliver value-adding and personalized wealth
enhancement strategies.
The financial planning advice we provide to
our clients and their families covers every stage of
life, from education funding and gifts to children
through business start-up to succession planning
and inheritance. Specific advisory services we can
provide include strategic wealth management and
lifestyle planning, retirement planning, tax planning, inheritance and succession planning, real
estate advice, asset protection, art banking, insurance advice and the establishment of trusts, foundations and other corporate structures.
Corporate finance advice
UBS Private Banking provides independent corporate finance advice and services to business
owners, drawing on the resources of UBS
Warburg. This advice can cover the whole range
of business situations, from venture capital
search for start-up companies to succession planning, or the development of derivative structures
to help diversify single stock holdings. The corporate finance advice we give to clients is carefully coordinated with financial planning and
tax advice, helping to optimize the proceeds
from corporate finance transactions.
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Family office team
During 2001, Private Banking formed a specialist team to spearhead its work with the top segment of its clientele. The aim of the team is to
help wealthy families to preserve and optimize
their investments across generations, taking into
account all economic, political, legal, and personal aspects.
The services provided by the family office
team will vary from client to client. In some cases,
where a professional family office already exists,
UBS can provide additional specialist advice. This
might cover institutional-style strategic asset allocation and portfolio risk analysis, or investment
banking services, perhaps advising on the sale or
restructuring of a family business. In other situations, where a family office does not exist, the
expert team can help the client to build it up. In
each case, the specialist team's role is to identify
and analyze clients' unique needs and then to tailor UBS's services to meet those needs in the most
efficient and effective manner. The family office
team ensures that their clients receive the very
best quality products and services, sourced from
across UBS's Business Groups and from best-in-class third-party providers.
The family office market in Europe is estimated at around CHF 220 billion in investable
assets, with forecast growth of 11% a year over
the next three years. The launch of this dedicated team underlines our ambition to further
expand our position as the provider of choice for
the top segment of private banking clients.
Banking products
We provide a full range of global custody and
investment services, including securities lending
and reporting and risk control. We also offer
real-estate financing, Lombard credit and structured credit products. At 31 December 2001,
Private Banking's outstanding loan book
amounted to CHF 29 billion, or 16% of UBS
Switzerland's gross loan book.
e-business
Our philosophy is to put the client advisor at the
center of all our client relationships, supported
by the most advanced technology. Our e-banking
activities aim to enhance this relationship.
Independent from time and venue, state-of-the
art applications provide clients with convenient
access to their assets and comprehensive personalized services, designed to reflect local
characteristics and requirements. All services are protected by our proprietary SAFE security
infrastructure, which safeguards client access and
data transmission over the internet.
Originally developed and implemented in our
Asia operations, SAFE has recently been rolled
out in our locations in Monaco and
Luxembourg and successfully integrated with
their banking systems. This process is a good
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The Business Groups
UBS Switzerland
illustration of our strategy for delivering successful global e-commerce projects: solutions
and applications arefirst developed for a particular local market and then, after successful
implementation, adapted to reflect local characteristics and requirements and rolled out in
other locations.
Other prominent examples also include solutions initially developed for e-banking in Asia
and launched in July 2001:
e-Portfolio
which
gives an online-view of client's assets and liabilities,
Wealth Optimizer
which supports clients in
analysing their financial situation, and
Advisory
Messenger
which provides a secure online communication link for our clients routing messages
automatically to the dedicated advisor. These
three e-advisory applications are now being
rolled out in other markets. After country-specific customization to meet local client
requirements, the e-portfolio application has been
launched for clients of UBS Luxembourg. In
November, a version of the Wealth Optimizer
was implemented for clients of UBS Switzerland,
as the myOpportunities tool within myUBS. All
three tools are also now available to clients of
some of our private banking subsidiaries (Bank
Ehinger, Cantrade and Banco di Lugano).
European wealth management
UBS has scale and excellence in two different
types of private client business: the brokerage
model, through UBS PaineWebber, and the private banking model, through Private Banking. In
Europe in 2001 we have been putting the combined strengths of these two traditions together
to help build our domestic presence in five key
target countries, Germany, France, Italy, Spain
and the UK, which together represent about
80% of the European market. By deploying staff
and expertise, we have taken the best of UBS
PaineWebber's top-class abilities in marketing,
product management and innovation, technology, and training and applied them as a key catalyst in building our European business.
Our strategy is based on three building
blocks: 'People', 'Products' and 'Platform'.
Private Banking strives to provide all our clients
with excellent service and financial solutions tailored to their needs, based on in depth analysis
and a strong relationship between each advisor
and his or her clients. Only by deploying the best
people, with the best products and superior technology to support them will we deliver this experience to clients in our target countries.
People
Acquiring high quality client advisors with profound knowledge of their domestic markets is a
cornerstone of the European Wealth Management
initiative. Our ambition is to hire and train up to
250 new client advisors a year, representing an
entirely new level of recruitment activity for
Private Banking. Our success so far has been bolstered by the acquisition of new skills learned
from UBS PaineWebber, which hired almost 2,000
new advisors between 1998 and the start of 2001.
An unprecedented training initiative, developed
with UBS PaineWebber's assistance, helps every
private banker to master state-of-the-art know
how in wealth management, complemented with
product specific training for the new generation of
open architecture advisory services.
Products
While all our clients have access to the full range
of Private Banking's product offering, we have
also launched two new innovative open architecture services in 2001, specifically targeted at the
European market.
UBS Managed Fund Portfolio
is a client
investment account constructed primarily with
third-party mutual funds. In contrast to other
"fund of funds" structures, UBS Managed Fund
Portfolio offers funds from a truly global range
of managers and further distinguishes itself by a
quantitative and qualitative screening, analysis
and selection process.
Clients benefit from a state-of-the-art process
that ensures top due diligence standards as well
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as identifying offerings with a superior performance track-record. Around 30 providers have
been selected for the initial launch from a
screened universe of over 1,000, including AXA
Investment Management, DWS, Fidelity, JP Morgan Fleming Asset Management and Swissca.
As its name implies,
UBS Money Manager
Access
opens the door to exceptional investment
talent. The product provides UBS clients with
access to a wide range of independent third-party investment managers to create tailor-made
investment solutions. In addition to the mutual
funds available through UBS Managed Fund
Portfolio, UBS Money Manager Access will provide direct access to the management skills of
institutional managers such as Lazard Frères, JP
Morgan and Alliance Capital.
As well as taking on the work of manager
selection on behalf of the client, UBS will provide
access to third-party managers at much lower
minimum investment levels than would be possible direct. UBS Money Manager Access currently has no equivalent in Europe. Both UBS
Managed Fund Portfolio and UBS Money
Manager Access have been developed in close
co-operation with UBS PaineWebber. These new
products represent further progress in Private
Banking's commitment to open architecture, and
will be rolled out progressively in other Private
Banking locations outside of Europe.
Platform
As we hire new client advisors, we are expanding
our European branch network, extending our
reach to new locations and increasing convenience for our clients. Potential locations within
the five target countries, are systematically
screened according to a number of criteria such
as market potential, market share to break even,
and potential availability of professional client
advisors. Three different types of branches are
being implemented, tailored to local market
requirements and taking account of potential
invested assets: "main country offices" are located in a country's most important financial center
and comprise extensive infrastructure, while
branch offices and satellites are operated using a
leaner set up. Through this process, our network
has expanded to 21 offices, from 15 offices at the
start of 2001, with new offices opened in Seville,
Lyon, Marseille, Bordeaux, and Bielefeld, and a
small representation established in Edinburgh.
In order to ensure that we can operate in the
most cost effective and efficient manner, while at
the same time maintaining the flexibility to swiftly
introduce innovative new products, we are building a new IT infrastructure to support the
European wealth management initiative. The new
platform passed its first essential test in December
2001 with its successful implementation in France.
Locations in other target countries are scheduled
to be migrated to the new platform over the course
of the next five quarters. It also forms the basis for
the implementation of new advisor tools which
support analysis of a client's profile and situation
and the selection of the appropriate asset allocation through a systematic approach.
After a year of intense effort, the European
Wealth Management initiative is well on track,
producing promising results despite adverse
market conditions, with clients entrusting CHF
5.6 billion in net new money to us in our target
countries in 2001.
According to market analysis, the top client
segment targeted by the initiative is expected to
grow significantly over the coming years, representing major potential for the future. We believe
that with our unique expertise, business model,
and technology, UBS is excellently placed to
enhance our position in Europe, establishing
ourselves as the wealth manager of choice in our
five target countries.
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The Business Groups
UBS Asset Management
UBS Asset Management
UBS Asset Management delivers superior results
for its clients through a globally
integrated investment organization.
Business Group Reporting
CHF million
UBS Asset Management
For the year ended
31.12.01
31.12.00
Institutional
          fees
1,007
1,119
Mutual
          funds fees
1,103
834
Total
          operating income
2,110
1,953
Personnel
          expenses
1,003
880
General
          and administrative expenses
564
439
Depreciation
46
49
Amortization
          of goodwill and other intangible assets
266
263
Total
          operating expenses
1,879
1,631
Business
          Group performance before tax
231
322
Cost /
          income ratio before goodwill (%)
76
70
Net new
          money — Institutional (CHF billion)
6.2
(70.8
)
Invested
          assets — Institutional (CHF billion)
328
323
Net new
          money — Mutual Funds (CHF billion)
28.7
2.9
Invested
          assets — Mutual Funds (CHF billion)
344
319
Headcount
          (full time equivalents)
3,281
2,860
Business
Our business is investment management: delivering value-added investment
performance and excellence in client service to a diverse international client
base, ranging from major institutions to
individual mutual fund clients. The
breadth, depth and global scope of UBS Asset Management's investment
capabilities, research and risk management distinguishes it from its peers.
UBS Asset Management has a total of CHF 672 billion of invested assets
making it the twelfth largest global institutional asset manager, the second
largest mutual fund manager in Europe, and by far the largest mutual fund manager in Switzerland.
UBS Asset Management brings together the key elements of investment
solutions for its clients:
–
A global perspective on markets and economies.
–
A top quality investment management platform, dedicated to valuing
markets, currencies and securities around the world, based on a range
of investment styles, with a particular expertise in identifying
price/value discrepancies derived from fundamental research.
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–
Innovative thought leadership and investment ideas.
–
Extensive financial, informational and, most important, human capital.
–
A dedication to providing personal client services and personalized
business solutions.
UBS Asset Management's main offices are in Chicago, London and Zurich.
With 3,000 employees in over 15 countries, UBS Asset Management offers a truly
global perspective on investment management.
Organization
UBS Asset Management's investment expertise is based on a single global
investment platform, with over 450 investment specialists located in the world's
major financial centers. The resources and expertise of all these specialists
are available to support all of UBS Asset Management's clients, wherever they
are located.
UBS Asset Management's investment expertise is delivered through
specialized local client franchises around the world, which combine access to
UBS Asset Management's global investment management platform with detailed
knowledge of local clients, markets and regulations. Our best known client
brands are Brinson Partners, Brinson Advisors and Brinson Canada in the
Americas, Phillips and Drew in the UK, and UBS Asset Management and UBS
Investment Funds in Europe, the Middle East, Africa and Asia.
In addition, specialized investment capabilities are offered through
specific brands including: O'Connor, which offers hedge funds and other
alternative investments; GAM (Global Asset Management) a multi-manager
specialist; Fresco exchange traded funds; UBS Realty and UBS Timber.
In April 2002, we will launch a new brand, UBS Global Asset Management,
to replace the different brands that have been used around the world for our
core institutional and wholesale businesses. This strategic move reflects the
global integration and scope of our investment approach and offerings and
underlines our consistency of approach and commitment to shared principles
throughout the world. Specialty businesses with separate identities such as
GAM, Fresco and O'Connor will retain their current names.
Investment capabilities
UBS Asset Management has historically been closely associated with a
price/intrinsic value investment style. Although this remains true, we have
broadened our capabilities and developed our investment platform in recent years
to the point where we believe that we are now better described as a
multi-paradigm investment firm. This paradigm is supported by one global, totally integrated investment platform, employing resources from all areas of the
globe.
Our investment capabilities include:
–
Equities
–
Balanced
–
Fixed Income
–
Alternative — Private equity, real estate, timber, farmland, hedge funds
–
Multi-manager and fund of funds
Our client mandates reflect the very broad range of these capabilities,
from fully discretionary global asset allocation portfolios to equity or
fixed income portfolios with a single country emphasis, including alternative
asset classes such as real estate, timber, hedge funds and private equity.
These portfolios are available through separately managed portfolios as well as
through a comprehensive range of pooled investment funds. We pride ourselves
on our ability to create customized investment portfolios to meet the specific
needs of any prospective client.
Our underlying investment philosophy remains: the ultimate value of a
security is based on fundamentals, specifically, the present worth of future
discounted cash flows. We are constantly looking for discrepancies between
asset prices and their fundamental worth, but further-
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The Business Groups
UBS Asset Management
more, we look to understand these differences. We realize that these differences
and the risks associated with them, if not fully understood, can lead to periods
of under-performance. Therefore it is important to both understand the market
pricing and actively manage the risk.
Our investment process is driven by essential fundamentals, which are
necessary for us to be successful value added providers. These include
recruiting and maintaining the highest quality investment talent, a focus on
excellent and innovative research and disciplined portfolio construction and
risk management. In addition, we pride ourselves in providing thought
leadership, which extends our influence to assets beyond the realm of UBS.
Clients and marketing
Institutional
We have a diverse institutional client base located throughout the world. Our
clients include:
–
corporate and public pension plans
–
endowments and private foundations
–
insurance companies
–
central banks and supranationals
–
financial advisors
We use our long-term track record and strong client franchise to
increase the penetration of our services with both new and existing clients. As
a full service institutional asset management firm, offering our clients a
comprehensive global range of research and investment analysis is a key part of
our overall service and capability package.
In consultant-driven markets, such as the United States and the United
Kingdom, we rely on developing and maintaining strong relationships with the
major consultants that advise corporate and public pension plans, endowments,
foundations, and other institutions. We also dedicate resources to generating
new business directly with large clients.
In the US, our Brinson Advisors business provides products and
services to the wholesale intermediary market, focusing on three core areas:
quantitatively driven investments, short-term fixed income products and
municipal securities. We are committed to developing and extending this
wholesale business over the next two years.
Mutual funds
UBS Asset Management offers almost 500 mutual funds, exchange traded funds and
other investment vehicles, across all asset types in diverse country, regional,
and industry sectors.
In general, we do not maintain direct relationships with individual
customers, but distribute our funds through intermediaries. Our most
significant distribution channels are UBS Switzerland and UBS PaineWebber, with a
minority of assets distributed through third-party providers. The penetration
of our mutual fund products within the UBS Group's existing client base is
already very high, especially within Switzerland. The trend in the industry
towards an open, multi-channel distribution architecture will
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provide increased competition for sales within UBS, but also increased
opportunities outside the Group. Our business is on the leading edge of this
trend, in which an increasing proportion of funds will be sold through third
party channels. Within the UBS Group, we have an opportunity to offer our
products through UBS PaineWebber, and to build on their successful experience of
open architecture products in the US. Outside the UBS Group, UBS Asset
Management will focus on distribution through third party financial institutions
as demand increases for outsourcing of asset management and mutual fund
services.
UBS Asset Management will increasingly leverage GAM's range of mutual
funds and its external manager selection process, in which it selects the best
from over 4,000 third-party fund providers, to enhance the range of its
investment styles and products. GAM products are now actively distributed by UBS
Switzerland.
Strategic opportunities
Industry trends and competitive positioning
UBS Asset Management operates in a business which is growing across
all market segments and geographic locations, with Europe and Japan leading the
way. The US remains the largest market on an absolute basis, but shows slower
growth rates and a much more competitive environment than other regions.
The trend to open architecture is fully entrenched within the US but is
in its early stages in Europe and other regions of the globe. This clearly
changes the landscape of the mutual fund business, presenting both opportunities
and challenges. The biggest opportunity is the chance to increasingly offer our
investment management services through other distribution channels. Undoubtedly,
the challenge will be to retain our very high market share among UBS clients as
competitors begin to offer their own investment management services.
The asset mix of investors throughout the world is expected to shift
towards alternative investments, driven largely by regulatory activity and the
continued pursuit of consistent risk-adjusted returns. Alternative investments
can provide returns with a low correlation to traditional markets and
therefore offer an investor's portfolio potential for better risk-adjusted
return. Management of alternative investments offers us the potential for higher
margins, as well as a closer alignment of fees with relative performance.
Global pension reform is expected to continue as regulatory
constraints ease. The pension market is undergoing a shift towards increased
private funding which is expected to provide significant opportunities to
asset managers.
UBS Asset Management believes that it is strongly positioned to take
advantage of this growing and changing market:
–
We have the reach to succeed in an increasingly global industry.
–
We have a multi-specialist offering of diverse investment capabilities
matched by very few companies.
–
We are one of very few large investment management firms with an
equally strong institutional and mutual fund capability.
Investment performance
UBS Asset Management continued its strong relative investment
performance from 2000 into and through 2001. 2001 brought us one of the best
years of relative performance in the history of the organization, exceeded only
by 2000.
UBS Asset Management was well positioned for the economic down-turn that
occurred in the US. and spread throughout the world. Overall performance was
helped by relative overweights to high yield and emerging market debt, real
estate and a general underweight to equities. Within each asset type, individual
security selection contributed significantly to our strong relative
performance. We feel this is a direct result of the integration of our
investment platform, with the opportunities this has brought to share knowledge
and research across the world.
We believe that UBS Asset Management is well positioned to continue its
recent strength of the past two years' investment performance. We will continue
to develop the integrated global investment platform created in 2000, increase
the coverage of our research in all major asset classes and continue to leverage
the strengths of O'Connor and GAM. Additionally, we will continue to broaden our
search for future investment opportunities in alternative asset classes and
continue to commit significant resources to product innovation, research and
thought leadership.
37
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The Business Groups
UBS Warburg
UBS Warburg
UBS Warburg is a leading investment banking and securities firm, providing a
full spectrum of products to institutional and corporate clients, governments
and intermediaries globally.
Business Group Reporting adjusted for significant financial events
Corporate and
CHF million,
          except where indicated
Institutional Clients
UBS Capital
Private Clients
UBS Warburg
For the year ended
31.12.01
31.12.00
31.12.01
31.12.00
31.12.01
31.12.00
31.12.01
31.12.00
Income
16,011
18,033
(868
)
368
6,969
1,321
21,349
19,590
Credit
          loss expense
(112
)
(243
)
(18
)
(3
)
(130
)
(246
)
Total
          operating income
15,899
17,790
(868
)
368
6,951
1,318
21,219
19,344
Personnel
          expenses
8,339
9,284
96
142
5,080
1,106
13,515
10,532
General
          and administrative expenses
2,705
2,779
66
49
1,489
355
4,260
3,183
Depreciation
454
555
2
2
124
42
580
599
Goodwill
          amortization
145
149
0
2
0
1
991
290
Total
          operating expenses
11,643
12,767
164
195
6,693
1,504
19,346
14,604
Business
          Group performance before tax
4,256
5,023
(1,032
)
173
258
(186
)
1,873
4,740
Cost/income
          ratio before goodwill(%)
72
70
90
1
105
1
86
73
Net new
          money (CHF billion)
36.0
15.2
Invested
          assets (CHF billion)
1
1
782
773
Headcount
          (full time equivalents)
15,562
15,262
128
129
20,678
21,814
36,368
37,205
(1)
Excluding retention payments.
Business
UBS Warburg operates globally as a client-driven securities and investment
banking firm. For both its own corporate and institutional clients and the
individual clients of other parts of the UBS Group, UBS Warburg provides product
innovation, top-quality research and advice, and comprehensive access to the
world's capital markets.
Organization
Since 1 January 2002, UBS Warburg has been organized into two business units:
–
The Corporate and Institutional Clients business unit is one of the
leading global investment banking and securities firms, providing
products and advice to institutional and corporate clients.
–
UBS Capital is responsible for the private equity investment of UBS and
third-party funds in a diverse global range of private companies.
During 2001, the private clients business centered on UBS PaineWebber was also
reported as a business unit of UBS Warburg, and this is the financial
presentation shown here and in the Financial Report 2001. With effect from 1
January 2002, UBS PaineWebber became a separate Business Group within UBS, and
this will be the structure used for future financial reporting.
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Corporate and Institutional Clients
The global reach, breadth and diversification of our direct access to investors
is unique, and our relationship-enhancing technology is among the best in the
world.
Business
UBS Warburg is one of the leading global investment banking and securities
firms. Its diverse heritage has shaped a business with a truly global client
base and culture.
Our Corporate and Institutional Clients business unit provides
wholesale products and advisory services to a diversified client base worldwide. It has a significant corporate client financing and advisory business,
with particular strengths in advising on cross-border mergers and acquisitions
and the capital raising requirements of our global corporate and government
client base. Historically, among the leaders in corporate finance in Europe, we
have expanded our US capabilities considerably over the last 18 months, leading
to increased market share and visibility. We are one of the top-ranked firms in
the world for institutional clients, with particular strengths in global
equities research and distribution and in originating, structuring and distributing fixed income cash and derivatives products.
UBS Warburg has a strong history of risk management skills across all
product areas, with integrated trading and risk management across cash and
derivative products, and a consolidated global view of risk across different
world regions. We leverage these skills to provide a broad array of risk
management products for our institutional and corporate clients.
Corporate and Institutional Clients also manages cash and collateral
trading and interest rate risks on behalf of the UBS Group and executes the vast
majority of securities, derivatives and foreign exchange transactions for UBS's
retail clients.
Corporate and Institutional Clients' headquarters are in London and it
employs 15,562 people in over 30 countries throughout the world.
Organization
We organize our business into three main business areas, distinguished by the
type of products and services offered and the nature of business risks:
Equities, Fixed Income and Foreign Exchange, and Corporate Finance. All
businesses are run on a global basis, with co-heads in place across each of the
business areas to provide leadership across our regions and product sectors.
Legal structure
UBS Warburg operates through branches and subsidiaries of UBS AG. Securities
activities in the US are conducted through UBS Warburg LLC, a registered
broker-dealer.
Clients
Our client base is truly global and broad based, and our salespeople, research
analysts and investment bankers provide products and services to institutional
investors, intermediaries, banks, insurance companies, corporations, sovereign
governments and supranational organizations.
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The Business Groups
UBS Warburg
Corporate and Institutional Clients
Operating income by client type
For the year ended
% of total
31.12.01
31.12.00
31.12.99
Investment
          Banking
23
23
23
Securities
          revenue from corporate clients
5
5
5
Institutional
          clients and markets
72
72
72
Total
100
100
100
Products and services
Equities
Our Equities business area is a leading player in the secondary equity markets
and in equity, equity-linked and equity derivative products for the primary
markets. In 2001, we were a leading player in the primary markets as measured
by league tables, ranked 2
nd
in International Equities and in International
Equity Linked and were one of the top two distributors of equities globally and
the top ranked player in Europe. During the year we have rapidly expanded our
client penetration in the US, as measured by a leading private industry survey.
Key products and services within Equities include:
–
providing research about companies, industry sectors, geographic markets
and macro-economic trends to our corporate and institutional
clients.
–
sales and trading of cash
equities, equity-linked products, equity
derivatives and equity structured products.
–
structuring, originating, distributing and trading newly issued
equity, equity-linked and equity derivative products.
We operate a multi-local model, with membership on over 87 different
stock exchanges in 31 countries and a local presence in 40 offices globally,
giving us enviable market access. We also have memberships of a wide range of
electronic exchange ventures, and UBS Warburg owns equity stakes in some of
these, including FXAll and Volbroker.
Our commitment to giving our clients the best possible access to the
world's equity markets is delivered through a team of 900 sales people and sales
traders, in 40 locations globally. They are supported by a focused account
management structure, in which continuous review and feedback from our
institutional clients covers all aspects of our performance including research,
sales, trading, execution and settlement.
Our equity research team supplies independent assessments of the
prospects of approximately 3,400 companies across diverse sectors worldwide,
representing about 90% of world market capitalization. With 600 professionals
worldwide, we now have the largest team of equity analysts at any firm,
according to Nelson Information's Investment Research Survey 2001.
Direct client contact is complemented by our leading edge technology and
e-commerce tools. We aim to use e-commerce to help enhance our clients'
experience of UBS Warburg, using the internet and other technologies to empower
our clients, and offering direct access to our products and services via their
medium of choice. Technology allows us to intensify our relationship with our
clients, providing individualized content and automating routine tasks, allowing
our staff to concentrate on providing value added advice.
The merger with PaineWebber in November 2000 has transformed our US
equity franchise. The addition of a significant number of highly rated equity
research analysts, combined with access to the wealthy US private client base of
UBS PaineWebber have helped us to become one of the top five firms, by volume,
in trading equities on the New York Stock Exchange, as well as having one of
the fastest growing market shares in equity underwriting, up to 4.7% (ranked
7
th
) in 2001 from 1.0% (ranked 12
th
) in 2000. Our US equity research team
now numbers over 100 analysts making it the fifth largest in the US.
In Europe, we have regained a leadership position in primary issuance in
2001, combining our extensive knowledge of the international markets with strong
research and trading capabilities. Our strengths lie not only in the issuance
of ordinary shares, but, through our
40
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top-tier capabilities in equity-linked products including convertibles and
exchangeables, in our ability to lead manage the issuance of the most
appropriate products to meet our clients' equity financing needs. We more than
doubled our market share internationally in 2001 and were the only firm to
increase market share in all regions. We improved our position in all products
and regions, converted the secondary franchise into primary solutions, and
generated a positive momentum that is the envy of our peer group.
During 2001, UBS Warburg was widely recognized in industry awards,
receiving the following accolades from industry publications and peers:
–
Best Equity House of the Year according to The Banker Magazine in
September 2001.
–
First for equity research in the Thomson Extel Pan-European Research
Survey, capturing 22 first places among 71 different industry-sector
awards.
–
Institutional Investor
Research rankings 1
st
for Global Sector
Teams, 4
th
in Europe, 2
nd
in All Asia ex-Japan (with the largest
increase in rankings) and 8
th
in the All American Research Team 2001
(improved from 17
th
in 2000).
–
Best Broker for Execution in the Reuters UK Larger Company Survey, for
the fifth year running.
–
Most Improved Broker Award in the Reuters US Larger Companies Survey.
–
First for Independent European Equity Research in Global Investor
Magazine.
–
International Financial Review's European Equity House of the Year (and
Australian Equity House of the Year for the fifth consecutive year).
IFR praised UBS Warburg for "consistently pushing back the boundaries of
what was considered feasible and for moving the Equity Capital Markets
industry forward in tough conditions. Time and again in 2001, UBS Warburg
showed how an equity house could draw on all its resources in atrocious market
conditions in order to win and execute mandates."
Corporate finance
The Corporate Finance business area provides a variety of advisory services
including mergers and acquisitions, strategic advisory and restructuring to
supranational, corporate and sovereign clients. It also provides primary capital
markets and global syndicated finance services, in cooperation with the
Equities and Fixed income and foreign exchange businesses. Products and services
include:
–
mergers and acquisitions.
–
equity and equity-linked capital offerings, initial public offerings
and other public and private equity offerings in conjunction with the
Equities business area.
–
investment grade and high-yield debt offerings in conjunction with the
Fixed Income and Foreign Exchange business area.
–
leveraged debt offerings in conjunction with the Fixed Income and
Foreign Exchange business area.
–
structured finance.
We were very active in all sectors in 2001, across all regions,
providing our expertise, knowledge and execution capabilities to help our key
clients in their ongoing strategic development. Just a few examples of the
deals included:
–
Vodafone, the leading global mobile phone operator used UBS Warburg for
all five transactions required for the USD 11.5 billion takeover of
J-Tel. This further strengthens an already deep relationship where we
have been advising Vodafone on acquisitions for several years.
–
De Beers of South Africa, a USD 19.3 billion public to private
transaction, where we proved our familiarity with the highest levels of
complexity, and provided a USD 3 billion underwritten loan commitment to assist the financing.
–
Allianz AG, one of the worlds leading insurance companies, used us as
their advisors on their EUR 24.2 billion acquisition of Dresdner
Bank AG – a testament to our creativity when it comes to problem solving.
We have more than 2,600 corporate finance professionals worldwide,
providing top-quality strategic advice and capital markets execution to our key
clients globally.
Expansion of UBS Warburg's global corporate client franchise is one of
our key strategic goals. Over the last eighteen months, we have been actively
recruiting, gathering together some of the best professionals in the industry to
extend both our client reach and our execution capabilities. We have appointed
senior bankers and research professionals in Media, Telecoms, Technology,
General Industrials and Mergers and acquisitions, both in the US and
elsewhere, including
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The Business Groups
UBS Warburg
Ken Moelis, now head of our Corporate Finance business in the US. As a result of
these successes our Corporate Finance team in the US has almost doubled in size
since 1999.
Despite these investments, we do not expect immediate results. Gaining
new corporate finance business can involve very long lead times, but we are very
pleased at the progress that we have made during 2001, both in terms of league
table position and market share. The combination of our expanded corporate
finance and equities footprint in the US, giving us greater access to key
corporate executives, combined with our global reach and scale, has allowed us
to become involved in some of the largest and most complex deals in 2001,
helping us to achieve the highest fee pool market share growth of any leading
investment bank this year.
We have established a longer term goal of achieving market share, on a
global basis, in excess of 5%, which effectively means a target of maintaining
a leading fee pool market share in Europe and Asia-Pacific and a top 5 position
in the Americas. We believe that the market share gains we have achieved this
year represent a solid foundation on our path to this goal, particularly against
a background of very challenging conditions this year for corporate finance,
with the combined effects of volatile markets and uncertain economic
conditions significantly reducing the overall levels of market activity and the
total fee pool.
Fixed income and foreign exchange
Our Fixed Income and Foreign Exchange business area operates across a broad
spectrum of products and markets, including government
and corporate bonds,
fixed income derivatives, mortgage backed securities, foreign exchange, cash and
collateral trading, principal finance and credit derivatives. For institutional
investor clients, we can provide access to the widest range of cash and
derivative products covering bonds, foreign exchange and other fixed income
products. Our global structuring capability combined with our distribution to
investor clients allows us to provide unique financing and hedging products to
issuing clients.
Our approach to specific products and markets varies. Where potential
for sufficient risk adjusted returns exist, we will seek market share
leadership in high-volume, liquid markets, using our client flow, capital and
economies of scale to generate returns. However there are certain high profile
fixed income markets where scale can only be gained at the expense of returns.
In these cases, we focus on earning higher margins in specialized products where
we can develop a position as a dominant global intermediary, leveraging our top
quality research, and our premier structuring, trading, distribution and
execution capabilities.
The prime example of this approach is in the most visible segments of
the global fixed income markets: the primary international and eurobond sectors.
We have always made a conscious decision to operate our businesses and
allocate resources based on profitability and not on pure league table
positions. So, while our league table positions have slipped in 2001 as compared
to 2000, we have recorded a record year in terms of revenues, with full year
revenues across all products increasing by 41%.
While there are no definitive surveys or measures of market share in
the highly fragmented fixed income and foreign exchange markets, we continue to
win awards for the depth of our client coverage and technical expertise with
products:
–
1
st
in Fixed Income Strategy
Research – Institutional Investor Global
Survey.
–
2
nd
Best overall
bank in FX Week Awards 2001, with 1
st
place
rankings in FX forwards, currency options and internet trading. We also
received the 1
st
place ranking overall with corporate clients.
–
Best website in the euromoney.com 2001 internet awards for: FX Research
and Analytics, FX Options and Execution, Swaps, Medium Term Notes,
Euro-Commercial Paper and Fixed Income Analytics.
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Loan portfolio
UBS took a strategic decision during 1998 to reduce the size of its
international loan portfolio, limiting exposures unless they directly supported
core client relationships. UBS continues to avoid engaging in substantial
balance-sheet-led earnings growth, with the result that the size of its
international loan portfolio has reduced considerably from the level recorded
in 1998. Despite this, we continue to support our core clients in their
financing needs. Risk/return considerations will be the paramount consideration
in determining balance sheet usage.
Corporate and Institutional Clients' loan portfolio was CHF 61.2 billion
at 31 December 2001. The Risk Analysis section on pages 61 to 76 contains an
in-depth review of UBS's credit portfolio and business, including a discussion
of its impaired and non-performing loans.
e-commerce capabilities
UBS Warburg is among the leaders in the provision of innovative e-commerce and
technology solutions to institutional clients, using these to strengthen the
link between advisors and our clients. We will continue to expand and enhance
our web-based technology solutions, in order to simplify distribution of
information and execution, and provide individualized services, analytic
tools and transparency to our clients.
Our e-commerce capabilities are based around our Client Portal, formerly
known as Investment Banking On-Line (IBOL). Through this single home page, our
clients have direct access to prices, research, trade ideas and analytical
tools through leading edge applications such as ResearchWeb – our equity
research site, DealKey, an internet facility for managing equity and
equity-linked new issues, and CreditDelta, our credit portfolio management
product.
The quality of our e-commerce sites has again been recognized by
industry awards in 2001. In the euromoney.com 2001 internet awards, UBS Warburg
won more awards than any other bank, including Best Site awards to: FX Research
and Analytics –
FX Web
, FX Options and Execution –
FX Option
Trader
, Swap –
LIBOR Derivatives Online
, Medium Term Notes –
MTNWeb
, Euro-commercial paper –
ECPWeb
and Fixed
Income Analytics –
CreditDelta
. The Extel European Research
Survey also ranked ResearchWeb as the number one Equity Research Website, as
voted by institutional clients.
UBS Warburg sees technology as an enabling tool, allowing clients to
benefit from the expertise and skills of its advisors. While the pace of
technology development has not changed in 2001, we have focused on developing
e-commerce capabilities as core components of our products and services,
rather than as stand alone initiatives. Each business is continually seeking to
enhance products and distribution methods with one goal – delivering the whole
of UBS Warburg effortlessly and seamlessly to our clients.
Providing superior advice will be key to the Corporate and Institutional
Clients business unit's future success. UBS believes its e-commerce
initiatives enhance its ability to add value to clients, as well as allowing it
to extract value from the scale of its core business processes.
Energy trading
Early in 2002, UBS Warburg established an energy trading unit, based on
Enron's wholesale electricity and natural gas trading operations, through a
licensing agreement that will give Enron an interest in the future income of our
new business. UBS Warburg has not agreed to assume any of Enron's past, current
or future liabilities, and started with an empty trading book.
Under the deal, UBS Warburg will use Enron's proprietary software
(including EnronOnline), some of its trading floors and its back office
equipment. We hare hired 650 former Enron employees, including 150 trading
professionals. The key members of Enron's electricity and natural gas trading
management team will join UBS, including Greg Whalley, who became President and
Chief Operating Officer of Enron in August 2001. The Enron team will be
supplemented by management and other staff transferred from existing UBS
businesses.
Despite the recent interruption of Enron's trading businesses, we expect
that the combination of Enron's existing technology and personnel together
with the risk management skills and financial strength of UBS Warburg will prove
attractive to Enron's former clients and trading partners. Prior to its
collapse, Enron was the undisputed leader in this market, with a reputation
for trading innovation and the excellence of its technology. We believe that the
talent and expertise of the team will continue to be per-
43
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The Business Groups
UBS Warburg
ceived as the market's best, recovering past relationships and attracting new
clients.
We see this as a great opportunity for UBS Warburg to leverage its risk
management skills and trusted capital strength in an area in which market risk
is largely uncorrelated to market risk in our other trading operations. It will
take time to establish ourselves in this business, but we are confident that the
combination of UBS Warburg with the technology and staff of the Enron trading
operations will prove highly successful.
Strategic opportunities
UBS Warburg is one of the few truly global content and advice providers for
institutional clients, with a full range of products. The international reach,
breadth and diversification of its direct access to investors is best-in-class.
We believe that markets will continue to be difficult until the second half of
2002 at the earliest, which will have a short term negative impact, particularly
on our equity and corporate finance businesses. Nonetheless, we are confident
that as recent new hires build their productivity, and as the momentum we have
built in European and US markets pays dividends, we will continue to gain market
share across all businesses, products and regions in 2002.
Industry trends and competitive positioning
We continue to show a significantly improved competitive position in both the
corporate client segment and with institutional clients. Our market share in
virtually all markets has improved and although we have not yet broken in to the
top 5 in the corporate finance fee markets, we are a solid top 3 institutional
player and have demonstrated strong momentum this year.
Our profits and cost/income ratio were hurt by the weaker revenue
opportunities as 2001 progressed, but our overall costs are down and are tightly
controlled. We are increasingly competitive and well positioned to take full
advantage of any market improvements.
Expansion of Corporate finance
The merger with PaineWebber has positioned UBS Warburg as an employer of choice
in the key US market by further demonstrating UBS Group's commitment to the
worlds largest market and establishing a solid platform from which to build.
During the latter part of 2000 and continuing throughout 2001, we took
advantage of our enhanced credibility as an employer, and the dislocation in
labor markets through various mergers within our industry, to hire key
experienced and talented individuals and small teams in corporate finance.
We have focused on specific sectors where there is a substantial current
fee pool, as well as sectors where we believe there are significant
opportunities in the future. Our hiring efforts have been mainly centered on the
development of industry-leading franchises in several key sectors, including
Consumer Products, Energy and Power, Healthcare, Wireless, Media and
Industrials. We also intend to build on our existing franchise in the
Financial Institutions sector.
Building our franchise in this way will not result in overnight success. We
expect it to take
Structure of the Enron deal
Under the agreement, UBS Warburg receives an exclusive license for ten years for
the North American natural gas and electricity trading systems and a
non-exclusive license for its systems in the rest of the world and for trading
any other commodity or financial instrument globally. There will be no initial
cash payment – all payments will take the form of royalties, based on future
pre-tax income. Through the exercise of call options, UBS Warburg has the
possibility to acquire all rights to the business (each call option would allow
UBS Warburg to buy a third of Enron's retained interest). If we exercise no
calls after ten years and three months, our exclusive license for the North
American gas and power trading operations will convert into a non-exclusive
license and Enron will have the right to offer the intellectual property for
trading gas and power in North America on a non-exclusive basis to other
parties.
44
Table of Contents
two or three years for the new hires we have made and the new teams we are
building to reach full productivity and generate substantial returns. Despite
this, we have already achieved significant results, dramatically improving our
corporate finance rankings compared to 2000. Using Freeman & Co data as a
reasonable proxy for improvement in competitive positioning, we have clearly
started building positive momentum with corporate clients in the Americas and
are one of the few among our competitors to have increased absolute fee revenues in the Americas in 2001. However, we recognize the need to continue to
build our franchise, hiring bankers and research analysts with significant
expertise and client relationships.
Expansion in secondary markets in the US
We aim to build a secondary markets franchise in the US that is similar in depth
and breadth to our leading European and Asia Pacific businesses. As a result
of the boost to our franchise from the integration of UBS PaineWebber, we now
rank strongly in equity research and have more than doubled our US secondary
equity market share, although we remain some way behind the market share we
enjoy in Europe.
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The Business Groups
UBS Warburg
UBS Capital
UBS Capital will focus on managing its existing portfolio and selectively
investing in core sectors and industries where we can leverage our capabilities
and experience.
Business
In July 2001, we announced the postponement of plans to spin off UBS Capital to
an affiliated status given the difficult market conditions for the private
equity asset class. Since then, results at UBS Capital have continued to
disappoint, as further deterioration of the economic climate has forced the
postponement of planned divestments and led to continued degradation of value in
parts of the portfolio.
During this period, we carefully considered the strategic future of UBS
Capital in the light of the market environment, shifts in the structure of the
private equity industry and our current assessment of the long-term
opportunities for UBS Group. Although we are still undergoing a detailed review
of the prospects for continued investments in some limited sectors, we expect
that, consistent with our overall focus on advisory services, UBS will now
concentrate on the management of its existing portfolio of investments, on
enhancing our capabilities in private equity asset management, and restricting
the level of our direct investments as principal.
New investments by UBS and its clients in UBS Capital funds will be limited
to those sectors and regions with the strongest performance track record, and
where UBS has the greatest competitive strengths, management depth and industry
knowledge.
UBS Capital's portfolio outside these strongest performing sectors and
regions will be managed down by a team of proven and experienced investment
managers over a period of several years to reduce UBS's exposure without
unnecessary sacrifice of fair value.
In the short-term, divestment opportunities remain highly restricted, and the
future development of the portfolio will depend on the performance of the
portfolio companies, the resumption of more normal levels of capital market
activity, as well as the general outlook for company valuations.
Investment portfolio
UBS Capital had a total investment portfolio of CHF 5.0 billion at 31 December
2001, defined as historic cost of investments made, less divestments and
permanent impairments. The fair value of the portfolio at the same date was CHF
5.6 billion.
At 31 December 2001, approximately 68% of the investment portfolio was three
years old or less. Generally, investments are sold, and operating income
recognized, between the third and the sixth year after the initial investment.
Organization
UBS Capital is structured on both a regional and sector basis. Given our revised
approach, we now focus our efforts on ongoing management of our portfolio, and
evaluating opportunities to exit investments which are appropriate to market
conditions, the strategic positioning of the operating company and a
satisfactory return for UBS and other investors. In considering any new
46
Table of Contents
UBS Capital investment
portfolio
Aging (based on date of initial investment)
As at
CHF million
1
31.12.01
31.12.00
31.12.99
pre-1994
85
65
89
1994
190
253
200
1995
214
272
308
1996
202
166
204
1997
207
520
496
1998
722
842
718
1999
1,123
1,490
978
2000
1,781
1,941
2001
487
Total
5,011
5,549
2,993
1
All amounts are Investment, defined as cost less disposals and permanent impairments.
UBS Capital investment portfolio
Geographic region (by headquarters of investee)
As at
CHF million
1
31.12.01
31.12.00
31.12.99
North
          America
2,134
2,356
1,389
Europe
339
382
217
Latin-America
2,018
2,333
1,153
Asia-Pacific
520
478
234
Total
5,011
5,549
2,993
1
All amounts are Investment, defined as cost less disposals and permanent
impairments.
UBS Capital investment portfolio
Industry sector (based on industry classification codes)
As at
%
        of
% of
% of
CHF million
1
31.12.01
Portfolio
31.12.00
Portfolio
31.12.99
Portfolio
Consumer
          related
773
15
1,023
18
610
20
Transportation
522
10
640
12
605
20
Communications
414
8
380
7
326
11
Computer
          related
833
17
819
15
282
9
Energy
152
3
190
3
167
6
Other
          electronics related
247
5
247
4
38
1
Other
          Manufacturing
94
2
106
2
45
2
Chemicals
          and materials
54
2
106
2
23
1
Industrial
          products and services
1,360
27
1,361
25
635
21
Others
562
11
677
12
262
9
Total
5,011
100
5,549
100
2,993
100
1
All amounts are Investment, defined as cost less disposals and permanent
impairments.
investments we will aim to exploit the specific skills of our most successful
teams, and draw on the resources and strengths of the Group.
Investment process
UBS Capital concentrates on late-stage investments, believing that these have
a better chance of producing superior risk-adjusted returns. At 31 December
2001, 86% of the book value of UBS Capital's investments was late-stage at the
time of investment.
Investment opportunities have originated from a variety of sources, including
referrals from UBS Switzerland and UBS Warburg. UBS Capital's investment policy
concentrates on five aims:
–
negotiate an attractive entry price.
–
increase the company's efficiency.
–
implement a sales growth strategy.
–
repay company debt and reduce leverage.
–
achieve an exit at a higher multiple of earnings than the entry price.
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The Business Groups
UBS Warburg
Where appropriate, UBS Capital aims to provide a broader depth of resources
and experience to the management teams of these companies to allow them to
develop their businesses over the medium term (three to six years) in order to
optimize their performance. UBS Capital's exit strategies for the businesses
include direct sales to strategic buyers, initial public offerings, leveraged
recapitalizations and sales to other financial sponsors.
Strategic opportunities
Private equity funds
An established strategic goal of UBS Capital has been to develop best-of-breed
alternative investments for the private clients of UBS Group. We will
therefore leverage our knowledge of the industry, its dynamics and its key
players to provide a screen selection of best-of-breed providers and advise
institutional clients on third party private equity investments.
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Private Clients (UBS Paine Webber)
UBS PaineWebber — providing sophisticated
  wealth management services to affluent clients in the US.
During 2001, Private Clients was a business unit of UBS Warburg, which is how it
is presented in this Handbook and how its results are reported in the Financial
Report 2001. On 1 January 2002, the Private Clients business unit was renamed
UBS PaineWebber and became a separate Business Group within UBS. Future financial reporting will follow this new structure.
Business
Operating under the brand name UBS PaineWebber, Private Clients is the fourth
largest private client business in the US, with one of the most affluent client
bases in the industry. Its 8,870 financial advisors provide a full range of
wealth management services to some 2.5 million wealthy households in America.
Its focus is on households with investable assets in excess of USD 500,000, the
segment with the largest, fastest growing pool of assets in the US. Private
Clients also has operations in Japan and Australia, although these represent a
small percentage of its overall business.
Organization
The primary business area within UBS PaineWebber is the Private Clients Group,
serving wealthy clients in the US. In addition, specialist products areas
include Corporate Employee Financial Services, which provides stock option and
stock purchase programs to corporations and employees in the US, and Transaction
Services, which provides prime brokerage and securities lending to major US
and international investment firms, and execution and clearing services to
correspondent broker-dealers across the US, leveraging UBS PaineWebber's
infrastructure and skills.
Legal Structure
UBS PaineWebber operates through branches and subsidiaries of UBS AG. Securities
activities in the US are conducted through UBS PaineWebber Inc., a registered
broker-dealer.
Clients and marketing
UBS PaineWebber financial advisors are key to its client relationships,
supported, but never replaced, by its top class online services. Financial
advisors build and maintain strong relationships with their clients, taking the
time to understand their financial objectives and risk appetite, in order to
help them select the specific products and services they need. They also form
the front-line in client acquisition, responsible for developing relationships
with prospective investors and converting them into UBS PaineWebber clients. UBS
PaineWebber's financial advisors are based in 385 offices across the US, with
representation in every major region.
Each year, UBS PaineWebber recruits on average 1,800 financial advisors,
both experienced professionals and new entrants to the industry. All new brokers
undergo a rigorous training program which is designed to provide them with the
necessary financial planning, analysis, client management, legal and compliance
training for dealing with our clients. The training program is a continuous
process and does not end when the broker enters a branch office. In fact it is
key to the development of our relationships with our clients and to retaining
our brokers: broker turnover has been maintained at 8% over the last five years,
and the average length of service is nine years.
Financial advisors' individual efforts are backed up by sophisticated and
long-running marketing and advertising campaigns, featuring the long famous
tag-line "Thank you, PaineWebber", and now its revised version "UBS PaineWebber,
Thank you", reflecting the introduction in March 2001 of the new brand, UBS
PaineWebber. The new name is designed to underscore UBS and PaineWebber's
complemen-
49
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The Business Groups
UBS Warburg
tary strengths and to reinforce the benefits of the merger to clients, financial
advisors and other employees.
Products and Services
UBS PaineWebber provides a full range of wealth management services, including:
–
financial planning and wealth management consulting.
–
asset-based and advisory services such as discretionary and
non-discretionary portfolio management, money market accounts, loans and
fiduciary products.
–
transaction-based services, such as securities brokerage.
It covers the full range of products available to private clients, including
purchase and sale of securities, option contracts, commodity and financial
futures contracts, fixed income instruments, mutual funds, trusts, wrap-fee
products, alternative investments and selected insurance products.
UBS PaineWebber's financial advisors are backed up by comprehensive online
capabilities, centered on UBS PaineWebber Online Services. Launched in 1997,
this now reaches 525,000 client households, representing more than USD 254
billion in invested assets at year-end 2001. The system provides a wealth of
information and analysis to each client, about their accounts, and the markets
and stocks they might want to invest in, and gives them a convenient means to
keep in touch with his or her financial advisor. It also provides a range of
trading, bill payment and other transactional tools. Each client and their
client advisor has the opportunity to customize these services, extending the
advisory relationship online, and empowering the client to make more confident
decisions.
Strategic opportunities
UBS PaineWebber remains clearly focused on increasing its market share of US
household financial assets, taking advantage of the additional capabilities
and balance sheet strength that the merger with UBS has brought, by leveraging
Private Clients broad domestic distribution capabilities, and building the
strength of the new UBS PaineWebber brand.
Industry trends and competitive positioning
UBS PaineWebber faces increasing
pressures from a diverse set of competitive categories. All of our key
competitors are aggressively battling for share of the affluent investor market
and are deploying new marketing strategies to acquire new customers and develop
their existing client relationships.
We believe we understand the goals and needs of core affluent investors and
believe those needs are best met within the framework of the financial advisor
relationship. UBS PaineWebber is distinguished by its personal approach to
client relationships, placing the financial advisor at the forefront of all
interactions with the client. Among core affluent investors, we have developed
the following key capabilities:
–
National network of core affluent-focused financial advisors allowing
us to develop and maintain local, personalized client relationships.
–
A strong US brand name, which builds trust with our clients, is now
backed up by the international resources and capital strength of UBS.
–
A long commitment to, and understanding of, the benefits for our clients
of a truly open product architecture providing screened selections of
the best products available in the market.
–
Innovative investment products giving us comprehensive financial
solutions.
–
A unique approach and process for the affluent providing unbiased
investment advice.
–
Leveraging technology to develop an interactive client/advisor
relationship.
PACE and ACCESS
UBS PaineWebber continues to meet the core affluent clients' needs for a broad
palette of advisory and discretionary account services. Two leading "wrap fee"
products developed by UBS PaineWebber are PACE and ACCESS. Under both of these
accounts, which are distributed by the UBS PaineWebber financial advisor
network, the client is charged a fee based on the amount of assets managed as
opposed to any commission or transaction charges.
–
ACCESS combines the money management expertise of third-party
professional investment managers with personal guidance by the UBS
financial advisor. The managers selected to participate in the ACCESS
program are some of the most prestigious in the industry and count among
their clients many large
50
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pension funds, foundations, endowments and wealthy individuals. UBS
PaineWebber clients may invest in ACCESS with a minimum investment of
USD 100,000.
–
PACE (Personalized Asset Consulting and Evaluation) incorporates the
consulting process into a single, comprehensive service that includes
access to hundreds of no-load, load-waived and low-load mutual funds
managed by some of the world's leading investment management
companies. The client is guided through a personal evaluation of
investment needs to determine the correct risk profile and investment
mix.
While these products meet client needs for fee-based products, wrap products
also help UBS PaineWebber to enhance its revenue stream, by expanding recurring
fees which are not-related to the volume of transactions carried out, and so are
less sensitive to changes in market sentiment.
Products from UBS Group
UBS PaineWebber continues to benefit from UBS's strong balance sheet and product
expertise, making new structured products available to its clients.
One example of these is
GOALS, equity-linked securities created by UBS
Warburg that combine a bond with a short put option on a specific stock. An
entirely new kind of investment product for UBS PaineWebber, GOALS were
developed using UBS Warburg's expertise in packaging structured products for
private clients, and rely on the UBS Group's rating and capital strength for the
credit element of the product. Combined with its equity derivative features,
this was a product that PaineWebber could not have originated before joining the
UBS Group, and UBS Warburg could not have distributed in the US.
UBS PaineWebber distributed 12 different GOALs and GOALs+ issues to its
clients during 2001, together with several other issues of other structured
securities such as BULS and FORENS.
During early 2002, we plan to roll-out a series of new secured lending
products. Our financial advisors will be able to offer UBS PaineWebber branded
liquidity solutions such as fixed and variable rate non-purpose loans as well as
residential mortgages to their individual clients, increasing our ability to
meet the wider financial needs of our clients.
Corporate Employee Financial Services
Over the last few years, UBS PaineWebber's Corporate Employee Financial Services
(CEFS) business has established a strong franchise in the delivery of Stock
Option Processing services for S&P 500 companies with broad based plan participation. UBS PaineWebber provides services to over 500,000 active employee
share plan participants with "in the money value" of unexercised options of
over USD 40 billion. As well as a good business in its own right, CEFS acts as
an important asset-gathering tool. By providing a high service relationship with
the employees prior to the execution of the options, we aim to encourage them to
invest their option proceeds through UBS PaineWebber. We operate a dedicated
network of specially selected and trained financial advisors who offer a suite
of advisory and educational services to our clients' employees. Through this
network we can maintain our market position as the best full service provider
for corporations, while building a book of prequalified high net worth
clients.
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The Business Groups
Corporate Center
Corporate Center
Our Business Groups are managed together to optimize shareholder value making
the whole worth more than the sum of the parts.
Business Group Reporting adjusted
          for significant financial events
Corporate Center
CHF million
For the year ended
31.12.01
31.12.00
Income
678
358
Credit
          loss recovery
236
1,161
Total
          operating income
914
1,519
Personnel
          expenses
546
490
General
          and administrative expenses
207
281
Depreciation
372
320
Amortization
          of goodwill and other intangible assets
25
44
Total
          operating expenses
1,150
1,135
Business
          Group performance before tax
(236
)
384
Headcount
          (full time equivalents)
1,132
986
Aims and objectives
UBS's commitment to an integrated business model remains as strong as ever. UBS
is not merely a holding company. It is a portfolio of complementary businesses,
managed together for optimal shareholder value, where the whole is worth more
than the sum of its parts.
UBS's Business Groups are accountable for their results and enjoy
considerable autonomy in pursuing their business objectives hence the need for
a strong Corporate Center, with the mission to maximize sustainable shareholder
value by coordinating the activities of the Business Groups. It aims to ensure
that they operate as a coherent and effective Group with a common set of values
and principles. To perform its role, Corporate Center avoids ownership of
processes wherever possible, but instead establishes standards and principles,
thereby minimizing its own staffing levels.
Key functions
Finance and Risk management and control
Corporate Center includes the Group's
accounting, tax, treasury and risk management and control functions. These
teams are responsible for safeguarding UBS's long-term financial stability by
maintaining an appropriate balance between risk and rewards, so that the Group
is competitively positioned in growing market places with an optimal business
model and adequate resources.
Further details of risk management and control policies and Treasury
activities can be found in the Risk Management and Control, Regulators and
Supervision and Group Treasury sections of this Handbook.
Group Controlling
Group Controlling is responsible for devising and implementing integrated and
consistent
52
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financial control and accounting processes throughout the Group, in order to
produce the Group's regulatory, financial and management accounts.
Group Communications and
Marketing
The Group Communications and Marketing function is responsible for the effective
communication of our strategy, values and results to employees, clients,
investors, media and the public, and for building the UBS brand worldwide.
Group Human Resources
Group Human Resources' mission is to make UBS a global employer of choice, able
to attract, develop, motivate and retain top talent by establishing standards,
principles and procedures for performance evaluation, compensation and ben-
efits, graduate and professional recruitment, training and development.
Legal
Legal protects UBS's reputation by managing its legal affairs and coordinating
the activities of Business Group legal departments.
53
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54
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55
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Capital and Risk Management
Risk Management and Control
Risk Management and Control
Risk is an integral part of all our activities. Excellence in risk management
and control is a key success factor and therefore requires everyone's commitment
within our organization.
Risk management and control principles
UBS's approach to risk management and control
has evolved over a number of years, and is documented in the Group's Risk Management and
Control Principles, which lay the foundations on
which UBS builds its risk culture and risk process:
Business Management Accountability
: The
management of each business throughout UBS is
responsible for the risks assumed in its business
and for the continuous and active management
of all risk exposures, so that risk and return are
balanced.
Independent Controls
: An independent control process is implemented when required by the
nature of the inherent risks and the fundamental
incentive structure of the business processes. The
control functions are responsible for providing
an independent and objective check on risk taking activities to safeguard the integrity of the
entire risk management and control process.
Risk Disclosure
: Comprehensive, transparent
and objective risk reporting and disclosure to
senior management and to shareholders is the
cornerstone of the risk control process.
Earnings Protection
: Operating limits are set
to quantify risk appetite and allocated among
business lines to control normal periodic
adverse results, in an attempt to limit such losses relative to the potential profit of each business.
The Group's risk capacity is expressed
through stress loss limits with the aim of protecting UBS from unacceptable damage to our
annual earnings capacity, our dividend paying
ability and, ultimately, our reputation and ongoing business viability.
Reputation Protection
:Failure to manage and
control any of the risks incurred in the course of
our business could result in damage to UBS's reputation. For this reason:
–
We continue to develop potential stress loss
measures for credit and market risk.
–
We avoid taking extreme positions in tax, regulatory and accounting sensitive transactions.
–
We aspire to the highest standards in protecting the confidentiality and integrity of our
internal information.
–
We aim to maintain the highest ethical standards in all our businesses.
Every employee, but in particular those
involved in risk decisions, must make UBS's reputation an overriding concern. Responsibility for
the risk of reputation damage cannot be delegated or syndicated.
An integrated approach to risk
management and control
Risk management and control are an integral
part of our commitment to providing consistent,
high quality returns for our shareholders. We
believe that delivery of superior shareholder
returns depends on achieving the appropriate
balance between risk and return, both in day-to-
day business and in the strategic management of
the balance sheet and capital. We recognize that
risk is integral to UBS's business, but our
approach to risk management and control seeks
to limit the scope for adverse variations in earnings and, in particular, to protect UBS from the
risk of severe loss as a result of unlikely, but
plausible, stress events arising from any of the
material risks we face.
UBS has an integrated, Group-wide function
at the Corporate Center responsible for finance,
strategic planning, risk control, and balance
sheet and capital management. The independent
risk control organization is mirrored in the
Business Groups. Excellence in risk management
is, however, most fundamentally based upon a
business management team that makes risk identification, management and control critical components of their processes and plans.
56
Table of Contents
Key responsibilities
The
Board of Directors
is responsible for the
Group's fundamental approach to risk (the Risk
Management and Control Principles), and for
the determination of its risk capacity and risk
appetite.
The
Chairman's Office
is responsible for the
annual review of the Group's principal risk limits.
The
Group Executive Board (GEB)
is responsible for implementing the Risk Management
and Control Principles, for approving core risk
policies, for allocating risk limits to the Business
Groups, and for managing the risk profile of the
Group as a whole.
The
Chief Credit Officer (CCO)
is responsible for formulating credit risk policies, for determining
methodologies to measure credit risks,
and for setting and monitoring credit, settlement
and country risk limits.
The
Chief Risk Officer (CRO)
is responsible
for the policies, methodologies and limits for all
other inherent risk categories (see the section:
The risks we take on page 58), and for aggregating and assessing the total risk exposure of the
Group.
The
Business Group CEOs
are responsible
for all risk exposures within their Business
Groups and must take corrective action where
appropriate, given the aggregate risk profile of
the portfolio or the risks of specific positions.
The
Business Group Risk Control Functions,
headed by Chief Risk and Chief Credit Officers
(CROs and CCOs), are empowered to enforce
the Risk Management and Control Principles
and are responsible for the implementation of
independent control processes within their
Business Groups.
Business Group Risk Management Committees
monitor all risks taken by the Business
Groups and are the primary risk management
bodies. They are chaired by the Business Group
Chief Executive Officers and include heads of
business areas and delegates of the Group CRO
and CCO.
The
Group Risk Committee
reviews and evaluates the key risk issues globally and in the
Business Groups, and in particular the state of
the current portfolio, risk and revenue trends,
and concentrations and vulnerabilities. It is
chaired by the Group CRO.
The
Group Governance Committee
is responsible for coordination and oversight of the
Group's public policy interface with regulators,
central banks and governments, and for minimizing the Group's reputational risks. It is
chaired by the Group General Counsel and its
members include the President of the GEB, key
risk officers from Corporate Center and representatives of the Business Groups.
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Capital and Risk Management
Risk Management and Control
The risk control process
There are five critical elements in our independent risk control process:
–
risk identification,
particularly in new businesses and in complex or unusual transactions
but also in response to external events
and in the continuous monitoring of the portfolio.
–
risk measurement,
using approved methodologies and models which have been independently validated.
–
risk policies,
covering all inherent risk categories, both at Group level and in the Business
Groups, consistent with evolving business
requirements and international best practice.
–
comprehensive
risk reporting
to management
at all levels against the approved risk limits
and control framework, for all inherent risk
categories.
–
risk control,
to enforce compliance with the
Risk Management and Control Principles,
and with policies, limits and regulatory
requirements.
There are coordinated processes covering all
inherent risk categories which are applied before
commencement of any new business or significant change in business, and before the execution
of any transaction which is complex or unusual
in its structure or motivation, to ensure that all
these critical elements are addressed, including
the assurance that transactions can be booked in
a way that will permit appropriate ongoing risk
monitoring, reporting and control.
The risk control process also extends beyond
the independent risk control functions to
Financial Control
and the
Logistics Areas,
notably Operations, which are critical to establishing an effective control environment. Given
their responsibility for the booking, settlement,
and financial reporting processes, comprehensive
control by these functions creates a powerful
defense against inappropriate activity.
Group Internal Audit
provides an independent view to the Board of Directors of the effectiveness
of the Risk Management and Control
Principles and their enforcement, and of the
effectiveness of the independent control units.
During 2001, we have continued to develop
and enhance UBS's risk control process.
Principles, policies and processes are reinforced
through a "risk awareness" education program
which has been made available throughout the
Group in the form of live and recorded presentations by UBS risk control professionals covering
all aspects of risk control for all categories of
risk.
The risks we take
Business risks
are the risks associated with a chosen business strategy, including business cycles,
industry cycles, and technological change. They
are the sole responsibility of the relevant business, and are not subject to an independent control
process. They are, however, factored into the
Group planning and budgeting process.
Inherent risks
are the risks inherent in our
business activities which are subject to independent risk control. A distinction is made between
primary and consequential risks.
Primary risks
are the exposures deliberately
entered into for business reasons and which are
actively traded and managed:
–
credit risk
is the risk of loss resulting from
client, counterparty or issuer default and arises on credit exposure in all forms, including
settlement risk.
–
market risk
is exposure to observable market
variables such as interest rates, exchange rates
and equity markets.
–
liquidity and funding risk
is the risk that the
Group is unable to fund assets or meet obligations at a reasonable price or, in extreme
situations, at any price. These risks are managed at the Group level, rather than in the
Business Groups, and are discussed in the
Group Treasury section on pages 77 to 85.
Consequential risks
(also known as operational risks) are exposures that are not actively
taken, but which are incurred as a consequence
of business undertaken:
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Table of Contents
–
transaction processing risk
arises from errors,
failures or shortcomings at any point in the
transaction process, from deal execution and
capture to final settlement.
–
compliance risk
is the risk of financial loss
due to regulatory fines or penalties, restriction or suspension of business, or costs of
mandatory corrective action. Such risks may
be incurred by not adhering to applicable
laws, rules, and regulations, local or international best practice (including ethical standards),
and UBS's own internal standards.
–
legal risk
is the risk of financial loss resulting
from the unenforceability of rights under a
contract or property due to inadequate or
inappropriate contractual arrangements or
other causes.
–
liability risk
is the risk of financial loss arising
from a legal or equitable claim against the
Group.
–
security risk
is the risk of loss of confidentiality, integrity, or availability of information or
assets, through accident or crime, and
includes both IT and physical security.
–
tax risk
is the risk of financial loss due to tax
authorities opposing the Group's position on
tax matters. While the other consequential
risk categories are managed at Business
Group level, tax risk is managed at the Group
level since tax is assessed on a legal entity
basis and the parent bank and many subsidiary groupings carry out activities for more
than one Business Group.
A failure adequately to identify, manage or
control any of these risks, including business
risks, may result not only in financial loss but
also in loss of reputation, and repeated or widespread failure compounds the impact.
Reputation risk is not directly quantifiable and
cannot be managed and controlled independently of the other risks.
How we measure risk
We measure potential loss at three levels -
expected loss, statistical loss and stress loss.
Expected loss
is the loss that is expected to
arise on average in connection with an activity. It
is the inherent cost of such activity, and should
be budgeted and deducted from revenues directly. The use of the expected loss concept for credit
risk is discussed in the Expected Loss section
on page 62. In the context of market risk,
expected loss is reflected in valuation adjustments which are routinely made in mark-to-market
books to reflect market liquidity or model
risk. We are continuing to develop the expected
loss framework for consequential risks and have
made further progress in 2001, particularly for
transaction processing risk.
Statistical loss
(also known as "unexpected
loss") is the estimated loss in a typical adverse
period, as statistically defined by a given confidence interval. A statistical loss measure in the
form of Value at Risk has been used to measure
market risk in UBS for a number of years, and is
both the basis of a key internal market risk limit
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Capital and Risk Management
Risk Management and Control
structure and the measure used to determine our
market risk regulatory capital charge. We continue to work towards robust measures of statistical
loss for other risk categories, although it
can be complex to apply statistical techniques to
risks for which the loss distribution is irregular
and discontinuous.
Stress loss
is the loss that could arise from
extreme, but plausible, stress events. We define
our risk capacity as the maximum loss that the
Board of Directors considers we could withstand
in a stress event without unacceptable damage to
our earnings, our dividend paying ability and,
ultimately, our reputation and ongoing business
viability. The identification of stress events and
scenarios to which we are vulnerable and an
assessment of their potential impact is therefore
critical to the risk control process. Formal stress
loss measures and limits are most extensively
implemented for our trading activities and for
country risk, but we use a variety of scenarios
and techniques, which we continue to refine, to
identify other areas of risk concentration and
potential vulnerability to stress events, particularly for credit and funding and liquidity risks.
Although the focus of this work is initially the
primary risk categories, the events of 2001 have
re-emphasized that stress situations can arise
from many sources, and the essential complement to quantitative assessments is a tried and
tested process which can be invoked immediately in response to any crisis. While we were fortunate
that our buildings were not physically
affected by the events of 11 September 2001, our
crisis management process proved robust and
effective, allowing us to overcome the market
and public systems disruptions which followed
and properly to control the ensuing risks, including funding and liquidity risk — see the Liquidity
and funding management section on page 80.
Risk reporting
Senior management at both business unit and
Group level are regularly provided with risk
reports, both quantitative, where available, and
qualitative. During 2001, the coverage of the
reports has been extended to encompass more
comprehensively all consequential risk categories, with particular focus on risks which pose
a reputational as well as financial threat.
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Capital and Risk Management
Risk Analysis
Risk Analysis
Credit risk
Credit risk represents the loss which UBS would
suffer if a client, counterparty or issuer failed to
meet its contractual obligations. It is inherent in
traditional banking products - loans, commitments to lend and other contingent liabilities,
such as letters of credit - and in foreign exchange
and derivatives contracts, such as swaps and
options ("traded products"). Positions in tradable assets such as bonds and equities, including
both direct holdings and synthetic positions
through derivatives, also carry credit risk, but
where they are held for trading and are marked
to market they fall under the market risk limits
and controls described in the Market Risk section below. They are, however, included in the
credit risk exposures reported in the
Composition of Credit Risk section below.
Credit risk management and control at UBS is
governed by a Group Credit Policy Framework,
and by detailed credit policies and procedures
developed for the Group and within the Business
Groups.
To ensure a consistent and unified approach,
with appropriate checks and balances, all
Business Groups where material credit risk is
taken have independent credit risk control
(CRC) functions headed by chief credit officers
(CCOs) reporting to the Group CCO and
Business Group CEOs. Disciplined processes are
in place, within the Business Groups and centrally, to ensure prompt identification, accurate
assessment, proper approval and consistent
monitoring of credit risk. Senior business management, the Group Executive Board and the
Chairman's Office are provided with regular,
standardized reports of aggregate Business
Group credit risk exposure by the CRC organization as part of a comprehensive risk reporting
framework.
The approval and monitoring of new counterparties, and of new transactions giving rise to
credit risk, plays a central part in the risk control
process. Credit approval authority is exercised
within the independent CRC functions by
authorized credit officers. The notional amount
of their authority is dependent, on the one hand,
on the quality of the counterparty, the size and
tenor of the exposure and any security and, on
the other hand, on the experience and seniority
of the credit officer.
The CRC function continuously monitors the
credit quality of counterparties and our exposure
to them, and the credit risk profile of the
Business Group portfolios. CRC has sole authority over counterparty rating, credit risk assessment
and approval, and the establishment of
allowances and provisions.
Credit limits
We restrict our credit exposure to both individual counterparties and counterparty groups by
credit limits. The size of limit depends on our
assessment of their financial strength, particularly the sustainable free cash flow to service obligations,
the economic environment, industry
position and qualitative factors such as management.
Exposure against limits is measured for banking products as the face value amount of the loan
or commitment. For most traded products we
determine the future exposure profile by modeling the potential evolution of the value of the
portfolio of trades with each counterparty over
its life (potential credit exposure), taking into
account legally enforceable close out netting
agreements where applicable (see Note 30b to
the UBS Group Financial Statements). Credit
limits for individual counterparties are applied
to the "maximum likely exposure" derived from
this analysis, a 95% confidence statistical measure of the exposure in each counterparty portfolio.
This approach is being enhanced and
extended to all traded products, including collateralized portfolios.
Credit risk measurement
We determine the amounts of credit loss expenses in our Financial Statements and in business
unit reporting on different bases. In the Group
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Capital and Risk Management
Risk Analysis
Financial Statements, we report results according to International Accounting Standards (IAS)
definitions. Under these rules, losses are recognized and charged to the Financial Statements in
the period when they arise (see the Provisioning
Policies section on page 64 and Notes 1 and 10
to the Financial Statements). By contrast, in its
segment and business unit reporting, UBS aims
to reflect the fact that credit risk exists in every
credit engagement, and that credit loss expenses
must be expected as an inherent cost of the business.
Expected loss
The occurrence of actual credit losses is erratic in
both timing and amount and those that arise
usually relate to transactions entered into in previous accounting periods. In order to manage
credit risk effectively by earning, over time, sufficient income to compensate for intermittent
losses caused by impairment, UBS uses the concept of
"expected loss"
to encourage appropriate
pricing of transactions and income recognition.
For UBS, expected loss is a statistically based
measure intended to reflect the annual costs that
will arise, on average, over time, from transactions that become impaired. It is derived from
the probability that a given counterparty will
default, our current and likely future exposure to
that counterparty and the likely severity of the
loss should default occur. For further details of
how we use expected loss in our segmental
reporting, please see the Credit loss expense section on page 34 of the Financial Report 2001.
The
default probabilities
of individual counterparties are assessed by means of rating tools
tailored to the various categories of counterparty. For the major part of the business within UBS
Switzerland, we use a statistical approach or
"score card" to form groups of clients with similar propensity to default. UBS Warburg, with its
less homogeneous client base, uses an approach
under which credit officers review counterparties
and assess their credit standing based on guidelines and an analytical format or "template",
designed to ensure consistency across the Group.
In all cases, the analysis is founded on an assessment of both financial ratios and qualitative factors.
The result of this counterparty specific
analysis is expressed as a rating.
Clients are segmented into 14 rating classes,
two being reserved for assets that are already
UBS internal rating scale and
mapping to external ratings
Moody's
Standard
Investor
and
UBS
Services
Poor's
rating
Description
equivalent
equivalent
1
Investment
Aaa
AAA
2
grade
Aa1 to Aa3
AA+ to AA-
3
A1 to A3
A+ to A-
4
Baa1 to Baa2
BBB+ to BBB
5
Baa3
BBB-
6
Sub-investment
Ba1
BB+
7
grade
Ba2
BB
8
Ba3
BB-
9
B1
B+
10
B2
B
11
B3
B-
12
Caa to C
CCC to C
13
Impaired and
D
D
14
defaulted
D
D
impaired or defaulted. The UBS rating scale,
which is shown in the table above, is not only an
ordinal ranking of our counterparties. We have
assigned to each rating class a fixed probability
of default, and thus clients migrate between rating classes as our assessment of their probability
of default changes. As shown in the table above,
we map the ratings of the major rating agencies
to our rating classes based on the long-term average default observations for each external grade.
Observed defaults per rating category vary year
on year, and especially over an economic cycle,
and this mapping does not, therefore, imply that
UBS expects this number of defaults in any given
period.
We determine
exposure at default
based on
the expected outstanding at the time of default,
for example for traded products the expected
exposure profile, derived from the same model
as for credit limit utilization (see Credit limits
section on page 61).
Loss severity or loss given default
is assessed
based on a set of assumptions, taking into
account the seniority of the claim, collateral and
other credit mitigation where available.
Expected loss, at both transaction and counterparty level, is the product of the probability of
default, the exposure at default and the loss
given default.
The concept of expected loss and its components form the basis for various business appli-
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cations
within UBS: individual credit policies
refer to counterparty rating classes to determine,
for example, the maximum tenor allowed for
OTC derivative transactions; the rating concept
is used to define credit authorities granted to
individual credit officers across the Group and
for some business processes within the Private
and Corporate Clients business unit; and expected loss is used as an approximation for valuing
the OTC derivative books and, thereby, accounting for the credit risk assumed in these trades.
UBS's internal measurement framework is consistent with the concepts likely to be incorporated
in the New Basel Capital Accord under which
future minimum regulatory capital requirements
for credit risk will be determined (see comment
in the Financial disclosure principles section on
page 99 and in the Regulation and supervision
section on page 106).
Statistical and stress loss
The credit portfolio is heterogeneous, varying
significantly in terms of client type, geographical
diversity and the size of exposures. For the
assessment of both statistical loss and stress loss,
it is therefore broken down into sub-portfolios
with more homogeneous characteristics.
We have continued to develop internal models for the measurement of statistical loss for
credit risk at the sub-portfolio level. This provides an indication of the level of risk in the portfolio
and the way it changes, and is used in pricing decisions.
Modeling extreme credit losses is complex
because they are driven much less by systematic
factors than is generally the case for market risk.
We apply scenarios which allow us to assess the
impact of variations in bankruptcy rates and
asset values, taking into account risk concentrations in each portfolio. Where concentrations are
high or the credit quality of a segment of the
portfolio is low, specific limits and controls are
applied to contain the risks within acceptable
bounds.
Settlement risk
UBS is exposed to settlement risk as a consequence of its international transactional businesses.
Settlement risk arises in transactions
involving the exchange of values when we must
honor our obligation to deliver cash or securities
without first being able to determine that we
have received the counter-value. This risk is particularly significant in foreign exchange and precious
metals transactions. We limit and monitor
this risk on a continuous basis against settlement
limits set for each of our counterparties based on
our assessment of their credit standing.
Settlement risk reduction is a high priority for
CRC, Operations and Business Groups. They
work together to achieve shorter settlement
cycles from payment release to reconciliation,
and to reduce exposure by establishing risk
reduction arrangements with counterparties,
such as payment netting and covered settlements.
UBS participates in payment and securities
clearing houses, and we continue to play a major
role in the Continuous Linked Settlement (CLS)
project, an industry initiative to establish a
global clearing house, CLS Bank, to settle foreign exchange transactions on a delivery
versus payment basis. CLS is now scheduled to
go live in mid-2002 and will substantially reduce
both settlement and systemic risks faced by
UBS and other major foreign exchange trading
banks.
Country risk
UBS's definition of country risk covers all
cross-border exposures from banking products
and traded products, including our own intraGroup cross-border positions, and exposure to
issuers of tradable assets such as bonds and equities.
The CRC function at the Corporate Center
assigns ratings to all countries to which we have
exposure. Like the counterparty ratings, the sovereign ratings express the probability of the
occurrence of a country risk event that would
lead to an impairment of UBS's exposures. The
default probabilities and the mapping to the
ratings of the major rating agencies are the
same as for counterparty credit risks (see table
on page 62).
Countries are classified as industrialized or
emerging markets. In view of the higher risk
associated with emerging market countries,
including those considered investment grade
(rated 5 or better), we closely and continuously
monitor exposure to these countries, within
country ceilings approved by the Chairman's
Office. The country risk ceiling is a primary limit
for all transactions with counterparties in these
63
Table of Contents
Capital and Risk Management
Risk Analysis
countries, and extension of credit may be denied
on the basis of a country risk ceiling even if there
are adequate counterparty limits available.
Counterparty default resulting from multiple
insolvencies (systemic risk) or general prevention
of payments by authorities (transfer risk) is the
most significant long-term effect of a country crisis, but in our internal measurement and control
of country risk we also consider the probable
financial impact of market disruption arising
prior to, during and following a country crisis, in
the form of severe falls in the country's markets
and asset prices, longer-term devaluation of the
currency and potential immobilization of currency balances.
Under a framework introduced in 2000, we
measure exposures to emerging market countries not only in terms of nominal claims (loans
outstanding, potential credit exposure from
OTC derivatives and market value of tradable
assets), but also in terms of risk equivalent
(potential loss), reflecting the fact that the risk
profiles of exposures can vary significantly,
depending on the type of product, any collateral, and the degree to which they have been
hedged against market shocks. Country ceilings
based on risk are now the primary risk management and control tool for individual countries,
although we continue also to limit and report
nominal exposures in line with regulatory and
financial reporting requirements.
In order to limit the potential financial impact
of a severe emerging markets crisis, the overall
portfolio is subject to a risk limit derived from
stress scenario analysis - we identify countries
that may be subject to a potential crisis event and
determine potential loss under conservative
assumptions of recovery rates for individual products. The potential loss under this stress loss measure
is subject to a limit approved by the Board of
Directors. The analysis is the responsibility of the
country economists under the Group CCO.
Provisioning policies
UBS classifies a claim as impaired if the book
value of the claim exceeds the present value of
the cash flows actually expected in future periods - interest payments, scheduled principal
repayments, or other payments due (for example
on derivatives transactions), and including liquidation of collateral where available. Within this
category, we further classify loans as non-performing where payment of interest, principal or
fees is overdue by more than 90 days. Non-performance is not the determinant of impairment,
although it may, in some circumstances, be the
first evidence of impairment.
We have established policies to ensure that
the carrying values of impaired claims are determined on a consistent and fair basis, especially
for those impaired loans for which no market
estimate or benchmark for the likely recovery
value is available. Future cash flows considered
recoverable are discounted to present value on
the basis of the principles of IAS 39. A provision
is then made for the probable loss on the loan in
question and charged to the income statement as
credit loss expense.
Each case is assessed on its merits, and the
work-out strategy and estimation of cash flows
considered recoverable are independently
approved by the CRC function. The recovery
value of mortgage loans is determined by capitalizing an economically sustainable rental yield,
adjusted for the discount generally observed in
forced liquidations, and related costs if the strategy is based on a foreclosure. For commercial
exposures, enterprise value is determined from
an assessment of expected cash flows from
future operations if recovery is likely to be successful, or of the liquidation value of the assets if
bankruptcy proceedings are to be initiated
against the borrower.
Allowances and provisions for credit losses
also include a component for country risk. We
establish country-specific scenarios which are
reviewed and used on an ongoing basis, to evaluate the current and future probability of
default due to country risk incidents or country-specific systemic risks. The appropriate provisions are then determined by evaluating the type
of credit exposure in the portfolio for each
country and the loss severities that have been
attributed to each exposure type. Furthermore,
we have specific allowances against exposures
in countries that are subject to a moratorium or
have been rescheduled. The amount of such
allowances is determined case by case from an
assessment of the amounts that we deem to be
irrecoverable.
In general, Swiss practice is to write off loans
only on final settlement of bankruptcy proceedings, sale of the underlying assets, or formal debt
forgiveness. By contrast, US practice is generally
64
Table of Contents
to write off non-performing loans, in whole or in
part, much sooner, thereby reducing the amount
of such loans and corresponding provisions
recorded. A consequence of applying the Swiss
approach is that, for UBS, recoveries of amounts
written off in prior accounting periods tend to be
small, and the level of outstanding impaired
loans and non-performing loans as a percentage
of gross loans will tend to be higher than for our
US peers.
Composition of credit risk
Credit risk is assumed as an integral part of their
businesses by UBS Switzerland's Private and
Corporate Clients business unit and by UBS
Warburg's Corporate and Institutional Clients
Total credit risk exposure
UBS Switzerland
UBS Warburg
Other
1
UBS Group
CHF million
As at
31.12.01
31.12.00
31.12.99
31.12.01
31.12.00
31.12.99
31.12.01
31.12.00
31.12.99
31.12.01
31.12.00
31.12.99
Loans utilization (gross)
181,854
185,271
199,960
79,475
98,459
77,151
655
786
903
261,984
284,516
278,014
Contingent claims
13,235
10,613
9,465
7,301
11,440
15,136
2
0
0
20,538
22,053
24,601
Unutilized committed lines
2,009
3,574
3,444
48,026
47,402
60,412
18
0
0
50,053
50,976
63,856
Total banking products
197,098
199,458
212,869
134,802
157,301
152,699
675
786
903
332,575
357,545
366,471
Unsecured OTC products
1,961
883
2,415
64,416
61,340
107,898
0
0
11
66,377
62,223
110,324
Other derivatives
(secured exchange-traded)
2,317
1,638
2,338
12,150
8,994
8,133
0
0
0
14,467
10,632
10,471
Securities lending
45
2,193
32
14,575
12,159
11,732
0
0
0
14,620
14,352
11,764
Repo
67
650
11
18,948
22,183
12,287
0
0
2
19,015
22,833
12,300
Total traded products
2
4,390
5,364
4,796
110,089
104,676
140,050
0
0
13
114,479
110,040
144,859
Total tradable assets
3
2,908
2,626
2,785
241,357
219,070
219,019
121
136
471
244,386
221,832
222,275
Total credit risk exposure, gross
204,396
207,448
220,450
486,248
481,047
511,768
796
922
1,387
691,440
689,417
733,605
Total credit risk exposure,
net of allowances
198,886
199,670
210,003
483,850
478,303
508,972
791
917
1,381
683,327
678,890
720,356
1
Includes Corporate Center and UBS Asset Management.
2
Traded products valuation based on internal methodology.
3
Tradable assets valuation: net long, maximum default exposure.
Total loan portfolio exposure by Business Group
UBS Switzerland
UBS Warburg
Other
1
UBS Group
CHF million
As at
31.12.01
31.12.00
31.12.99
31.12.01
31.12.00
31.12.99
31.12.01
31.12.00
31.12.99
31.12.01
31.12.00
31.12.99
Loans to banks (gross)
7,938
9,150
8,780
19,853
20,370
21,481
470
544
524
28,261
30,064
30,785
Loans to customers (gross)
173,916
176,121
191,180
59,622
78,089
55,670
185
242
379
233,723
254,452
247,229
Loans (gross)
181,854
185,271
199,960
79,475
98,459
77,151
655
786
903
261,984
284,516
278,014
Counterparty allowance
5,016
7,280
10,447
1,899
1,962
1,550
5
5
6
6,920
9,247
12,003
Country allowance
494
498
0
499
782
1,246
0
0
0
993
1,280
1,246
Allowances for loan losses
2
5,510
7,778
10,447
2,398
2,744
2,796
5
5
6
7,913
10,527
13,249
Loans, net of allowances
176,344
176,165
189,513
77,077
97,043
74,355
650
781
897
254,071
273,989
264,765
Counterparty
provision
for contingent claims
111
23
0
181
19
19
0
0
0
292
42
19
Country
provision
for contingent claims
13
0
0
0
12
130
0
0
0
13
12
130
Total provisions
3
124
23
0
181
31
149
0
0
0
305
54
149
Summary
Allowances
and provisions
for counterparty risk
5,127
7,303
10,447
2,080
1,981
1,569
5
5
6
7,212
9,289
12,022
Allowances
and provisions
for country risk
507
498
0
499
794
1,376
0
0
0
1,006
1,292
1,376
Total allowances and provisions
5,634
7,801
10,447
2,579
2,775
2,945
5
5
6
8,218
10,581
13,398
1
Includes Corporate Center and UBS Asset Management.
2
Deducted from assets.
3
Booked as liabilities.
65
Table of Contents
Capital and Risk Management
Risk Analysis
business unit and, to a lesser extent, by the private
banking businesses of these Business Groups. The
tables on page 65 provide an overview of the
aggregate credit risk exposure of the UBS Group
and, within that, of the loan portfolio.
Note that in the tables and charts which follow, where we show the rating distribution of
counterparties, we refer to the credit exposure and
the probability of default only, without reference
to any potential loss mitigation from collateral.
66
Table of Contents
UBS Warburg
UBS Warburg's gross credit exposure of CHF
486 billion includes CHF 20 billion of exposure
in the Private Clients business unit, which is not
included in the following discussion, since
almost all lending within the Private Clients
business unit is secured.
A substantial majority of UBS Warburg
Corporate and Institutional Clients' counterparties fall into the investment grade category (internal
counterparty rating grades 1 to 5), both for
banking products (66%) and for the traded
products portfolio (95%). These counterparties
are primarily sovereigns, insurance companies,
financial institutions, multinational corporate
clients and investment funds. Exposure to lower
rated counterparties is generally collateralized or
otherwise structurally supported.
In the last few years, but more intensively in
2001, UBS Warburg has engaged in a substantial
credit risk hedging program through which we
have effectively reduced UBS Warburg's banking
products exposure by CHF 24.7 billion. This
was achieved mainly by transferring the underlying risk to high grade market counterparties
using credit default swaps. The table below provides a pro-forma view of the net banking products
exposure in UBS Warburg Corporate and
Institutional Clients business unit, reflecting the
effect of these credit risk hedging activities.
During the course of 2001, we have seen a
number of high profile investment grade
defaults, and our relatively low level of new provisions and allowances this year (see table on
page 71) has confirmed not only that the strategy of reducing risk concentrations, even for well
rated counterparties, is sound, but also that the
hedges employed are in practice successful. This
strategy, coupled with a reluctance to engage in
balance sheet led earnings growth, positions UBS
relatively well for any continued turbulence in
the international credit markets.
The Corporate and Institutional Clients business unit's banking products portfolio continues
to be widely diversified across industry sectors.
At 31 December 2001, the largest exposure
(21%) was to the Finance sector. The reported
10% exposure to the transport, storage and
communication sector includes CHF 6.9 billion
of exposure to the telecommunication industry,
the vast majority of it relating to established
investment grade operators.
We closely follow and continuously review
the exposure development in industry sectors
most affected by the terrorist attacks of last
September, such as insurance, aviation, tourism,
technology and telecomunications. 72% of the
aggregate credit exposures to these sectors was
rated in the investment grade category.
A significant proportion of UBS Warburg's
credit risk arises from its trading activities,
including its trading of derivative products. The
provision of risk management solutions involving the use of derivative products is a core service
offered by UBS Warburg, but derivative prod-
UBS Warburg
Corporate and Institutional Clients
Credit hedging, banking products
1
As at 31.12.01
CHF million
As reported
Amount hedged
Net
3
Investment Grade
60,174
21,394
39,765
Sub-investment Grade
22,189
2,831
19,496
Impaired and Defaulted
3,431
2,017
2
1,787
Total exposure
85,794
26,242
2
61,048
1
Reported exposure excludes money market business. Net exposure does not take overhedging into account.
2
Includes CHF 1,473 million of counterparty specific allowances.
3
Net after hedges and allowances.
67
Table of Contents
Capital and Risk Management
Risk Analysis
ucts, by their nature, are sensitive to changes in
market prices and UBS therefore pays close
attention to the management and control of
these risks.
We place particular emphasis on the maturity
profile, and transactions with counterparties of
lower quality are generally conducted only on a
secured basis or for short tenors. In line with
general market trends, UBS Warburg has entered
into bilateral collateral agreements with other
major banks to mitigate the potential concentrations of exposure arising from industry consolidation
and the continuing increase in volumes of
OTC derivatives traded.
The graphs show UBS Group's OTC derivative exposure by product type and maturity at 31
December 2001, while the table on page 66
shows details of all traded products exposure at
31 December 2001, by counterparty rating. See
Note 24 to the UBS Group Financial Statements
Derivative Instruments for further details.
UBS Switzerland
UBS Switzerland's loans to customers at 31 December 2001 amounted to CHF 182 billion,
66% or CHF 120 billion of which were secured
mortgages. The graphs below show that UBS's
exposure to the real estate sector is well diversified with 42% of loans being secured on owner-
occupied property (single-family homes). The
exposure on residential multi-family homes of
41% consists of owner occupied apartments and
rented apartment buildings. In particular, the
owner-occupied dwellings exhibit a low risk profile both in terms of individual assets and at a
portfolio level. Loans and other credit engagements with individual clients, excluding mortgages,
are predominantly extended against the
pledge of marketable securities where UBS
applies conservative standards to determine the
advance value of the collateral.
The remainder of UBS Switzerland's portfolio, excluding mortgages, consists of exposures
to corporate and individual clients. These
68
Table of Contents
clients are fairly widely spread across rating categories and industry sectors,
which reflects UBS's position as a market leading lender to this segment of
predominantly small to medium sized enterprises in Switzerland. During 2001, our
high credit underwriting standards and the continued relative strength of the
Swiss economy have contributed to improved credit quality within UBS
Switzerland's portfolio, with individual and sector concentrations having been
further reduced.
Country risk
At 31 December 2001, CHF 1,127 billion or 98.6% of our country risk exposure was
to industrialized countries, where the risk of default is judged to be
negligible and, of this, CHF 562 billion, or 50% were intra-Group cross-border
money market positions.
The remaining 1.4%, or CHF 15.4 billion, of UBS's country risk exposure is to
emerging markets countries. This exposure has continued to decrease during 2001
in line with our policy of limiting exposure to these risks, falling by CHF 823
million between 31 December 2000 and 31 December 2001, a reduction of 5%. As a
result
69
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Capital and Risk Management
Risk Analysis
Emerging markets exposures by major geographical area and product type
Total
Banking products
Traded products
1
Tradable assets
2
CHF million
As at
31.12.01
31.12.00
31.12.99
31.12.01
31.12.00
31.12.99
31.12.01
31.12.00
31.12.99
31.12.01
31.12.00
31.12.99
Emerging Europe
1,954
1,612
1,586
632
809
919
750
395
248
572
408
419
Emerging Asia
7,747
7,642
10,055
4,029
4,053
5,003
1,537
1,355
3,873
2,181
2,234
1,179
Latin America
2,876
4,268
9,647
1,122
2,352
8,169
863
1,025
665
891
891
813
Africa / Middle East
2,858
2,736
3,314
1,432
1,564
2,539
962
669
659
464
503
116
Total
15,435
16,258
24,602
7,215
8,778
16,630
4,112
3,444
5,445
4,108
4,036
2,527
1
Traded products consist of derivative instruments, reverse repurchase
agreements and other collateralized transactions.
2
Tradable assets consist of equity and fixed income financial instruments
held for trading purposes, which are marked to market on a daily basis.
of this ongoing reduction, the Argentinedefault in late 2001 had almost no
effect on us.
The table above analyzes the emerging market country exposures by major
geographical area and product type at 31 December 2001 compared to 31 December
2000 and 31 December 1999.
Credit loss expense
UBS Group's Financial Statements are prepared in accordance with IAS, under
which credit loss expense charged to the Financial Statements in any period is
the sum of net allowances and direct write-offs minus recoveries arising in that
period, i.e. the credit losses actually incurred. So that the risks and rewards
of credit decisions can be better reflected in their results over time, we
present our Business Group results in terms of expected loss, rather than actual
IAS loss, and provide a reconciliation between the two — see pages 34 to 35 of
our Financial Report 2001 for further details. The following discussion covers
the actual credit loss expense recorded under IAS.
The global credit environment declined rapidly throughout 2001, with overall
default rates as high as during the last major global recession in 1991. The
phenomenon of investment grade companies falling into restructuring and default
within a very short period of time became very prominent in the United States
during 2001, and subsequently spread to Europe. In this difficult and
challenging environment we have focused on ensuring that our counterparty
ratings are rapidly adjusted to reflect the changing economic situation. At the
same time, we have increased the frequency of sector and geographic rating
reviews.
In UBS Warburg, the ongoing strategy of actively hedging credit exposure has
kept new provisions to a relatively low level, resulting in a credit loss
expense of CHF 375 million in 2001, compared to CHF 565 million in 2000.
Corporate bankruptcies in Switzerland have now reached their lowest level
since the early 1990s (see graph on page 71), and we have successfully improved
the credit quality of our domestic portfolio over recent years. The level of
recoveries of previously existing provisions has, however, declined compared to
the somewhat exceptional levels of 2000, reflecting less robust
Credit loss expense
UBS Switzerland
UBS Warburg
Other
1
UBS Group
CHF million, except where indicated
For the year ended
31.12.01
31.12.00
31.12.99
31.12.01
31.12.00
31.12.99
31.12.01
31.12.00
31.12.99
31.12.01
31.12.00
31.12.99
Total banking products
exposure at year end
197,098
198,130
212,869
134,802
158,629
152,699
675
786
903
332,575
357,545
366,471
IAS actual credit loss
expense/(recovery)
123
(695
)
965
375
565
0
0
0
(9
)
498
(130
)
956
- as a proportion of total
banking products exposure (bps)
6
(35
)
45
28
36
0
0
0
(100
)
15
(4
)
26
Adjusted expected loss charged
to Business Groups
2
604
784
1,071
130
247
333
0
0
0
734
1,031
1,404
- as a proportion of total
banking products exposure (bps)
31
40
50
10
16
22
0
0
0
22
29
38
1
Includes Corporate Center and UBS Asset Management.
2
For an explanation of the credit loss charge used in our Business Group
reporting please see the Expected loss section on page 62 and pages 34-35 of the
Financial Report 2001.
70
Table of Contents
growth in the Swiss economy towards the end of 2001, following the global
economic slowdown. As a result, the trend of net recoveries of loan loss
provisions observed in the previous year was reversed and credit loss expenses
increased accordingly during 2001, althought remaining below the long-term
trend. Credit loss expense in UBS Switzerland in 2001 was CHF 123 million,
compared to a net recovery of CHF 695 million in 2000.
Group credit loss expenses in 2001 amounted to CHF 498 million, compared to a
net recovery of CHF 130 million in 2000 but down from an expense of CHF 956
million in 1999. The exceptional result in 2000 was a result of the significant
recovery of the Swiss economy and especially its effect on the real estate and
construction markets, which meant that UBS Switzerland was able to make a
substantial write back of credit loss provisions, which was only partly offset
by additional provisions for the UBS Warburg portfolio.
Impaired loans, allowances and provisions
UBS believes that the foreseeable losses in its portfolio are adequately covered
by its allowances and provisions. As shown in the table below, allowances and
provisions for credit losses decreased by 22.3%, from CHF 10,581 million at 31
December 2000 to CHF 8,218 million at 31 December 2001. Note 10b to the
Financial Statements in our Financial Report 2001 provides further details of
the changes in allowances and provisions during the year.
Allowances and provisions for credit risk
UBS Switzerland
UBS Warburg
Other
1
UBS Group
CHF million
As at
31.12.01
31.12.00
31.12.99
31.12.01
31.12.00
31.12.99
31.12.01
31.12.00
31.12.99
31.12.01
31.12.00
31.12.99
Loans (gross)
181,854
185,271
200,479
79,475
98,459
76,632
655
786
903
261,984
284,516
278,014
Non-performing loans
7,004
8,342
11,847
1,626
2,084
1,163
9
26
63
8,639
10,452
13,073
Other impaired loans
4,306
5,978
8,038
1,684
2,064
1,344
0
0
1
5,990
8,042
9,383
Total impaired loans
11,310
14,320
19,885
3,310
4,148
2,507
9
26
64
14,629
18,494
22,456
Allowances for non-performing loans
4,248
5,141
7,738
1,121
1,183
918
5
5
5
5,374
6,329
8,661
Allowances for other impaired loans
1,143
2,579
3,182
777
777
627
0
0
1
1,920
3,356
3,810
Total allowances for impaired loans
5,391
7,720
10,920
1,898
1,960
1,545
5
5
6
7,294
9,685
12,471
Other allowances and provisions
243
83
33
681
813
894
0
0
0
924
896
927
Total allowances and provisions
5,634
7,803
10,953
2,579
2,773
2,439
5
5
6
8,218
10,581
13,398
of which country allowances
and provisions
507
498
0
499
794
1,376
0
0
0
1,006
1,292
1,376
Ratios
Impaired loans as a % of gross loans
6.2
7.7
9.9
4.2
4.2
3.3
1.4
3.3
7.1
5.6
6.5
8.1
Non-performing loans
as a % of gross loans
3.9
4.5
5.9
2.0
2.1
1.5
1.4
3.3
7.0
3.3
3.7
4.7
Allowances and provisions
for credit loss as a % of gross loans
3.1
4.2
5.5
3.2
2.8
3.2
0.8
0.6
0.7
3.1
3.7
4.8
Allocated allowances
as a % of impaired loans
47.7
53.9
54.9
57.3
47.3
61.6
55.6
19.2
9.4
49.9
52.4
55.5
Allocated allowances
as a % of non-performing loans
60.7
61.6
65.3
68.9
56.8
78.9
55.6
19.2
7.9
62.2
60.6
66.3
1
Includes Corporate Center and UBS Asset Management. UBS Asset Management had
no impaired or non-performing loans at 31 December 01, 31 December 00 and 31
December 99.
71
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Capital and Risk Management
Risk Analysis
Provisions and allowances for emerging market-related exposures stood at CHF
1,006 million at 31 December 2001, compared to CHF 1,292 million at 31 December
2000 and 1,376 million at 31 December 1999. The reduction is mainly a
consequence of our policy of reducing the overall size of UBS's emerging market
exposures, especially in Latin America.
Impaired loans have decreased to CHF 14,629 million at 31 December 2001 from
CHF 18,494 million at 31 December 2000 and CHF 22,456 million at 31 December
1999. Over the same period, non-performing loans (a sub-set of impaired loans)
have also decreased, to CHF 8,639 million from CHF 10,452 million at 31 December
2000 and CHF 13,073 million at 31 December 1999.
The ratio of impaired loans to total loans has improved over the past three
years from 8.1% at 31 December 1999 to 6.5% at 31 December 2000, reaching 5.6%
at 31 December 2001, while the non-performing loans to total loans ratio
improved to 3.3% at 31 December 2001 from 3.7% at 31 December 2000 and 4.7% at
31 December 1999. These positive results were due in part to our successful
reduction of exposures to international credit risk, which produced fewer new
impaired and non-performing loans than in previous years, and in part to
continuing efforts to conclude proceedings and reach settlement on existing
non-performing loans.
Although UBS's non-performing loans to total loans ratio is somewhat higher
than that of comparable US banks, the comparison principally reflects different
write-off procedures under Swiss regulation and practice, rather than
necessarily implying a lower underlying asset quality. In turn, this practice
causes relatively higher allowances and provisions to be kept on the balance
sheet, than if we operated under US conventions. (See Provisioning policies on
page 64).
Market risk
Market risk is the risk of loss arising from movements in observable market
variables such as interest rates, exchange rates and equity markets. In addition
to these and other general market risk factors, the risk of price movements
specific to an individual issuer of securities or an individual issue ("residual
risk") are included in the measurement of market risk.
Market risk is incurred in UBS primarily through trading activities which are
centered in the Corporate and Institutional Clients business of UBS Warburg. It
arises primarily from market making, client facilitation and proprietary
positions in equities, fixed income and interest rate products, foreign exchange
and, to a lesser extent, precious metals. Activity is mainly in OECD markets,
with some business in emerging markets.
Group Treasury assumes market risk in the management of the Group's balance
sheet where long-term interest rate risk is transferred from other Business
Groups, and through the Group's structural foreign exchange positions, as
described in the Group Treasury section on pages 77 to 85.
Further market risks arise, but to a much lesser extent, in other businesses,
again, primarily from the facilitation of customer business, but also in the
form of interest rate risk in the banking books of the private label banks of
UBS Switzerland (Private Banking's independently branded, but wholly owned
private banking subsidiaries).
Market risk measures are applied to all the trading books of UBS Warburg, to
all foreign exchange and precious metals exposures of the Group, to interest
rate risk in the banking book taken by Group Treasury and the private label
banks, and to any other material market risk arising.
Risk measurement
The expected, statistical and stress loss framework is applied to market risk as
follows:
–
Expected loss
is reflected in the valuation adjustments made to the
portfolio. These cover price uncertainties resulting from a lack of market
liquidity or the absence of a reliable market price for an instrument or
position, and model risk in more complex models.
–
Statistical loss
is measured using a Value at Risk (VaR) methodology. VaR
expresses the potential loss on the current portfolio assuming a specified
time horizon before positions can be adjusted (holding period), and measured
to a specified level of confidence. UBS measures VaR on both a one-day and a
tenday holding period, in both cases to a 99% confidence level. Estimates are
based on historical simulation, assessing the impact of historical market
movements on today's portfolio, based on five years of historical data.
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Table of Contents
One-day VaR exposure expresses the maximum daily mark-to-market loss that UBS
is likely to incur on the current portfolio under normal market conditions
with a larger loss being statistically likely only once in a hundred business
days.
Stress loss
is assessed against our standard set of forward looking
scenarios, approved by the Board of Directors, using stress moves in market
variables which are regularly reviewed and approved by the Group CRO.
Scenarios may be derived from severe historical events or based on
prospective crisis scenarios developed from the current economic situation
and perceived market trends. They are kept under continuous review and
enhanced or augmented as and when necessary to reflect changing market and
economic conditions.
The Board of Directors has set a limit on statistical loss for market risk at
the Group level in terms of ten-day VaR. This limit is allocated by the GEB
among the Business Groups, the largest allocation being to UBS Warburg. Within
the Business Groups, the limit is allocated to lower organizational levels as
necessary. The internal ten-day VaR measure is also the basis of UBS's market
risk regulatory capital requirement.
All VaR models, while forward-looking, are based on past events and are
dependent upon the quality of available market data. The quality of
the VaR model is therefore continuously monitored by backtesting. In backtesting
we compare the actual revenues arising from the previous day's closing positions
("backtesting revenue", which excludes non-trading revenues such as commissions
and fees and revenues from intraday trading) with the one-day VaR calculated for
the previous day on these same positions. If the revenue, whether positive or
negative, exceeds the one-day VaR, a "backtesting exception" is considered to
have occurred. When VaR is measured at a 99% confidence level, a backtesting
exception is expected, on average, one-day in a hundred. A higher rate of
occurrence may indicate that the VaR model (the combination of the inputs and
the calculations) is not fully capturing all risks. UBS conducts backtesting
daily at a number of organizational levels down to individual trading
portfolios, and investigates all backtesting exceptions to establish their cause
and any necessary remedial action. Backtesting is also a regulatory requirement,
and negative backtesting exceptions (where revenue is negative and greater than
the previous one-day VaR) must be reported to the regulators.
The Board of Directors has also set a stress loss limit on market risk for
UBS Warburg.
The market risk VaR and stress loss limits are the principal controls on
UBS's exposure to dayto-day movements in market prices, but complementary
controls are also applied to prevent undue concentrations, including limits on
exposure to individual market risk variables, such as individual interest or
exchange rates, and limits on positions in the securities of individual issuers.
These controls are set at levels which reflect variations in price volatility
and market depth and liquidity.
Risk control of investment positions
Investment positions such as private equity are, by definition, positions held
with a longer-term view than trading positions and pose difficulties for risk
quantification: liquidity may be limited, market quoted prices may not be
readily available and there may be legal or other constraints on sale. Thus,
although such positions are subject to fair value accounting, the risk measures
applied to trading positions are not appropriate to investment positions without
modification. On the other hand, there are elements of the credit risk control
approach that can usefully be applied to such positions, for example debt
capacity analysis and valuation techniques. Our risk control approach to
investment positions therefore draws on the tools of both credit and market
risk.
The approach starts with a rigorous evaluation of new investments and a
defined business plan which addresses the purpose, the likely time frame and the
expected or targeted returns. Every investment is owned by a specific business
unit, management of which is responsible for continuous monitoring against the
original plan and regular reporting to senior management at Business Group and
Group level. Where investments are made on a regular basis, limits per
investment and for the total portfolio may be applied. In other cases, case by
case approval is required.
Valuation reviews are conducted regularly for material investments -
quarterly for private equity. These reviews are a joint effort between the
relevant business unit, Financial Control, the CRO Organization and Credit Risk
Control.
73
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Capital and Risk Management
Risk Analysis
UBS Warburg — Value at Risk (10-day 99% confidence)
1
Year ended 31.12.01
Year ended 31.12.00
Year ended 31.12.99
CHF million
Min.
Max.
Average
31.12.01
Min.
Max.
Average
31.12.00
Min.
Max.
Average
31.12.99
Risk type
Equities
124.1
458.0
181.6
157.4
144.7
245.9
199.4
146.5
121.8
207.6
162.5
172.8
Interest rates
136.6
318.7
193.3
239.7
113.8
202.3
149.8
132.8
87.7
187.6
140.2
140.1
Foreign exchange
9.3
90.7
28.5
25.8
7.6
97.5
32.5
31.6
9.5
144.7
57.5
76.1
Precious metals
2.2
14.4
6.1
5.1
2.1
27.4
9.7
5.3
5.3
35.8
21.0
27.8
Diversification effect
2
2
(148.6
)
(144.2
)
2
2
(148.3
)
(129.0
)
2
2
(168.1
)
(193.2
)
Total
187.2
479.6
260.9
3
283.8
186.8
296.1
243.0
3
187.1
176.6
275.7
213.1
3
223.6
1
Positions from PaineWebber are included from legal merger date 3 November
2000 onwards.
2
As the minimum and maximum occur on different days for different risk types,
it is not meaningful to calculate a portfolio diversification effect.
3
The corresponding figures for the Corporate and Institutional Clients
business unit of UBS Warburg were CHF 252 million at 31 December 2001, CHF 242
million at 31 December 2000 and CHF 213 million at 31 December 1999.
Market risk developments
The table above shows average, minimum, maximum and year end market risk
exposure for UBS Warburg, as measured by ten day, 99% confidence VaR exposure.
As in 2000, the major exposures arose in the equity and interest rate risk
classes, but while average VaR for equities decreased from CHF 199.4 million to
CHF 181.6 million, for interest rates the average increased from CHF 149.8
million to CHF 193.3 million. These changes reflect changing market
opportunities and, in particular, good trading opportunities in the bond markets
which resulted in interest rates being the strongest risk driver at the end of
2001. Average VaR for UBS Warburg increased only slightly from CHF 243.0 million
in 2000 to CHF 260.9 million in 2001 and, in general, market risk exposures have
stayed within the normal ranges. There was, however, a short-term but
significant increase in VaR in December 2001 resulting from sizeable
client-driven equity transactions. The need for a temporary increase in limits
was anticipated and pre-approved by the Group Executive Board. The trades were
successfully executed and the risk reduced to normal levels.
Market risk positions in UBS Switzerland and Corporate Center have only a
marginal impact on the total VaR at Group level as can be seen in the table
below.
UBS has had no regulatory backtesting excep tions in 2001, as can be seen in
the backtesting revenue and VaR graph. The 10-day VaR, which is the basis of the
limits and exposures in the tables, is also shown for information. Note that the
revenues shown in this graph are "backtesting revenues" — they exclude
non-trading revenues, such as commissions and fees, and revenues from intra-day
trading, which are not relevant in the
UBS Group — Value at Risk (10-day 99% confidence)
Average utilization for the year ended
CHF million
Limit
31.12.01
31.12.00
31.12.99
Business Groups
UBS Warburg
450
260.9
243.0
213.1
UBS Switzerland
1
50
4.8
4.1
4.1
Corporate Center
2
250
37.4
69.4
37.1
Reserves
100
Diversification effect
n/a
(37.3
)
(68.5
)
(40.5
)
UBS Group
600
265.8
248.0
213.8
1
Includes interest rate exposures in the banking books of the private label
banks.
2
Includes interest exposures in the banking book of Group Treasury.
74
Table of Contents
context of backtesting. The first histogram below shows these backtesting
revenues, while the second shows daily revenues from all sources in Corporate
and Institutional Clients ("full revenues").
UBS has continued to refine its VaR model during 2001,particularly in
modeling risk on the break up of merger and acquisition deals. Following final
approval from the EBK the new methodology will be implemented in 2002 but we do
not anticipate a major impact on overall VaR exposure.
Market risk in energy trading
In mid-February 2002, UBS Warburg established a new energy trading unit, based
on Enron's wholesale electricity and natural gas trading operations, through a
licensing agreement that will give Enron an interest in the future income of the
business. Further details of the new business are given in the UBS Warburg
business description, on pages 43 to 44.
We estimate that the Value at Risk (VaR) for this product may reach around
CHF 100 million initially, but that there will be an offsetting diversification
effect, which means that overall VaR usage within UBS Warburg is expected to
rise by less than this amount. Future VaR usage will be
75
Table of Contents
Capital and Risk Management
Risk Analysis
reviewed later in 2002 in light of the performance of the new business.
Consequential risk developments
The events of 11 September 2001 resulted in a renewed and more intensive focus
on the principle of "Know your customer" and on antimoney laundering activities.
UBS's involvement in the Wolfsberg Group and enhancements to our own internal
practices are discussed in the Corporate Responsibility chapter on page 111.
Information security
Financial institutions are typically highly dependent on IT infrastructure,
which is subject to everincreasing attempted attacks. In UBS, information
security risk is subject to independent controls with multiple layers of
oversight, in the Business Groups and at Corporate Center, and within both the
IT organization and Risk Control. Corporate Security also provides an
independent view, on behalf of senior risk control management, into the complex
risk environment created by a global network of sensitive applications with
multiple attachments to the internet. The mandatory requirements of
confidentiality, integrity and availability of critical information throughout
the Group are set out in the UBS IT Security Framework, which is further
elaborated in the Business Groups to meet their specific market environment and
regulatory requirements.
As in previous years, the frequency, scope, and severity of attempted attacks
on IT systems and information through the internet has increased. UBS is
responding to this heightened risk through a combination of human and technical
defenses.
Defensive barriers and attack detection systems are designed to combat cyber
attacks, while internal access control systems ensure that sensitive data can
only be accessed by authorized persons.
The effectiveness of our security defenses was demonstrated in our response
to global internet virus attacks, such as Nimda and Goner — our e-mail servers
were immediately protected to prevent spread of the hostile code, defensive
tools were updated on all desktops and servers, and all copies of the virus were
quickly located and removed.
Basel Capital Accord
Credit and market risk are well established risk categories for which management
and control processes, although constantly evolving, are
widely established and understood in the industry. These risks are the basis of
the current Basel Capital Accord, which determines regulatory capital
requirements for internationally active banks, including UBS.
A new Basel Capital Accord has been under development since 1999 and
throughout 2001 UBS has been active in the ongoing discussion between the
regulators and the industry. It is hoped that the new Accord, which is currently
scheduled to be implemented from 1 January 2005, will provide a more risk
sensitive framework for credit risk than the 1988 Accord, and that any capital
requirement imposed on consequential (operational) risk will be responsive to
changing risk and loss experience and will promote further rational development
of risk control practice in this area.
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Capital and Risk Management
Group Treasury
Group Treasury
Group Treasury manages the core financial positions of the Group and coordinates
and controls the corresponding processes on a Group-wide basis.
The goals of the Group Treasury processes are:
–
Efficient management of the Group's main non-trading interest rate exposures,
to immunize originating business units from interest rate risk and provide
them with an interest rate risk free margin.
–
Sustainable and cost-efficient funding of the Group's balance sheet, using a
well diversified portfolio of funding sources and preserving a balanced
liability structure.
–
Providing a framework for optimal liquidity management in order to generate
cash when required without compromising our ability to take advantage of
market opportunities. This includes an integrated collateral management
process, operated in conjunction with UBS Warburg's Cash and Collateral
Trading book (CCT) to generate revenues for both the Group and our clients.
–
Efficient management of the Group's nontrading foreign exchange exposure, to
shield our equity and expected future cash flows from adverse fluctuations in
exchange rates against the Swiss franc.
–
Efficient management of regulatory capital, while maintaining strategic
flexibility, sound capitalization and strong ratings.
Group Treasury is subject to the Group's Risk Management and Control
Principles, but also has its own specific processes and policies, tailored to
the risks for which it is responsible.
Interest rate risk management
Interest rate risk is inherent in many of UBS's businesses. It arises from a
variety of factors, including differences in timing between contractual maturity
or re-pricing of assets, liabilities and derivative instruments, which impact
net interest income in the event of changes in market interest rates. In the
case of floating rate assets and liabilities, UBS is also exposed to basis risk,
which is the difference in re-pricing characteristics of floating rate indices,
such as the savings rate and six months LIBOR. These differences can result in
changes to net income and in the valuation of our assets and liabilities when
one group of assets or liabilities bears or pays interest on one basis, while
others bear or pay interest on another. In addition, certain products have
embedded options that affect their pricing and effective maturity.
Interest rate risk is segregated into trading and non-trading risk. Interest
rate risk positions which are not subject to "trading book" regulatory capital
treatment (and are therefore not included in our Value-at-Risk process discussed
in the Market risk section on pages 71 to 76) are reported as "Bank Book"
(non-trading risk) positions.
Most interest rate risks are captured at the point of business origination
and then transferred, through a Group-wide transfer pricing mechanism, to one of
the risk management units. Centralized risk management takes place within
pre-defined risk limits, either in Group Treasury or in CCT, depending on the
currency and original maturity.
This process allows us to exploit Group-wide netting potential and to shift
the interest rate risk away from the originating business units, for
financial reporting and internal risk management purposes, providing them with
an interest rate risk-free margin. The only notable exceptions to this rule are
the five independent private banking subsidiaries of UBS Switzerland which
manage their own interest rate risk separately; however the amount of interest
rate risk involved is not material to the financial condition or results of the
Group as a whole.
Internal hedging process
In applying our internal hedging process, a distinction is made between
transactions with fixed maturities and those without contractual maturity dates
or directly market-linked rates (such as retail products), and also between
long-term (over one year) and short-term (up to one year) Swiss franc
denominated business.
77
Table of Contents
Capital and Risk Management
Group Treasury
Transactions with fixed maturities are transferred by individual back-to-back
transactions to Group Treasury in the case of long-term Swiss franc
transactions, and to CCT in the case of short-term Swiss franc and all non-Swiss
franc transactions.
Client current and savings accounts and many other products of UBS
Switzerland have no contractual maturity date or directly market-linked rate,
and can be thought of as effectively containing embedded pre-payment/withdrawal
and re-pricing options. Their interest rate risk cannot be transferred to Group
Treasury or CCT by simple back-to-back transactions and they are therefore
transferred on a pooled basis. This entails the establishment of a "replication"
portfolio — a portfolio of revolving transactions between the originating
business unit and Group Treasury at market rates designed to approximate the
average cash flow and re-pricing behavior of the pooled client transactions.
In both cases, risk transferred to CCT is managed by CCT within its risk
limits, according to its risk view and appetite (see also Market Risk section on
pages 71 to 76). To the extent that Group Treasury needs to hedge its positions,
it also deals with CCT, which is the sole interface to the money market.
As a result of this process the originating business unit is "immunized", for
financial reporting and risk management purposes, against market interest rate
movements, but retains the product margin, while Group Treasury acquires market
rate based positions which it can manage within the Bank Book.
By transferring long-term Swiss franc exposures to Group Treasury, this
process also allows us to benefit directly from the netting potential between
the two types of client transactions, before the positions are transferred to
CCT, where there is further netting potential and from where the risk may be
transferred to the market.
In addition to the interest rate risk associated with client business, a
significant amount of interest rate risk arises from non-business related
balance sheet items, such as the financing of the Group's real estate and equity
investments in associated companies, and the investment of our own equity. These
are all strategic decisions, which implicitly create Bank Book interest rate
exposures. In a process similar to that used for client products that are at
non-market rates or lack contractual maturity dates, the non-business items are
represented by replicating portfolios to approximate the investment or funding
profile mandated by the Group Executive Board (GEB), and are thereby transferred
to Group Treasury.
All replicating portfolios are updated monthly by replacing maturing tranches
with new tranches, taking into account changes in the underlying portfolios over
the period. Although the choice of monthly rollovers for each replicating
portfolio helps to minimize the volume of transactions required at any one time,
new aggregate tranches are, nevertheless, of such a size that they cannot be
laid off to the market instantly. The Bank Book therefore staggers the execution
of offsetting hedges with CCT, thereby assuming intramonth interest rate
exposure, which fluctuates somewhat during the course of each month.
Interest rate risk in the Bank Book
The GEB has approved risk management policies, risk limits and a control
framework for the entire Bank Book interest rate risk management process.
The internal control framework includes an allocation of the Group VaR limit,
which covers both the interest rate risk and the foreign exchange risk for which
Group Treasury is responsible. (Under Swiss Banking Commission regulations, only
the foreign exchange risk is included in VaR for determination of regulatory
capital — interest rate risk is included for internal risk management and
control purposes only.) Group Treasury's VaR exposure is included in the table
on page 74. UBS Warburg's central VaR Reporting unit monitors the risk in Group
Treasury on a daily basis as part of UBS's overall market risk control process.
Three key interest rate risk measures are also used:
–
Interest rate sensitivity
expresses the impact of a one basis point (0.01%)
parallel rise in interest rates on the fair value (net present value) of all
Bank Book items.
–
Economic value sensitivity
measures the potential change in fair value of the
Bank Book resulting from a large instantaneous shock to interest rates.
–
Net interest income at risk
is defined as the potential change in net
interest income from the Bank Book resulting from adverse movements in
interest rates over the next twelve months. Various changes in the level of
interest rates are applied. Usually the worst case is captured by
78
Table of Contents
Interest rate sensitivity of the Bank Book
As at 31.12.2001
Within 1
1 to 3
3 to 12
1 to 5
Over 5
CHF thousand per basis point increase
month
months
months
years
years
Total
CHF
9
0
(2
)
(173
)
(863
)
(1,029
)
USD
35
(113
)
(157
)
(274
)
(15
)
(524
)
EUR
(2
)
(6
)
(38
)
182
0
136
GBP
0
(7
)
(57
)
175
624
735
JPY
1
0
(3
)
1
(4
)
(5
)
Others
0
(1
)
0
(1
)
(4
)
(6
)
Total
43
(127
)
(257
)
(90
)
(262
)
(693
)
of which equity replicating portfolio (CHF)
6
24
364
7,483
5,167
13,044
Bank Book without
equity replicating portfolio (total)
37
(151
)
(621
)
(7,573
)
(5,429
)
(13,737
)
using instantaneous shock scenarios. All of the scenarios are compared with a
scenario where current market rates and client behavior are held constant for
the next twelve months. This measure considers such variables as:
–
Re-pricing characteristics of assets and liabilities.
–
The effect of rate barriers, such as caps and floors, on assets and
liabilities.
–
Maturity effects of replicating portfolios.
–
Behavior of clients.
The methodology is designed to highlight the effects of market changes in
interest rates on existing balance sheet positions — it ignores future changes
in the asset and liability mix and therefore it is not a predictor of future net
interest income.
The interest rate sensitivity measure is a simple unit measure of
sensitivity, which does not in itself provide an indication of potential loss.
The economic value sensitivity and net interest income at risk methodologies
provide different views of potential loss from interest rate risk. The economic
value sensitivity measure provides both a longer-term view and a view of the
whole book, since it takes into account the present value of all
future cash flows generated from the existing balance sheet positions. The net
interest income at risk measure provides a shorter-term view, as it considers
only the re-pricing effect from positions maturing over the next twelve months.
In all three measures, for internal purposes we assess the exposure both
including and excluding the replication portfolio representing the Group's
equity. When this portfolio is excluded, the exposure under all three measures
increases, since the exposures on assets in which the equity is invested are no
longer netted against the benchmark for equity investment.
At 31 December 2001, our equity was invested in a portfolio of fixed-rate CHF
assets with an average duration of three years. This is equivalent to a
sensitivity of CHF 13.0 million per basis point, in line with the strategic
investment targets set by the GEB.
The interest rate sensitivity of these investments is directly related to the
chosen investment duration. It should be recognized that, although investing in
significantly shorter maturities would lead to a reduction in the apparent
interest rate sensitivity and economic value sensitivity of the Bank Book, it
would lead to higher net interest income at risk and to higher volatility in the
Group's interest earnings.
The table above shows the interest rate sensitivity of the Bank Book as at 31
December 2001. The first total is the sensitivity including the equity
replicating portfolio, while the final total, which is significantly larger,
excludes this portfolio.
The table below shows the change in risk under the economic value sensitivity
and net interest income at risk measures between 31 December 1999 and 31
December 2001.
Change in risk under the two methodologies
As at
CHF million
31.12.01
31.12.00
31.12.99
Net interest income at risk
(313
)
(247
)
(355
)
Economic value sensitivity
(1,319
)
(908
)
(555
)
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Capital and Risk Management
Group Treasury
The net interest income at risk figure shown is the worst case among various
interest rate scenarios that have been analyzed, and results from an assumed
downward interest rate shock (parallel shift) of 200 basis points. At 31
December 2001, the difference in the projected outcome in this scenario from
that projected in a constant market rate scenario represented a reduction of
3.9% in the year's total net interest income, compared with a reduction of 3% at
31 December 2000. In this extreme scenario, the largest part of the decrease
would result from lower margins on savings, deposit and current accounts and
lower returns on the investment of the Group's equity.
The economic value sensitivity measure shows the effect of a 100 basis point
adverse interest rate shock. At 31 December 2001 a 100 basis point upward shock
of Swiss franc rates would lead to a CHF 1,319 million decline in fair value,
compared with an exposure of CHF 908 million to the same scenario at 31 December
2000.
The increase in the economic value sensitivity in the course of 2001 is
mainly due to the decision to lengthen the duration of the investment of Group's
CHF equity, while maintaining shortterm refinancing of equity investments in UBS
Group companies.
Other effects of interest rate changes on UBS's profitability
Neither of these two methodologies gives a complete picture of the potential
effect of interest rate changes on the Group's revenues and costs. In principle,
higher rates give UBS opportunities to improve loan pricing and deposit margins.
Income from invested equity also increases, particularly where the yield curve
is steep, although as it is mostly invested long-term, the average rate rises
only slowly. However, rising interest rates can also reduce income: the cost of
funding trading portfolios increases, especially if the yield curve is inverted.
Loan demand may reduce with higher rates, while the likely deterioration in
credit quality may result in increased credit loss expense, especially if rates
rise towards the bottom of the credit cycle. At the same time, increased rates
may reduce the prospects for growth in equity markets, leading to lower net new
money in our client businesses and lower transaction volumes in our wholesale
businesses, both of which would impact our fee income. Furthermore, changes in
rates in different currencies have stronger or weaker effects on different
aspects of the overall Group picture — trading-related revenues are more exposed
to changes in US dollar rates, loan and deposit margins to changes in Swiss
franc rates.
A similarly complex picture would apply to a reduction in interest rates. So,
although the sensitivity of UBS's income to changes in the rates applied to its
current balance sheet positions gives some indication of interest rate risk, the
overall effect of a change in interest rates on the whole of the Group's
business is much harder to model. It will partly depend on other factors, such
as the shape of the yield curve, the position in the credit cycle and market
perceptions of the progress of key economies.
Liquidity and funding management
The GEB has approved a policy, which establishes the core principles for
liquidity management and has defined an appropriate contingency plan. A first
set of principles relates to the establishment of liquidity risk limits (for
example, a net overnight funding limit). The risk limits are set by the GEB and
monitored by the Group Treasury Committee (GTC) which is chaired by the Group
Treasurer and meets on a monthly basis to assess the Group's liquidity exposure.
A second set of principles concentrates on liquidity
crisis management, for which detailed contingency plans have been developed.
Regional committees monitor the markets in which UBS operates for potential
threats and regularly report their findings to the GTC. In the event of a
liquidity crisis, regional crisis task forces implement contingency plans under
the direction of senior management.
The liquidity management process is undertaken jointly by Group Treasury and
UBS Warburg's CCT unit. Group Treasury's function is to establish a
comprehensive framework of policies and risk limits, while CCT undertakes
operational cash and collateral management transactions within the established
parameters. This centralized cash and collateral management structure permits
tight control on both our global cash position and our stock of highly liquid
and rediscountable securities.
Liquidity management approach
UBS's approach to liquidity management is to ensure, as far as possible, that
the Group will
80
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always have sufficient liquidity to meet its liabilities when due, without
compromising our ability to respond quickly to strategic market opportunities.
UBS's centralized approach to liquidity management encompasses all branches and
subsidiaries and seeks to ensure that the liquidity position is more than
adequate to cover shortterm liabilities at all times. UBS's liquidity management
is based on an integrated framework that incorporates an assessment of all
expected cash flows within the Group and the availability of high-grade
collateral which could be used to secure additional funding if required. The
liquidity position is assessed and managed under a variety of potential
scenarios, giving due consideration to stress factors. The range of scenarios
analyzed encompasses both normal market conditions and stressed conditions,
including both UBS specific and general market crises. For each scenario
considered, the short-term liquidity position arising out of non-trading
activities is determined by identifying the gap between liabilities running off
and maturing assets repaid. This gap is then augmented by that of the trading
book by ascertaining the value of assets which could be liquidated as compared
to the liabilities which would have to be repaid. In assessing this gap, we take
into account both our ability to utilize collateral — both our own and
collateral borrowed from customers — to raise funds, which may enhance our
liquidity, and the possibility that our customers may seek to draw down
unutilized capacity under credit lines we extend them, which may place further
demands on liquidity. We also take into account the fact that, while under
normal market conditions it can be safely assumed that most maturing assets
would be repaid, trading assets successfully liquidated and maturing liabilities
replaced by creating new liabilities, this will not necessarily be the case
under stressed conditions.
The starting point for these stress analyses is the breakdown by contractual
maturity of our assets and liabilities. This is displayed as of 31 December 2001
in Note 30 to the Financial Statements, which shows the profile of UBS's overall
cash-flow ladder under a going-concern scenario. Various stress scenarios are
then simulated by adjusting this assumed cash-flow ladder according to each type
of stress event. These scenarios range from a liquidity squeeze that remains
confined to the capital and inter-bank markets (akin to the Asian crisis of 1997
and the Russian crisis of 1998) to a full-blown general market crisis that
affects all participants and spans all market sectors on a global basis.
Particular emphasis is also placed on a bank-specific crisis, where UBS alone is
affected. Once again, this crisis is assumed to occur globally across all market
sectors. In this way, varying degrees of severity are simulated and all of UBS's
funding sources and investments are assumed to be put under stress. The range of
effects evaluated encompasses the following stress factors:
–
inability to roll over maturing unsecured debt (both long-term and short-term
debt such as UBS's commercial paper programs),
–
inability to raise new unsecured (short-term or long-term) debt,
–
increased collateral margins on the banks secured funding sources,
–
a sudden, large outflow of retail deposits ("bank run"),
–
a large increase in draw-downs of unutilized committed credit lines.
Furthermore, because of the possibility that customers will also be affected
by the liquidity crisis and thus unable to meet their obligations,
it is assumed that all core businesses and investments, such as consumer loans
and mortgages, must continue to be financed, even if they fall due during the
assumed crisis period.
UBS's exposure under these liquidity stress scenarios is analyzed on a
monthly basis and any ensuing liquidity gap is assessed to ascertain the ability
of the bank to bridge the gap by means of its large stock of pledged, undrawn
central bank facilities and through increased use of repurchase and similar
transactions. The assumed crisis gap is monitored monthly by Group Treasury and,
if it were to exceed a predefined trigger level, appropriate measures would be
taken to reduce the liquidity gap exposure accordingly.
The results of the liquidity stress scenario analyses are reported on a
monthly basis to the Chief Risk Officer and are presented on a quarterly basis
to the Group Executive Board.
Benefits of centralization
Being a globally integrated financial services firm, UBS's range of business
activities naturally generates asset and liability portfolios which are highly
diversified with respect to market, product and currency. This lowers UBS's
exposure to
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Capital and Risk Management
Group Treasury
individual funding sources, and also provides a broader range of investment
opportunities, which in turn reduces liquidity risk. The centralized approach to
liquidity management adopted at UBS allows these advantages to be exploited.
Group Treasury is, furthermore, instrumental in executing an integrated
collateral management process on a Group-wide basis to ensure that the large,
high-quality pool of collateral gathered across the Group is made accessible for
repurchase and securities lending transactions as part of UBS Warburg's CCT
activities. Through these securities lending transactions, CCT creates
additional revenues for both UBS Group and its clients, and also generates
substantial funding on a secured basis, providing an additional liquidity
cushion that could be crucial in crisis situations.
Funding management approach
UBS's funding strategy seeks to ensure that business activities are funded at
the lowest possible cost. With a broad diversification of funding sources (by
market, product and currency), UBS maintains a well-balanced portfolio of
liabilities which generates a stable flow of financing and provides protection
in the event of market disruptions.
In this context, UBS's strong domestic retail business is a very valuable,
cost efficient and reliable source of funding. Through the establishment of
short, medium and long-term funding programs in Europe, in the US and in Asia,
UBS can both provide specialized investments to its customers and efficiently
raise funds globally, minimizing its dependence on any particular source.
UBS also makes frequent use of asset-securitization structures, in particular
in connection with the sale of corporate loans and retail mortgages. However,
these securitizations do not constitute a material portion of UBS's funding
activities and our liquidity status would not be significantly affected if
capital markets were to become inaccessible for such securitization
transactions. UBS has no long-term commitments to continue to purchase the types
of assets being securitized.
The charts show a breakdown by product type and by currency of our secured
and unsecured funding as at 31 December 2001. Of our total funding, 39% was
raised on a secured basis and 61% unsecured. Most of our funding was originated
in US dollars, with major portions also being raised in Swiss francs and in
Euro, roughly mirroring the currency breakdown of our asset base. Around 12% of
our funding was denominated in other currencies (primarily GBP and JPY).
In the course of 2001, UBS's long-term debt increased slightly from CHF 54.9
billion at 31 December 2000 to CHF 57.2 billion at 31 December 2001. The
maturity profile of our long-term debt portfolio is well balanced. See Note 19
to the Financial Statements in UBS's Financial Report 2001 for further
information concerning long-term debt.
During 2001, UBS revised and fully implemented an expanded Global Crisis
Management Concept (GCMC). The revised concept covers all types of crisis events
- including a liquidity crisis — and applies to all Business Groups and
subsidiaries of the UBS Group. Within the concept, a set of Regional Task
Forces, each containing experts spanning all business areas, ensures global
coverage of any crisis. The Group Liquidity Contingency Plan has been fully
incorporated into the overall GCMC.
The market
reaction to the terrorist attacks in America on 11 September 2001 resulted in a severe liquidity squeeze in the
financial markets, in particular in the US dollar, which had come to be regarded
as a safe-haven currency. UBS's liquidity management and contingency plans
successfully overcame this severe test.
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Currency management
UBS reports its results in Swiss francs (CHF), the currency of the country in
which it is incorporated. UBS's corporate currency management activities are
designed to protect the Group's equity and expected future foreign currency cash
flows from adverse currency movements against the Swiss franc, while preserving
the option to take advantage of market opportunities which may arise.
In managing this risk, the following overarching principles are applied:
–
Equity must be invested in Swiss francs.
–
Currency management processes must be designed to minimize exposures against
the Swiss franc.
–
Core currency exposures must be actively managed to protect against adverse
currency movements.
Translation (balance sheet) currency risk
UBS aims to maintain the flexibility to allow foreign assets to be divested at
any time without adverse currency impacts. Foreign currency assets are therefore
match-funded in the relevant currency — i.e. a US dollar asset is funded in US
dollars, a Euro asset in Euros. The match-funding principle is also applied to
the financing of foreign investments, including foreign equity investments. This
strategy, together with the periodic repatriation of foreign currency dividends
and retained earnings, ensures that the Group's equity is always fully invested
in Swiss francs.
Transaction (revenues/expenses) currency risk
At each month end profits or losses are translated for financial accounting
purposes into Swiss francs from the original transaction currencies at the
prevailing month-end rate, with actual exchange into Swiss francs taking place
within a few days of month end. (Small gains or losses from these timing
differences are reported as income in Corporate Center.)
The benefits of this transaction-currency riskmanagement process are:
–
The monthly sell-down of foreign currency profits or losses into Swiss francs
reduces volatility in the Group's earnings from changes in exchange rates.
–
The visibility of the underlying original transaction currencies enables UBS
to manage the currency exposures inherent in the Group's cost and revenue
flows.
While the process reduces the susceptibility of annual earnings to adverse
currency movements, it does not completely eliminate their effect. Group
Treasury therefore proactively hedges significant currency exposures (mainly
USD, EUR and GBP), in accordance with the instructions of the Group Executive
Board and subject to the VaR limit which has been established for this risk.
Economic hedging strategies employed include a cost-efficient option strategy,
providing a safety net against unfavorable currency fluctuations while
preserving upside potential.
New developments
From 1 January 2002 a rolling medium-term business planning process will replace
UBS's current annual budget process. In line with this development, the economic
hedging process for foreign currency profits and losses will be adjusted:
instead of managing this risk on a strict financial year basis (1 January until
31 December of the current year), Group Treasury will employ a rolling twelve
month hedge program. In this way, the total hedge volume is kept roughly
constant (depending on potential business plan adjustments).
Non-trading currency risk VaR
CHF million
Minimum
Maximum
Average
End of period
1999
1.4
77.8
37.1
59.7
2000
11.6
113.4
33.7
12.7
2001
0.9
16.2
3.6
1.0
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Capital and Risk Management
Group Treasury
Capital management
Over recent years, European companies have become increasingly active managers
of their capital, resulting in a growth of hybrid capital issuance and share
repurchase programs. UBS's capital management is driven by shareholder value
considerations, while sound capitalization and strong ratings are also key parts
of UBS's attractiveness to clients and investors. UBS's overall capital needs
are continually reviewed to ensure that our capital base can appropriately
support our business and regulatory capital requirements. The use of a variety
of instruments, such as trust preferred securities, to meet the overall capital
level is designed to help support the Group's efforts to meet its return on
equity targets and enhance shareholder value.
Sound capitalization
The table below shows the key capital figures and ratios as of 31 December 2001,
31 December 2000 and 31 December 1999.
The ratios measure capital adequacy by comparing UBS's eligible capital with
its risk-weighted assets, which include balance sheet assets, net positions in
securities not held in the trading portfolio, off-balance sheet transactions
converted into their credit equivalents and market risk positions (based on
Value at Risk) at a weighted amount to reflect their relative risk.
The calculation of capital requirements applicable to UBS under Swiss Banking
Commission ("EBK") regulations differs in certain respects from the calculation
under the Basel Capital Accord ("BIS guidelines"). Most importantly:
–
Where BIS guidelines apply a maximum risk weight of 100%, the EBK applies
risk weights above 100% to certain asset classes (for example real estate, bank premises, other fixed assets, intangible assets
excluding goodwill, equity securities and unconsolidated equity investments).
–
Where the BIS guidelines apply a 20% risk weight to obligations of OECD
banks, the EBK applies risk weights of 25% to 75%, depending on maturity, to
such obligations.
As a result of these differences, UBS's riskweighted assets are higher, and
its ratios of total capital and Tier 1 capital are lower when calculated under
the EBK regulations than they would be if calculated under the BIS guidelines.
Nevertheless, UBS and its predecessor banks have always had total capital and
Tier 1 capital in excess of the minimum requirements of both the BIS and the
EBK, since these regulations and guidelines were first implemented in 1988.
Capital adequacy
As at
CHF million, except ratios
31.12.01
31.12.00
31.12.99
BIS Tier 1 capital
29,322
31,892
28,952
BIS total capital
37,471
42,860
39,682
BIS Tier 1 capital ratio (%)
11.6
11.7
10.6
BIS total capital ratio (%)
14.8
15.7
14.5
Balance sheet assets
214,481
223,528
214,012
Off balance sheet and other positions
25,935
39,002
48,282
Market risk positions
13,319
10,760
10,813
Total BIS risk-weighted assets
253,735
273,290
273,107
Capital management in 2001
Share buy back and cancellation
UBS's careful balance sheet management and strong earnings continued to generate
additional capital in 2000. This enabled us to fund part of the share issuance
for the merger with PaineWebber through a share buy-back program in late 2000
and early 2001, minimizing dilution to existing shareholders. When this had been
completed, in February 2001, we were also able to announce a further share buy
back program, intended to reduce the number of issued shares and enhance
earnings per share.
As in 2000, this was a "second line" trading program, allowing for the tax
efficient cancellation of shares and aimed mainly at institutional investors.
Under Swiss regulations a company wishing to cancel shares must purchase them on
the stock exchange under a special security code which clearly identifies the
time and quantity of shares repurchased for this purpose. This separate coding
is known as a "second line trading program".
This program ran from 5 March 2001 to 5 March 2002. A total of 28,818,690
shares were repurchased at an average price of CHF 79 per
share representing a total cost of CHF 2.29 billion and repurchase of 2.25% of
the shares issued at 31 December 2001. These shares will be cancelled in July
2002, following the approval of shareholders at the Annual General Meeting on 18
April 2002.
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Effect of second line trading program on basic earnings per share (EPS)
For the year ended
31.12.01
31.12.00
31.12.99
Weighted average shares for basic EPS after treasury shares
1,266,038,193
1,209,087,927
1,214,227,446
Weighted average second trading line treasury shares
40,116,921
43,261,410
0
Basic EPS
3.93
6.44
5.07
Impact of buy-back on basic EPS
0.12
0.23
0
The number of shares bought back through the second line trading programm is
linked to the Group's ability to generate free equity while maintaining a strong
BIS Tier 1 capital ratio. The table shows the impact on basic earnings per share
of the purchase of Treasury shares through the second line trading program.
The issuance of new shares for the merger with PaineWebber in fourth quarter
2000 had its main impact on the average outstanding shares and therefore on
basic earnings per share in 2001. By 31 December 2001 the number of outstanding
shares was again below the level before the merger with PaineWebber, thanks to
the share buy-back program, and the careful structuring of the share issuance
for the merger.
Share split and par value reduction
Under new regulations, which became effective on 1 May 2001, the minimum par
value for Swiss shares was reduced to CHF 0.01. UBS took advantage of this
change to lower its market price per share to a level more in line with that of
its global peer group, and to make a tax efficient payment to its shareholders
in the form of a CHF 1.60 reduction in the par value of its shares.
This type of payment is treated under Swiss regulations as a return of
capital to shareholders, not as income, and is therefore tax efficient for
shareholders who pay tax in Switzerland and is also beneficial to shareholders
outside Switzerland, as it is not subject to Swiss withholding tax.
The distribution reduced the par value of the share to CHF 8.40 and was
followed by a 3 for 1 share split, resulting in a new par value of CHF 2.80.
The par value reduction took place on 16 July 2001, for payment on 18 July
2001 to holders of record on 13 July 2001. The share split was also implemented
on 16 July 2001.
Combined with the dividend paid in October 2000 in respect of the first three
quarters of 2000, the par value repayment meant that UBS distributed CHF 2.03
per share (CHF 6.10 before adjustment for the share split), compared to CHF 1.83
(CHF 5.50 before share split) the previous year.
Capital management plans for 2002
New second line buy back program
Given our continuing strong cash flow
generation UBS intends again to repurchase shares for capital
reduction purposes under a "second-line" buyback program aimed at institutional
investors, allowing tax efficient cancellation of shares.
This new second line program becomes available from 6 March 2002 and can run
until 5 March 2003. A maximum of CHF 5 billion worth of shares may be
repurchased under the program.
The number of shares repurchased and the average number of outstanding shares
will be published weekly on the internet at www.ubs.com/investors. The
repurchased shares will be cancelled following approval by the Annual General
Meeting in April 2003.
Par value reduction
This year we plan once again to make use of the new regulations introduced in
Switzerland in 2001 to make a tax efficient distribution of capital to our
shareholders rather than paying a dividend.
The Board of Directors will recommend to the Annual General Meeting on 18
April 2002 that UBS should make a par value repayment of CHF 2.00 per share.
This proposed distribution in respect of 2001 is consistent with last year,
when the total per share distribution to shareholders (adjusted for last July's
3-for-1-share split) was CHF 2.03.
If the par value reduction is approved, it will take place on 8 July 2002,
with payment on 10 July 2002 for shareholders of record on 5 July 2002, and will
bring the par value of each UBS share down to CHF 0.80.
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Corporate Governance
Corporate Organization
Corpor
Corporate Organization
UBS is committed to meeting the highest international standards of corporate governance in its organizational structure. Corporate and executive bodies are
organized in line with the leading codes of best practice.
UBS's organizational structure, based on two separate boards having different
functions and responsibilities, provides clear controls and a balance between
the Board of Directors (Board) and the Group Executive Board (GEB).
The functions of Chairman of the Board of Directors (Chairman) and President
of the Group Executive Board (President) are conferred on two different people,
thus providing separation of powers.
Organizational principles
The shareholders elect each member of the Board. The Board appoints the
Chairman, the Vice Chairmen and the members of the various Board committees from
among the elected Board members. It also appoints the President and members of
the GEB.
The Board is the highest corporate body with responsibility for the ultimate
direction of the company and the supervision of its executive management. The
Board, and in particular its Chairman, takes responsibility for the
mid and
long-term strategic direction of the Group, for appointments and dismissals at
top-management levels, for mid-term succession planning and for global
compensation principles. It defines the Group's risk appetite and risk limit
structure. A large majority of the Board members are non-executive and
independent. The Chairman and at least one Vice Chairman have executive roles
and assume supervisory and leadership responsibilities. The Chairman also
assumes a leadership role in corporate responsibility issues, public and
political affairs and developing corporate culture.
The GEB has business management responsibility for the company. Together
with the Chairman's Office (the Chairman working with the executive and
non-executive Vice Chairmen) it assumes overall responsibility for the
development of UBS's strategies. The GEB, and in particular its President, is
responsible for the implementation and results of those strategies, for the
alignment of the Business Groups to the UBS Group's integrated model and for the
exploitation of synergies across the Group. The President also assumes
responsibility for business and financial planning, financial reporting and the
definition and supervision of risk control. The President and the GEB are
accountable to the Chairman and the Board for the Group results, and the Board
in turn is accountable to UBS's shareholders.
In order to ensure that the Board and GEB are independent of each other, no
member of one board may also be a member of the other.
The Board of Directors
As at 31 December 2001, the Board consisted of nine Directors (see list on page
94). At its Annual General Meeting (AGM) on 26 April 2001, UBS's shareholders
elected Marcel Ospel to the Board, and the Board appointed him as its Chairman
with effect from that date. Eric Honegger, member of the Board since 1999,
resigned as of 15 October 2001, for personal reasons. Markus Kundig, Vice
Chairman since 1998, has reached retirement age and will therefore step down
at the AGM to be held on 18 April 2002. The Board will propose to the AGM that
Ernesto Bertarelli (born 1965), CEO of Serono International SA, Geneva, be
elected to the Board.
The Board is organized as follows:
The Chairman operates a
Chairman's Office,
including the Vice Chairmen,
which meets regularly with the President and his appointees drawn from the GEB
to address fundamental issues for the Group, such as overall strategy, mid-term
financial and business planning, mid-term succession plans, global compensation
principles, and the risk profile of the Group. The
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Chairman's Office assumes special authority in the credit approval process and
is responsible for the appointment and dismissal of the members of the Group
Managing Board (GMB). It also acts as the
Audit Supervisory
Board
, with
responsibility for the supervision of Group Internal Audit, and as the
Nomination Committee
, with responsibility for identifying and proposing
candidates for membership of the Board of Directors and for the long-term
preparation of succession planning for the Chairman and Board of Directors.
The
Compensation Committee
has responsibility for determining the
individual compensation and bonus for the executive Directors, the President
and members of the GEB and for submitting proposals for the compensation of
non-executive Directors to the Board. The Committee is chaired by Markus
Kundig, with Rolf A. Meyer and Marcel Ospel as its additional members.
The Board appoints an
Audit Committee
from among its non-executive members.
The Audit Committee meets at least four times a year to oversee the performance
of the external Group and Statutory Auditors. It also monitors interaction
between Group Internal Audit and the external auditors. All three
members —
Peter Böckli as Chairman, Lawrence A. Weinbach and Hans Peter Ming — are fully
independent from UBS. They are financially literate and familiar with the
accounting practices of international financial services groups. The Audit
Committee does not itself perform audits, but supervises the work of the
auditors. Its primary responsibility is thereby to review the organization and
efficiency of internal control procedures and the financial reporting process.
The
Corporate Responsibility Committee
is described in the Corporate
Responsibility section on pages 111 to 118.
Changes to committee memberships following the AGM
Following the Annual General Meeting on 18 April 2002, there will be some
changes to the membership of committees of the Board. Professor Peter Böckli
will become non-executive Vice Chairman of UBS. He will succeed Markus Kundig,
who will retire from the Board of Directors at the Annual General Meeting, after
20 years service first as a Director and later as Vice Chairman of UBS. Lawrence
A. Weinbach will replace Peter Böckli as Chairman of the Audit Committee. Rolf
A. Meyer will replace Markus Kundig as Chairman of the Compensation Committee.
The Nomination Committee will become a separate committee, with Hans de Gier as
its Chairman.
The Group Executive Board
As at 31 December 2001, the GEB consisted of six members (see list on page 95).
Marcel Ospel, Chief Executive Officer, stepped down from his function after
the 2001 AGM when he was elected to the Board. At the same time, Luqman Arnold
became President of the Group Executive Board. Pierre de Weck left UBS in July
2001.
In December 2001, Luqman Arnold left UBS and was replaced as President of the
Group Executive Board by Peter Wuffli. John Costas was appointed Chief Executive
Officer of UBS Warburg and joined the Group Executive Board.
The GEB appoints the following major committees:
–
The
Group Governance Committee
is responsible for the coordination of the
Group's interface with central banks and regulators, and for minimizing the
Group's reputation risks.
–
The
Group Finance and Risk Committee
is responsible for coordinating the
Group's accounting, risk management and control, treasury and financial
communication processes, aiming for the long-term maximization of
shareholder value. The Group Finance and Risk Committee includes the
chairmen of the associated functional committees: Group Risk Committee,
Group Controlling Committee, and Group Treasury Committee.
–
The
Group Communications and Marketing Committee
ensures that communication
to all stakeholders, internally and externally, is transparent, accurate,
concise, timely and consistent.
–
The
Group Human Resources Committee
has responsibility for the definition of
human resources policies and standards which contribute to the
identification, recruitment, development and retention of high-caliber
staff.
The Group Managing Board
The Group Managing Board (GMB) consists of
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Corporate Organization
the most senior managers from the Business Groups and Corporate Center, who are
not members of the GEB. The GMB meets at least once a year to discuss
fundamental Group issues.
As of 31 December 2001 the GMB had 30 members (see list on page 98).
Senior management compensation principles
Overall philosophy
UBS operates in extremely competitive labor markets, around the globe and across
different sectors of the financial services industry. Accordingly, it seeks to
attract, retain, motivate and develop highly qualified employees at all levels.
In particular, it is critical to achieve this for positions with the greatest
degree of influence over the leadership and management of the firm and the
creation of shareholder value. UBS is prepared to provide its senior executives
with superior compensation in return for superior performance, and has developed
the measurement systems and decision processes necessary to ensure that pay is
tied directly to performance.
The performance of senior executives (executive members of the UBS Board of
Directors, members of the UBS Group Executive Board, and members of the UBS
Group Managing Board) is evaluated in the context of UBS Group, Business Group
and business area results, as appropriate to a particular executive's responsibilities.
Performance assessments consider both quantitative and qualitative
factors, and include a balanced assessment of both current financial results and
key performance indicators, which are longer-term value drivers crucial to the
Group's ability to deliver future performance and growth. This assessment
process is closely linked to the value-based management process that UBS is now
implementing.
In conducting its assessments of executive performance, UBS reviews changes
to its overall performance and the performance of its individual businesses
over time, results achieved against specifically established performance
targets, and results compared to competitor performance, to the extent that such
data are available.
Compensation levels are strongly correlated with performance assessments
and are highly variable from year to year. As such, should UBS Group and
Business Group performance decline from the prior year, lag behind established
performance targets or trail competitor trends, senior executives' compensation
will clearly reflect this. The converse is also true, should performance exceed
all of these benchmarks.
Components of compensation
Compensation for senior executives consists of base salary and a discretionary
performance-based incentive component. A significant portion of the incentive
component is paid in the form of forfeitable UBS equity, which may be restricted
stock, employee stock option grants, or a combination of both. This incentive
component is determined on a discretionary basis considering the performance
data described above, and generally represents a substantial portion of total
compensation. Annual examination of competitor pay practices is conducted to
ensure that our compensation policies and practices continue to support the
objectives of attracting outstanding new executives, motivating and retaining
valuable employees, and delivering sus- tained superior returns to shareholders.
Executive share ownership commitment
It is UBS's long standing policy to strongly encourage significant levels of
stock ownership among its senior executives, aligning the interests of
management closely with those of shareholders. Share ownership is encouraged in
the following ways:
–
A significant portion of each senior executive's annual performance-based
incentive compensation is delivered in the form of UBS shares or employee
stock options, on a mandatory basis.
–
Additional incentives are provided for senior executives who voluntarily
elect to take an even greater portion of their annual performance-based
incentive compensation in the form of restricted UBS shares. Executives
opting to take a greater than mandatory proportion of their annual incentive
in restricted/ deferred UBS shares will receive additional stock options.
Executives will also be eligible for additional discretionary stock option
grants made separately from the regular annual incentive awards and intended
to reward exemplary performance.
–
Beginning in 2002, senior executives will be required to accumulate over a
five-year period and then hold, a number of UBS shares
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equivalent in value to a multiple of their cash compensation earned (base
salary plus cash portion of incentive). Although the first official
measurement of stock ownership attainment will be conducted after five
years, progress reports will be provided annually in the interim and
executives will be expected to make steady progress towards attaining their
target multiple.
Governance
The approval of senior executive compensation recommendations and the design of
senior executive compensation systems (plan design, performance measures,
pay/performance relationship) are subject to a rigorous process which ensures
that decisions are taken at least of two organizational levels above the
executive concerned. The following is a description of the decision making
process for different senior executive populations:
–
Group Managing Board members: Compensation recommendations are developed by
the responsible member of the Group Executive Board. Recommendations are
reviewed by the President of the Group Executive Board and then final
recommendations are submitted to the Chairman of the Board for approval.
The compensation system for the Group Managing Board is subject to the
approval of the Chairman's Office.
–
Group Executive Board members: Compensation recommendations are developed
jointly by the President of the Group Executive Board and the Chairman of the
Board. The Compensation Committee of the Board of Directors reviews and
approves the design of the compensation system for the Group
Executive Board and all resulting compensation recommendations.
–
President of the Group Executive Board and Vice Chairmen: Compensation
recommendations are developed by the Chairman of the Board. The
Compensation Committee of the Board of Directors reviews and approves the
design of the compensation system for the President of the Group Executive
Board and the Vice Chairmen and all resulting compensation recommendations.
–
Chairman of the Board: On behalf of the full
Board of Directors, non-executive members
of the Compensation Committee of the Board
of Directors have authority to develop and
approve the design of the compensation system for the Chairman of the Board and all
resulting compensation recommendations.
For details of membership of the Compensation Committee, please see page 89.
Employee share ownership commitment
Below the senior executive level, significant numbers of employees are required
to take a portion of their annual performance-based compensation in the form of
UBS shares, employee stock options, or a combination of both. Additionally, they
are provided with opportunities to own stock through various voluntary programs.
UBS also believes that broader-based employee stock ownership will further
enhance its ability to deliver superior shareholder returns by increasing the
alignment between the interests of employees and shareholders. UBS hopes to
increase its level of employee stock ownership through shares and options from
approximately 14% in 2000 to 20-25% over the next three years. Broader
employee share ownership is encouraged in the following ways:
–
Employee incentive awards above a certain threshold are delivered in UBS
shares, or a combination of shares and employee stock options, on a mandatory
basis. The threshold varies by business and labor market. Generally,
employees are further encouraged to voluntarily elect to defer a portion of
their incentives into UBS shares in exchange for additional stock options, or
to diversify into an array of funds including those managed by UBS fund
managers. UBS believes it is important to provide employees the opportunity
and incentive to voluntarily invest into UBS shares, but where possible also
to encourage employees to consider the same wealth management principles in
diversifying their personal portfolios as they would apply to a client.
–
The highest performing and highest potential employees are also eligible for
discretionary stock option grants. These highly selective awards are intended
to provide the greatest degree of shareholder alignment among the emerging
pool of future UBS leaders, senior managers and technical experts, and to
enhance UBS's value proposition in an increasingly competitive market for the
best management, financial and technical talent.
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Corporate Governance
Corporate Organization
–
Beginning in 2002, all UBS employees (unless prohibited by local law) are
eligible to participate in a program called Equity Plus which is a global
adaptation of a program that was implemented at PaineWebber before its merger
with UBS in November 2000. Equity Plus enables UBS employees in 48
countries to voluntarily elect to purchase a limited number of UBS shares
with after-tax funds either from their incentive awards or base salaries, and
receive two UBS stock options for every share acquired and held for two
years. The goal of this program is to build on UBS's "Power of Partnership"
strategy by motivating employees at all levels to become partners in UBS's
success.
Audit
Group Internal Audit
To maximize its independence from management, the head of Group Internal
Audit, Markus Ronner, reports directly to the Chairman of the Board and the
Audit Supervisory Board.
With 230 professionals worldwide at 31 December 2001, Group Internal Audit
provides an independent review of the effectiveness of the system of internal
controls and compliance with key rules and regulations. All key issues raised by
Group Internal Audit are communicated to the management responsible, to the
President of the GEB and to the Chairman's Office via formal Audit Reports. The
Audit Supervisory Board and the Audit Committee of the Board are regularly
informed of important findings.
Continous coordination and close coopera- tion with the external auditors
enhances the efficiency of Group Internal Audit's work.
External auditors
Ernst & Young Ltd., Basel, has been assigned the mandate of global auditors for
the UBS Group. They assume all auditing functions according to laws, regulatory
requests, and the UBS Articles of Association (see also the paragraph about
auditors responsibilities in the Regulation and supervision section, on page
105). Ernst & Young Ltd. meets all independence requirements established by the
Securities and Exchange Commission (SEC). As part of its audit process, Ernst &
Young Ltd. informs the Audit Committee of the measures it takes to ensure its
and its employees' independence from UBS, and outlines the non-audit services
which it delivers to UBS. The Audit Committee assesses this information on
behalf of the Board and informs the Board accordingly.
At the Extraordinary General Meeting on 7 September 2000, UBS shareholders
appointed Deloitte & Touche Experta AG, Basel, as Special auditors according to
Article 31 paragraph 3 of the UBS Articles of Association. The Special auditors
provide audit opinions in respect of the details of capital increases,
independently from the Group auditors.
Relations with shareholders
UBS has nearly 250,000 shareholders registered in
the Swiss or US Share Registry, ranging from large investment institutions to
individual investors. All registered shareholders receive an illustrated Annual
Review providing an overview of the Group and its activities during the year,
and a short letter each quarter outlining new initiatives and UBS's financial
performance during the quarter. More detailed financial reports are produced
each quarter and each year, and can be received on request (see page 5 for
ordering details). All registered shareholders are personally invited to
ordinary and extraordinary Shareholders' Meetings and receive direct written
information in case of special events.
Shareholder rights
Shareholders, as the owners of the company, have specific rights under Swiss
law. UBS is committed to make it as easy as possible for shareholders to take
part in its decision-making processes. There are no restrictions with regard to
share ownership and voting rights, except for nominees and trustees, whose
voting rights are limited to a maximum of 5% of the outstanding shares. This
limitation exists in order to avoid the risk of unknown shareholders with
extensive holdings being entered in the share register. An exception from the
strict 5% rule exists for securities clearing organizations such as The
Depository Trust Company (DTC) in New York and SegaInterSettle (SIS) in
Switzerland, which both fulfil a special fiduciary function for UBS
shareholders.
UBS Annual General Meetings (AGMs) are open for participation to all
shareholders. Personal invitations are sent to every registered shareholder at
least 20 days ahead of the meeting. Shareholders may, if they do not wish to
attend in
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person, issue instructions to accept, reject or abstain on each individual item
on the agenda. They may also appoint UBS, another bank or a person of their
choice to vote on their behalf, or appoint the Independent Proxy designated by
UBS as required under Swiss company law. AGMs offer the opportunity to
shareholders to raise any questions regarding the development of the company
and the events of the year under review. The members of the Board and Group
Executive Board as well as the internal and external auditors are present to
answer these questions. Decisions are normally taken by the majority of votes
cast and in some cases, defined by law or UBS Articles of Association, a
two-third majority of the votes represented at the AGM is required.
Shareholders representing shares with an aggregate par value of one million
Swiss francs may submit proposals for matters to be placed on the agenda for
consideration by the AGM, provided that their proposals are submitted in
writing within the deadline published by the company. Shareholders representing
at least ten percent of the share capital, may ask that an Extraordinary General
Meeting be convened to deal with a specific issue put forward by these
shareholders.
UBS Group legal entity structure
The legal entity group structure of UBS is designed to support the Group's
businesses within an efficient legal, tax, regulatory and funding framework.
Neither the Business Groups of UBS (UBS Warburg, UBS Switzerland and UBS Asset
Management) nor the Corporate Center operate through their own individual legal
entities but rather they generally operate out of the parent bank, UBS AG,
through its Swiss and foreign branches.
The goal of the focus on the parent bank structure is to capitalize on the
synergies offered by the use of a single legal platform, enable the flexible use
of capital in an efficient manner and to provide a structure where the
activities of the Business Groups may be carried on without the need to set up
separate subsidiaries beforehand.
Where it is either not possible or not efficient to operate out of the parent
bank, usually due to local legal, tax or regulatory rules or due to additional
legal entities joining the UBS Group via acquisition, then the businesses
operate through local subsidiary companies. The significant operating
subsidiary companies in the Group are listed in note 36 to the Financial
Statements, in our Financial Report 2001.
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Corporate Governance
Directors and Officers of UBS
Directors and Officers of UBS
The Board of Directors
Each member of the Board is elected at the Annual General Meeting of
Shareholders for a four-year term. The initial term of office for each Director
is, however, planned in such a way as to ensure that about a quarter of all the
members have to be newly elected or reelected every year.
The table below shows information about the Board of Directors as at 31 December
2001.
Expiration of
Year of initial
current term
Name and business address
Positions held
appointment
of office
Marcel Ospel
UBS AG
Bahnhofstrasse 45
CH-8098 Zurich
Chairman
Chairman of the Corporate Responsibility
Committee
2001
2005
Alberto Togni
UBS AG
Bahnhofstrasse 45
CH-8098 Zurich
Executive Vice Chairman
Chairman of the Audit Supervisory Board
1998
2005
Johannes A. de Gier
UBS AG
Bahnhofstrasse 45
CH-8098 Zurich
Executive Vice Chairman
2001
2003
Markus Kundig
Bundesplatz 10
CH-6304 Zug
Vice Chairman
Chairman of the Compensation Committee
1998
2002
Peter Böckli
Böckli Bodmer & Partners
St. Jakobs-Strasse 41
P.O. Box 2348
CH-4002 Basel
Chairman of the Audit Committee
1998
2003
Sir Peter Davis
J. Sainsbury plc.
Stamford House, Stamford Street
London SE1 9LL
Board Member
2001
2004
Rolf A. Meyer
Heiniweidstrasse 18
CH-8806 Bach
Member of the Compensation Committee
1998
2003
Hans Peter Ming
Sika Finanz AG
Wiesenstrasse 7
CH-8008 Zurich
Member of the Audit Committee
1998
2004
Lawrence A. Weinbach
Unisys Corporation
Unisys Way
Blue Bell, PA 19424
Member of the Audit Committee
2001
2005
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Marcel Ospel
was elected to the Board at the AGM in April 2001 and thereafter
appointed as Chairman. Prior to this mandate, he served as Group Chief Executive
Officer of UBS AG. He was the President and Group Chief Executive Officer of
Swiss Bank Corporation (SBC) from 1996 to 1998. He was made CEO of SBC Warburg
in 1995, having been a member of the Executive Board of SBC since 1990. From
1987 to 1990 he was in charge of Securities Trading and Sales at SBC. From 1984
to 1987 Mr. Ospel was Managing Director with Merrill Lynch Capital Markets, and
from 1980 to 1984 he worked at SBC London and New York in the Capital Markets
division. He began his career at Swiss Bank Corporation in the Central Planning
and Marketing Division in 1977. Mr. Ospel was born on 8 February 1950 and is a
Swiss citizen.
Alberto Togni
, Vice Chairman, has been with UBS and SBC since 1959. From 1994
to 1997 he was Chief Risk Officer and a member of the Group Executive Committee
of Swiss Bank Corporation. He previously held various functions in the
Commercial division, becoming its head in 1993. In 1987 he was named General
Manager and member of the Executive Board. Prior to that, he assumed different
management roles in Zurich, New York, Tokyo and as representative for the
Middle East in Beirut. Mr. Togni serves as a director of Unilever (Schweiz) AG,
Zurich; Laboratories Thomson Multimedia Ltd., Zurich; and Swiss National Bank,
Zurich. Mr. Togni was born on 30 October 1938 and is a Swiss citizen.
Johannes A. de Gier
, Vice Chairman, was with UBS and SBC from 1980 until 1999.
From 1998 to 1999 he was Chairman and CEO of Warburg Dillon Read and a member of
the Group Executive Board of UBS AG. Prior to this, he served as Chairman of SBC
Warburg and as Vice President of the Executive Committee of SBC. From 1991 to
1994 Mr. de Gier was responsible for Global Corporate Finance and from 1994
for the International Finance division. From 1988 to 1991 he was Chief
Executive of SBC London. He first joined SBC International London in 1980 as
an Executive Director, after having been with ABN, Amsterdam and Amro,
Amsterdam. Mr. de Gier was born on 24 December 1944 and is a Dutch citizen.
Markus Kundig,
Vice Chairman of the Board and Chairman of the Compensation
Committee, is also the Chairman of the Board of Directors of LZ Medien Holding
AG and the Vice Chairman of the Board of Directors of Clariant. He is a member
of the Boards of Directors of Metro International AG, and Pelikan Holding AG.
Until 1999, Mr. Kundig was the proprietor of Kundig Printers Ltd. Mr. Kundig was
born on 12 October 1931 and is a Swiss citizen.
Peter Böckli,
Chairman of the Audit Committee, is a partner in the law
office of Böckli Bodmer & Partners and a part-time pro- fessor of tax and
business law at the University of Basel. He is a member of the Boards of
Directors of Nestle S.A., Vevey and Firmenich International S.A., Geneva. In
addition, he is the Vice Chairman of the Board of Directors of Manufacture des
Montres Rolex S.A., Bienne. Mr. Bockli was born on 7 May 1936 and is a Swiss
citizen.
Sir Peter Davis
, a member of the Board since 2001, has been Group Chief
Executive Officer of J. Sainsbury plc, London, since 2000. He was the Group
Chief Executive of Prudential plc from 1995 to 2000 and Chief Executive and
Chairman of Reed International and Chairman of Reed Elsevier respectively
(following the merger of Reed International with Elsevier) from 1986 to 1995.
From 1976 to 1986, he had responsibility for all buying and marketing operations
at J. Sainsbury plc. Prior to that he served as Marketing and Sales Director at
Fitch Lovell Ltd., and as Marketing and Sales manager at General Foods Ltd.,
Banbury. He is also a member of the Board of Directors of Shaw's Supermarkets
Inc., Boston, USA. Sir Peter was born on 23 December 1941 and is a British
citizen.
Rolf A. Meyer
, a member of the Compensation Committee, was Chairman and CEO of
Ciba Specialty Chemicals until November 2000. He was with Ciba-Geigy Ltd. from
when he first joined in 1973 as a financial analyst, and subsequently became
Head of Finance and Information Systems and later Chief Financial Officer. After
the merger of Ciba-Geigy and Sandoz to create Novartis, he led the spinoff of
Ciba Specialty Chemicals. He is now a consultant and is also Vice Chairman of
the Board of Siber Hegner AG and a member of the Board of COS AG. Mr. Meyer was
born on 31 October 1943 and is a Swiss citizen.
Hans Peter Ming
, a member of the Audit Committee, is the Chairman of the
Board of
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Directors and Officers of UBS
Directors of Sika Finanz AG. He has been with SIKA AG since he first joined in
1967, and assumed various management positions in this group in Germany and in
Switzerland. He was named CEO in 1986 and delegate of the Board of Directors in
1987. In 1999 he was elected as Chairman. He is also a member of the Board of
Pestalozzi AG, Dietikon, Switzerland. Mr. Ming was born on 12 October 1938 and
is a Swiss citizen.
Lawrence A. Weinbach
, a member of the Audit Committee, has been the
Chairman, President and CEO of Unisys Corporation since 1997. From 1961 to 1997
he was with Arthur Andersen / Andersen Worldwide, as Managing Partner and Chief
Executive of Andersen Worldwide from 1989 to 1997, Chief Operating Officer from
1987 to 1989, and Managing Partner of the New York office since 1983. He was
elected to partnership at Arthur Andersen in 1970 and became Managing Partner of
the Stamford, Connecticut, office in 1974 and Partner in charge of accounting
audit practice in New York. He is also a member of the Board of Directors of
Avon Products Inc., New York. Mr. Weinbach was born on 8 January 1940 and is a
US citizen.
Marcel Ospel, Alberto Togni and Johannes de Gier, the Chairman and the two
executive Vice Chairmen of the Board, have entered into contracts with UBS AG
in connection with their service in those capacities. The compensation payable
to them under those contracts is included in the compensation arrangements
described in Notes 33 and 34 to the Financial Statements.
There are no service contracts with any of the other members of the Board,
although they do receive remuneration for their work for UBS. The remuneration
paid to the non-executive Directors is also included in the compensation figures
shown in Note 34 to the Financial Statements.
The Group Executive Board
The table below shows the membership of the Group Executive Board at 31 December
2001.
Year of initial
appointment
Name
Position held
to the GEB
Peter A. Wuffli
President
1998
John P. Costas
Chief Executive Officer, UBS Warburg
2001
Georges Gagnebin
Chief Executive Officer, UBS Private Banking
2000
Joseph J. Grano Jr.
Chairman and Chief Executive Officer, UBS PaineWebber
2001
Markus Granziol
Chairman, UBS Warburg
1999
Stephan Haeringer
Chief Executive Officer, UBS Switzerland
1998
The business address of all members of the Group Executive Board is UBS AG,
Bahnhofstrasse 45, Zurich, Switzerland. Peter Kurer, the Group General Counsel,
is an ex-officio member of the Group Executive Board.
Peter A. Wuffli,
previously Chairman and CEO of UBS Asset Management, was named
President of the Group Executive Board on 18 December 2001. He was Group Chief
Financial Officer of UBS from 1998 to 1999. From 1994 to 1998, he was the Chief
Financial Officer at SBC and a member of SBC's Group Executive Committee. In
1984, he joined McKinsey & Co as management consultant and in 1990 became a
partner of the McKinsey Switzerland senior management. Mr. Wuffli was born on
26 October 1957. He is a Swiss citizen.
John P. Costas
is the CEO of UBS Warburg. He was President and Chief
Operating Officer of UBS Warburg from the beginning of 2001, after having been
COO and Global Head Fixed Income. Mr. Costas joined UBS in 1996 as Head of Fixed
Income. From 1981 to 1996 he was in charge of Global Fixed Income at Credit
Suisse First Boston. Mr. Costas was born on 27 January 1957. He is a US citizen.
Georges Gagnebin
is the CEO of the Private Banking unit of UBS Switzerland.
Before holding this function, he was the Head of the International Clients
Europe, Middle East & Africa business area in the Private Banking division. In
1994, he was named General Manager and Member of the SBC Group Executive Board,
and in 1992, he became Deputy General Manager and a Member of the Executive
Board.
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Between 1987 and 1992, he served as Head of Finance & Investment at SBC in Berne
and Lausanne. In 1982, he was named Head of the Finance & Investment unit of SBC
in Berne. Mr. Gagnebin began his career in 1969 at SBC in Berne. Mr. Gagnebin
was born on 3 March 1946. He is a Swiss citizen.
Joseph J. Grano, Jr.
, Chairman and CEO of UBS PaineWebber, joined the UBS
Group Executive Board on 1 January 2001 after the merger of PaineWebber with
UBS. In 1994, he was named President of PaineWebber Inc. He joined PaineWebber
in 1988 as President of Retail Sales and Marketing. Before working for
PaineWebber, Mr. Grano was with Merrill Lynch for 16 years holding various
senior management positions including director of National Sales for Merrill
Lynch Consumer Markets. Prior to joining Merrill Lynch in 1972, Mr. Grano
served in the US Special Forces. Mr. Grano was born on 7 March 1948. He is a US
citizen.
Markus Granziol
, Chairman of UBS Warburg, was also CEO of this Business
Group from 1999 until 2001. From 1998 to 1999 he served as Global Head Equities
and Fixed Income at Warburg Dillon Read and was a member of the Group Managing
Board. From 1996 to 1998, he was General Manager and member of the SBC Group
Executive Board. Between 1995 and 1996 he served with SBC Warburg as the Joint
Global Head of Equities. In 1994, he became Global Head of Equities at SBC in
Hong Kong. Mr. Granziol joined SBC in 1987 as Head of the Securities Department
in Zurich. Prior to that, he was Chief of Staff at the Swiss National Bank, and
was also lecturer in macro-economics and financial theory at the University of
Zurich. Mr. Granziol was born on 21 January 1952. He is a Swiss citizen.
Stephan Haeringer,
CEO of UBS Switzerland and of its Private and Corporate
Clients business unit, has held several positions with UBS during the last three
decades. From 1996 to 1998, he was Chief Executive Officer Region Switzerland.
From 1991 to 1996, he served as Division Head, Private Banking and Institutional
Asset Management. In 1991, he was appointed member of the Group Executive
Board, and in 1987 he became Executive Vice President and served as Head of the
Financial division. During the years 1967 to 1988, Mr. Haeringer assumed various
management roles within the areas of Investment Counseling, Specialized
Investments, Portfolio Management, Securities Administration and Collateral
Loans. Mr. Haeringer was born on 6 December 1946. He is a Swiss citizen.
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Corporate Governance
Directors and Officers of UBS
Group Managing Board
The following members belonged to the Group Managing Board as at 31 December
2001:
Colin Buchan
Senior Advisor, UBS Warburg
Crispian Collins
Vice Chairman, UBS Asset Management
Arthur Decurtins
Head of Asia, UBS Private Banking
Jeffrey J. Diermeier
Chief Investment Officer, UBS Asset Management
Regina A. Dolan
Chief Administrative Officer, UBS PaineWebber
Thomas K. Escher
Head of IT, UBS Switzerland
John A. Fraser
Chief Executive Officer, UBS Asset Management
Robert Gillespie
Joint Global Head of Corporate Finance, UBS Warburg
Jurg Haller
Head of Risk Transformation and Capital Management, UBS Switzerland
Eugen Haltiner
Head of Corporate Clients, UBS Switzerland
Gabriel Herrera
Head of Europe, Middle East and Africa / Investment Funds, UBS Asset Management
Alan C. Hodson
Head of Equities, UBS Warburg
Peter Kurer
Group General Counsel
Benjamin F. Lenhardt, Jr.
Deputy Head of Business Management / Head of Americas, UBS Asset Management
Donald B. Marron
Chairman UBS Americas (ex officio GMB member)
Urs. B. Rinderknecht
Group Mandates
Alain Robert
Head of Individual Clients, UBS Switzerland
Marcel Rohner
Chief Operating Officer, Deputy CEO, UBS Private Banking
Gian Pietro Rossetti
Head of Swiss Clients, UBS Private Banking
Hugo Schaub
Group Controller
Jean Francis Sierro
Head of Resources, UBS Switzerland
Robert H. Silver
HeadofOperations,Technology,andCorporateEmployeeFinancialServices,UBSPaineWebber
J. Richard Sipes
Joint Head of Europe, UBS Private Banking
Clive Standish
Chief Executive Officer Asia Pacific, UBS Warburg
Walter Sturzinger
Group Chief Risk Officer
Marco Suter
Group Chief Credit Officer
Mark B. Sutton
Head of US Private Clients, UBS PaineWebber
Rory Tapner
Joint Global Head of Corporate Finance, UBS Warburg
Raoul Weil
Joint Head of Europe, UBS Private Banking
Stephan Zimmermann
Head of Operations, UBS Switzerland
Auditors
External auditors
Ernst & Young Ltd.
,
Basel
Auditors for the Parent Bank and for the Group
(term expires AGM 2002,
proposed for reelection)
Deloitte & Touche
Experta, Ltd., Basel
Special auditors
(term expires AGM 2003)
Internal audit
Markus Ronner
Head of Group Internal Audit
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Corporate Governance
Financial Disclosure Principles
Financial Disclosure Principles
UBS's
financial disclosure policies aim to achieve a fair market value for
the UBS share by communicating transparently, openly and consistently with investors and the financial markets at all times.
Based on our discussions with analysts and investors, we believe that the market
accords a "transparency premium" to the share prices of companies who provide
clear, consistent and informative disclosure about their business. Our aim
therefore is to communicate UBS's strategy and results in such a way that
investors can gain a full and accurate understanding of how the company works,
what its growth prospects are and what risks there are that this growth will not
be realized.
To continue to achieve these goals, we apply the following principles in our
financial reporting and disclosure:
–
Transparency
: our disclosure is designed to enhance understanding of the
economic drivers and detailed results of the business, building trust and
credibility.
–
Consistency
: we aim to ensure that our disclosure is consistent and
comparable within each reporting period and between reporting periods.
–
Simplicity
: we try to disclose information in as simple a manner as possible
consistent with allowing readers to gain the appropriate level of
understanding of our businesses' performance.
–
Relevance
: we aim to avoid information overload by disclosing information
only where it is relevant to UBS's stakeholders, or required by regulation or
statute.
–
Best practice
: we strive to ensure that our disclosure is in line with industry norms, and if
possible leads the way to improved standards.
We report UBS's results quarterly, including a
breakdown of results by Business Groups and business units and extensive
disclosures relating to credit and market risk. The quantity of disclosure and
the quality of analysis and comment we provide put UBS's reporting among the
leaders in the banking sector, worldwide.
We also aim to take a prominent role in developing and enhancing industry
standards for disclosure. UBS is actively represented in committees and
similar bodies helping to improve accounting standards and risk disclosure stan-
dards. Last year we took the lead in proposing a new standard for measuring and
reporting client assets. This was well received by investors, analysts and
peers.
Performance measures and targets
Group targets
UBS focuses on four key performance targets, designed to ensure that it delivers
continually improving returns to its shareholders. We report UBS's performance
against these targets each quarter:
–
We seek to increase the value of the Group by achieving a sustainable,
after-tax return on equity of 15-20%, across periods of varying market
conditions.
–
We aim to increase shareholder value through double-digit average annual
percentage growth in basic earnings per share (EPS), across periods of
varying market conditions.
–
Through cost reduction and earnings enhancement initiatives we aim to
reduce UBS's cost/income ratio, to a level that compares positively with
best-in-class competitors.
–
We aim to achieve a clear growth trend in net new money in our private client
businesses.
The first three targets are all reported pre- goodwill amortization, and
adjusted for significant financial events (see below).
Business Group key performance indicators
We also report carefully chosen key performance indicators for each of UBS's
Business Groups and business units. These do not carry explicit targets, but are
indicators of the business units' success in
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Corporate Governance
Financial Disclosure Principles
creating value for shareholders. They include financial metrics, such as the
cost/income ratio, and non-financial metrics such as client assets.
These key performance indicators are used for internal performance
measurement and planning as well as external reporting. This ensures that
management has a clear responsibility to lead their businesses towards achieving
success in the externally reported value drivers and avoid the risk of managing
to purely internal performance measures.
Financial reporting policies
Accounting principles
We prepare UBS Group's accounts according to International Accounting Standards
(IAS), and provide additional information to reconcile the Group accounts to US
Generally Accepted Accounting Principals (US GAAP). A detailed explanation of
the basis of UBS's accounting is given in Note 1 to the Financial Statements,
which is published in the Financial Report 2001.
In addition, the Financial Report 2001 contains the financial statements of
the UBS AG parent bank, the Swiss company, including branches worldwide,
which owns all the UBS Group companies directly or indirectly. These parent bank
financial statements exclude the results of all UBS's subsidiaries and
associated companies, and are prepared to meet Swiss regulatory requirements and
Swiss federal banking law. Major differences between Swiss federal banking law
requirements and International Accounting Standards are described in Note 39 to
the UBS Group Financial Statements.
Significant financial events
The financial targets we have set and the analysis of financial results which we
provide in quarterly and annual reports, concentrate on figures which have been
adjusted by the exclusion of what we call Significant Financial Events. This
adjustment is designed to facilitate meaningful comparisons between different
reporting periods, illustrating the underlying operational performance of the
business, insulated from the impact of one-off gains or losses outside the
normal course of business.
Treatment of an item as a significant financial event is at the discretion of
the Group Executive Board, but in general the item should be:
–
Non-recurring
–
Event specific
–
Material at Group level
–
UBS-specific, not industry-wide
and should not be a consequence of the normal run of business.
Examples of items that we would treat as significant financial events
include the gain or loss on the sale of a significant subsidiary or associate,
such as the divestment in 1999 of UBS's stake in Swiss Life/Rentenanstalt, or
the restructuring costs associated with a major integration, such as the
merger in 2000 with PaineWebber.
Significant financial events are not a recognized accounting concept under
International Accounting Standards or US GAAP, and are therefore not separately
reflected in our Financial Statements. The use of numbers which have been
adjusted for significant financial events is restricted to the Business Group
and business unit reporting and to the analysis of the Group results and the
accompanying illustrative tables. We clearly identify all adjusted figures, and
disclose the pre-tax amount of each individual significant financial event in
the quarter in which it is recorded, and in the annual report for that year,
together with the net tax benefit or cost associated with the significant
financial events recorded in each period.
Restatement of results
As required under IAS, we are committed to maintaining
the transparency of UBS's reported results and to ensuring that analysts and
investors can make meaningful comparisons with previous periods. If there is a
major reorganization of our business units or if changes to accounting
standards or interpretations lead to a material change in the Group's reported
results, we restate UBS's results for previous periods to show how they would
have been reported according to the new basis (except when accounting standards
prohibit us from doing so), and provide clear explanations of all changes.
Disclosure channels
We meet with UBS's institutional investors regularly throughout the year,
holding results presentations, specialist investor seminars, roadshows and
one-to-one or group meetings across the world. Where possible, these events
involve UBS senior management in addition to the UBS
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Investor Relations team. We have also made significant progress in developing
the use of technology to further broaden access to our presentations through
webcasting, audio links and cross-location video-conferencing for external
audiences.
We fully subscribe to the principle of equal treatment of all shareholders.
To ensure fair access to information, we make UBS publications available to all
shareholders at the same time and generally make key documents available in both
English and German. Letters to shareholders and media releases about results are
also translated into French and Italian. We post letters to shareholders and
material information related to corporate events direct to all shareholders,
while other information is distributed via press release and posted to UBS's
website, at www.ubs.com/investors. Our website includes comprehensive
information about UBS, including a complete set of our published reporting
documents, on demand access to recent webcast presentations and copies of
presentations that senior management have given at industry conferences.
US regulatory disclosure requirements
As a Swiss company listed on the New York Stock Exchange (NYSE), we comply with
the disclosure requirements of the Securities and Exchange Commission (SEC) and
the NYSE for foreign issuers. These include the requirement to make certain
filings with the SEC. As a foreign issuer, some of the SEC's regulations and
requirements which apply to domestic issuers are not applicable to UBS. We
provide UBS's regular quarterly reports to the SEC under cover of Form 6-K, and
file an annual report on Form 20-F. We also provide additional disclosure at
half year to meet specific SEC or US GAAP requirements, which again is provided
under cover of Form 6-K. In addition, important corporate announcements,
including press releases, are provided under cover of Form 6-K as they occur.
These reports, as well as materials sent to shareholders in connection with
annual and special meetings, are all available on our website, at
www.ubs.com/investors.
New Basel Capital
Accord — Pillar 3
Pillar 3 of the proposed New Basel Capital
Accord will require internationally active banks
to disclose a range of information about the risks they take, the way they
assess risks and their regulatory capital position, beyond the present
financial reporting guidelines. The intention is to subject banks to "market
discipline" — the markets would reinforce regulatory supervision by requiring
higher or lower costs of capital based on the individual bank's level of risk
and quality of risk management and control.
UBS is a supporter and exponent of transparency in banks' financial
statements, and of disclosure as a means to promote market discipline. The
philosophy behind Pillar 3 is therefore close to our thinking and we fully
support it indeed, we would like to see it extended to other financial
institutions, including securities firms, insurance companies and
intermediaries.
For a publicly quoted financial institution, we believe market discipline is
a three-step feedback loop:
–
evidence of a firm's practices and their results
through disclosure
–
market reaction to the disclosure, and its
impact on shareholder value
–
change in behavior or strategy by firms seeking to maximize shareholder value.
Although the effect of market discipline is not
uniform, enhanced disclosure requirements can undoubtedly contribute to improved
risk management and control. In this we fully support the aims of Pillar 3.
UBS has been active in the ongoing discussion between the regulators and the
industry, and we believe that this is a unique opportunity for regulators,
accounting standard setters and industry participants to work together to
achieve a disclosure framework that meets the needs of all relevant parties.
As a result of these discussions, we have identified areas where further
improvements to our risk disclosure can be made in future, taking into account
the needs of both equity and credit analysts. New developments and standards
in risk management and control emerge all the time, and risk disclosure is
therefore a moving target, but we are committed to developing our reporting over
coming years, with the aim of remaining at the forefront of meaningful disclosure.
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Corporate Governance
Value-based Management
Value-based Management
UBS's performance measurement framework considers the creation of long-term
value for shareholders in a more explicit way than traditional profit-based
measures. UBS believes that the measurement of value creation can only be
effective in the context of a comprehensive value-based management (VBM) process
which is truly embedded in its management decisions, and consistently applied
across the organization.
UBS's value-based management (VBM) framework supports value-based decisions,
performance assessment and external communication. The heart of the framework
is a process for monitoring the development of the value of the Group and its
constituent businesses, based on the identification of the fundamental drivers
of value creation.
Overview of objectives and process
The aim of VBM is to create an understanding of the sources and drivers of value
within all of UBS's businesses, and to integrate this understanding into its
management processes and principles, translating the value creation mindset into
action. The diagram below summarizes the VBM processes.
Value-based business decisions:
To ensure that UBS's actions are
value-enhancing, the Group evaluates strategic initiatives, acquisitions and
investments on the basis of the impact of their earnings potential and inherent
risk on shareholder value. Funding and capital resources are allocated only to
business plans and projects that are expected to create value on a sustainable
basis.
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To help make this evaluation, UBS benchmarks the internal assessment of a
project's value creation potential against analysts' and investors'
expectations. The Group also assesses and manages the risk of current and
planned business strategies by analyzing the impact of long-term industry and
macro-economic trends on value.
Performance assessment
: Performance measures are designed to demonstrate the
extent to which value has been created: both the value derived from actual
performance during the current reporting period and the value of future growth
prospects resulting from tactical and strategic positioning.
External communication:
The drivers of value creation are a focal point of our
communication to investors and analysts. The analysis and interpretation of
sources of valuation gaps provides valuable evidence of the external evaluation
of our future prospects.
Measuring value creation
Measuring value creation at the Group level
The fundamental assumption underlying the VBM framework is that the creation of
sustainable value is the primary objective of business activity. By emphasizing
sustainable value creation, UBS considers the interests of both its shareholders
and other important stakeholders such as employees, clients and regulators. The
framework views the management as custodians of shareholder wealth. They are
responsible for generating adequate returns on a risk-adjusted basis through
strategic decisions and their effective implementation.
To be a long-term success, a company must provide its owners with a total
return greater than its risk-adjusted cost of capital. For the shareholders, the
total return on their investment is a combination of cash distributions and
share price appreciation over a specific period. Share price development is
therefore a very important indicator of value creation at the corporate level,
since it reflects the assessment by investors of current performance, of the
ability of management to define, communicate and implement innovative and
compelling strategies for the future and of the level of strategic risk those
plans involve.
Measuring value creation at the
business level
The share price is a useful indicator of the value creation performance of the
Group, but it cannot be used to evaluate the performance of business units. As
business units are not listed on any stock exchange, UBS needs a measure that
corresponds to the total return on shares but is applicable to business units.
For this, UBS has chosen
fair value
and
total return on
fair value
as the most
suitable measures of value creation.
The starting point in assessing value creation for a business unit is thus to
assess its
fair value
, i.e., the theoretical value of the current franchise and
associated earnings potential as well as the resources the business unit
management has been entrusted with.
By relating realized cash earnings and the incremental fair value added by
strategic plans and investments to the initial fair value, we then calculate the
total return on fair value
of the business unit. Actual total return is compared
to the business unit hurdle rate, which represents the minimum required return
for a given level of business risk.
For the purposes of value-based management, fair value is calculated as the
sum of all future discounted free cash flows, which correspond to anticipated
earnings adjusted for investments and depreciation. The discount rate reflects
the financial and business risks of the unit and is also the targeted total
return on fair value (the business unit hurdle rate). Discount rates are derived
from historical market data using the capital asset pricing model (CAPM), which
yields discount rates that account for the undiversifiable (systematic) risk of
the business.
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Corporate Governance
Value-based Management
Since our business units are not listed on any stock market, their cost of
equity is inferred from stock market data of listed competitors and peers.
Generated free equity
An important difference between a financial institution and industrial firms is
that borrowing and lending form part of everyday business activities and are not
used merely for financing and placement of excess liquidity. This makes the
traditional definition of free cash flow, as used in industrial firms, difficult
to apply to a bank. In addition, banks face regulatory constraints in the form
of capital adequacy regulation, which reduce their discretion to determine and
implement an optimal capital structure.
In view of these differences, free cash flow for banks is generally defined
as the change in free equity, after investments and after all claims from debt
holders (interests and principal repayments) have been serviced. UBS has
dubbed this measure "Generated Free Equity" (GFE) as it is the amount that can
be either reinvested or returned to shareholders via dividends and share
repurchases. We use GFE in the calculation of its fair value and the total
return on fair value. This method is known as the equity method of valuation,
as opposed to the enterprise method which arrives at the value of the equity by
discounting the entire cash flow and thereafter deducting the value of the debt.
GFE is the net profit after tax adjusted for changes in the required equity.
There are many possible methods to determine the equity requirements for a
business. For the calculation of GFE, UBS uses the regulatory requirements for
each business unit as the key for determining the equity requirements of its
business units.
The VBM process
The implementation of a comprehensive VBM framework in a large organization like
UBS is a complex task and the full benefit of it will only materialize over
time. To be truly effective the VBM framework must become an integrated part of
key management processes, such as the formulation and evaluation of strategic
plans and investments, the measurement and evaluation of performance, and the
definition of criteria for performance related compensation.
Value drivers
In order to have an operational tool for analyzing the extent to which current
and projected performance contribute to sustainable value creation, UBS has
identified value drivers for each business unit, relating to revenue, cost and
investment. Net new money growth and average margins on assets are examples of
typical revenue drivers for the private banking and asset management
businesses.
The analysis of the future development of value drivers extends beyond the
standard business plan horizon of three years to consider the potential impact
on value of long-term industry and macro-economic trends, and constitutes an
important input in the evaluation of strategic options.
Internal value driver projections and valuations are benchmarked against
external assessments and the expectations of the stock market and leading
analysts and against performance of key competitors. They are also subjected to
a sensitivity analysis, both to understand the sensitivity of the valuation to
assumptions, and to test the impact on value of failing to meet plans. Together
these measures help to avoid the risk that over-optimistic planning might
distort the VBM process.
Value-based decisions in strategic planning
The business units of UBS complement their standard business plans with explicit
projections for key value drivers. Equity expenditures (investments and
incremental working capital), which are required to increase or sustain current
operating levels, are explicitly considered via their effect on generated free
equity.
The impact of business plans on valuation is analyzed on the basis of the
internal value driver targets and long-term forecasts on the development of
value drivers beyond the planning horizon. The valuation analysis considers
the views on sector and macro-economic development of neutral internal and
external experts and the impact of worst case scenarios.
Value-based decisions and strategic risk
UBS considers strategic risk, such as the failure to recognize changing customer
priorities, the failure to recognize opportunities and threats from emerging
technologies and business models or the failure to define and implement
innova-
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tive, compelling value propositions for customers and investors, as the
major challenge in today's competitive environment.
In order to meet this challenge, companies need to implement systematic and
rigorous tools and processes (as has already been done in the case of market,
credit and operational risk control) to identify and manage strategic risk.
Valuebased analysis constitutes a key input for assessing and addressing
strategic risk.
UBS produces a Value Report, circulated quarterly to senior managers
throughout the Group. This report to management tracks the development of value
drivers and also measures total return on fair value of the Group and Business
Groups, which includes the incremental impact of new business initiatives and
the realized generated free equity. In addition, the value report contains a
section which analyzes the source of gaps between internal valuation and market
capitalization and between internal valuation of the Group and its Business
Groups and leading external analysts' valuations of business units.
Compensation
A key aspect of a comprehensive VBM framework is compensation. The objective of
value-based compensation is to reward sustainable shareholder value creation.
Managers and employees should receive an appropriate share of the value created
in order to align their interests to the interests of shareholders. As with
all other professional services organizations, human resources costs in
banking are the single largest operating expense. As a result compensation is a
highly sensitive area, where market practice and cultural considerations need
to be taken into account.
Total return on fair value and the development of value drivers are very
powerful measures for compensation and UBS currently is in the process of
developing methods to include the VBM measures in its compensation scheme.
However, UBS believes that compensation should never be formula driven, so,
while these measures will become important inputs, they will not replace
managerial judgement in determining compensation levels.
One of the goals of value-based compensation is the alignment of the
interests of employees and shareholders. Such alignment can also be achieved
through increased employee ownership. UBS has launched Equity Plus, a program
that aims to substantially increase employee ownership by stimulating
employees to use part of their total compensation to buy UBS shares.
External communication
Although VBM is essentially an internal management tool, it can also provide
useful information for investors and analysts. Unfortunately, as many of the
concepts in the framework are forward-looking, subject to frequent change and
contain sensitive proprietary information, they are unsuitable for public
disclosure. However, there is a strong conceptual link between the development
of value drivers and value creation. During 2002 we intend to publish further
quantitative information on the development of key value drivers as well as
guidance on how the value drivers fit into a valuation framework.
Conclusion
UBS believes that the focus on value drivers in planning and performance
tracking is the most effective and efficient way to direct the organization
towards building value. It also allows the linking of compensation to the key
drivers of sustainable profitability in a pragmatic way. Valuebased
management combines the analysis of current performance with the analysis of
future earnings potential. This increases management's focus on strategic risk
and further improves UBS's ability to create sustainable value.
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Corporate Governance
Regulation and Supervision
Regulation and Supervision
As a Swiss-registered company, UBS's main regulator is the Swiss Federal Banking
Commission (Eidgenossische Bankenkommission or "EBK"), but we are also regulated
worldwide by supervisory agencies in the countries in which we conduct business,
most notably the US and the UK. We aim to monitor regulatory developments, to
comply with all local and regional provisions and to work closely and maintain
good relations with the regulators in all jurisdictions where we have offices,
branches and subsidiaries. The Group Governance Committee oversees the interface
with our regulators, which is coordinated by the risk control, compliance and
financial control functions at Corporate Center and in the Business Groups.
UBS's operations throughout the world are regulated and supervised by the
relevant central banks and regulatory authorities in each of the jurisdictions
in which we have offices, branches and subsidiaries. These authorities impose
reserve and reporting requirements and controls on banks, including those
relating to capital adequacy, depositor protection and prudential supervision.
In addition, a number of countries where UBS operates impose additional
limitations on or affecting foreign-owned or controlled banks and financial
institutions, including
–
restrictions on the opening of local offices, branches or subsidiaries and
the types of banking and non-banking activities that may be conducted by
those local offices, branches or subsidiaries;
–
restrictions on the acquisition or level of ownership of local banks;
–
restrictions on investment and other financial flows entering or leaving the
country.
The supervisory and regulatory regimes of the
countries where UBS operates will determine, to some degree, our ability to
expand into new markets, the services and products that we will be able to offer
in those markets and how we structure specific operations.
The following sections describe the regulation and supervision of UBS's
business in Switzerland, our home market, and in the United States and the
United Kingdom, our next two largest operations which together employ a total of
49% of our staff.
Regulation and supervision in Switzerland
General
UBS is regulated in Switzerland under a system established by the Swiss Federal
Law relating to Banks and Savings Banks of 8 November 1934, as amended, and the
related Implementing Ordinance of 17 May 1972, as amended, which are together
known as the Federal Banking Law. Under this law, banks in Switzerland are
permitted to engage in a full range of financial services activities,
including commercial banking, investment banking and fund management. Banking
groups may also engage in insurance activities, but these must be undertaken
through a separate subsidiary. The Federal Banking Law establishes a framework
for supervision by the EBK.
In our capacity as a securities broker, UBS is governed by the Swiss Federal
Law on Stock Exchanges and Trading in Securities of 24 March 1995, as amended,
under which the EBK is appointed as prime regulator for these activities.
Regulatory policy
Swiss regulatory policies are formulated on three levels. The first two are the
statutory levels of primary and secondary legislation issued by Parliament and
the Swiss Federal Council. The EBK has substantial influence on the drafting of
regulatory statutes. On more technical policy, the EBK is empowered to issue
so-called circulars, 21 of which have been issued to date. In certain
fields, the EBK officially endorses self-regulatory guidelines issued by the
banking industry (through the Swiss Bankers' Association), which thus become an
integral part of banking regulation. Recent examples are:
–
Guidelines concerning a Code of Conduct with regard to the Exercise of Due
Diligence by Banks, 1998.
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–
Guidelines concerning the Treatment of Accounts, Custody Deposits and Safe
Deposit Boxes Remaining Dormant at Swiss Banks, 2000.
–
Guidelines concerning the Exercise of Asset
Management Mandates, 2000.
Certain aspects of securities broking, such as
the organization of trading, are subject to self- regulation through the SWX
Swiss Exchange and the Swiss Bankers' Association, under the overall supervision
of the EBK.
Role of external auditors and direct supervision of large banking groups
The Swiss supervisory system relies on banks' external auditors, who are
licensed and supervised by the EBK, and carry out official duties subject to
sanctions imposed by the EBK. The responsibility of external auditors not only
encompasses the audit of Financial Statements but also entails the review of
banks' compliance with all prudential requirements.
In recent years, the EBK has taken on more direct responsibility for
supervision in two areas: capital requirements for market risk, for which there
is a specialist team; and the supervision of the two large Swiss banking groups,
including UBS, for which a dedicated department was created in 1998. Thus, the
supervisory strategy now entails direct supervision in the form of regular
meetings with bank management, supervisory visits, on site reviews, direct
reporting, both routine and ad hoc, and regular meetings with the host
regulators of our overseas operations. Close cooperation, including regular
trilateral meetings, has been established between the EBK and UBS's US and UK
regulators, and further links are being established by the EBK with other relevant regulators.
Reporting requirements and capital requirements
UBS reports to the EBK both
financial information and prudential information in such areas as risk
exposures, risk concentrations, liquidity, reserves and provisions. The EBK also
reviews the bank's risk management and control policies and procedures in all
areas of risk, including know your customer and anti-money laundering practices.
Switzerland applies the internationally accepted capital adequacy rules of
the Basel Capital Accord but the EBK implementation imposes a more
differentiated and tighter regime than the internationally agreed rules,
including a more stringent definition of capital (see Capital management on page
84.) Furthermore, the EBK expects banks to hold capital at least 20% above the
minimum that would be required under the Basel Capital Accord. A bank falling
below this level would be subject to more intense supervision. (The Basel
Capital Accord is currently in the process of being revised, as discussed below
on page 110) .
Disclosures to the Swiss National Bank
Although the primary responsibility for
supervision of banks under the Federal Banking Law lies with the EBK, UBS also
submits an annual statement of condition and detailed monthly interim balance
sheets to the Swiss National Bank, which monitors compliance with liquidity
rules. The Swiss National Bank can require UBS to supply further disclosures of
financial condition and other information relevant to its regulatory
oversight.
Regulation and supervision in the
United States
Banking regulation
UBS's operations in the United States are subject to a variety of regulatory
regimes. We maintain branches in California, Connecticut, Illinois and New York
and agencies in Florida and Texas. UBS's California branches are located in Los
Angeles and San Francisco and are licensed by the Office of the Comptroller of
the Currency. Each of our other US banking offices is licensed by the state
banking authority of the state in which it is located. Each US banking office is
subject to regulation and examination by its licensing authority and. In
addition, the Board of Governors of the Federal Reserve System exercises
examination and regulatory authority over our state-licensed US banking offices.
We also maintain state and federally chartered trust companies and other
limited purpose banks, which are regulated by state regulators or the Office of
the Comptroller of the Currency. None of UBS's US banking offices is insured by
the Federal Deposit Insurance Corporation. The regulation of our US banking
offices and subsidiaries imposes restrictions on the activities of those
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Regulation and Supervision
offices, as well as prudential restrictions, such as limits on extensions of
credit to a single borrower, including UBS subsidiaries.
The licensing authority of each US banking office has the authority to take
possession of the business and property of the office it licenses in certain
circumstances. Such circumstances generally include violations of law, unsafe
business practices and insolvency. So long as UBS maintains one or more
federal branches, such as our California branches, the Office of the Comptroller
of the Currency also has the authority to take possession of our US operations
under similar circumstances, and this federal power may preempt the state
insolvency regimes that would otherwise be applicable to our state licensed
offices. As a result, if the Office of the Comptroller of the Currency exercised
its authority over our US banking offices pursuant to federal law in the event
of a UBS insolvency, all of UBS's US assets would be applied first to satisfy
creditors of our US banking offices as a group, and then made available for
application pursuant to any Swiss insolvency proceeding.
In addition to the direct regulation of our US banking offices, operating US
banking offices subjects UBS to regulation by the Board of Governors of the
Federal Reserve System under various laws, including the International Banking
Act of 1978, as amended, the Bank Holding Company Act of 1956, as amended, and
the Gramm-Leach-Bliley Financial Modernization Act of 1999. The Bank Holding
Company Act imposes significant restrictions on UBS's US non-banking operations
and on our worldwide holdings of equity in companies operating in the United
States, as well as restrictions on transactions between our US banking offices
and our non-banking subsidiaries. On 10 April 2000, UBS AG was designated a
"financial holding company" under the Gramm-Leach-Bliley Act. This designation
generally permits us to exercise the new powers granted by that act, which
include the following:
–
Bank holding companies meeting management and capital standards are
permitted to engage in a substantially broader range of non-banking
activities than previously was permissible, including insurance underwriting
and making merchant banking investments.
–
Insurers and other financial services companies are permitted to acquire banks.
–
Various restrictions that previously applied to
bank holding company ownership of securities firms and mutual fund advisory
companies have been removed.
–
The overall regulatory structure applicable to bank holding companies,
including those that also engage in insurance and securities operations,
has been revised.
The Gramm-Leach-Bliley Act also modified other existing financial laws,
including laws related to the conduct of securities activities by US banks and
US banking offices. As a result, UBS is in the process of relocating certain
activities previously conducted by our US banking offices to a UBS subsidiary
or elsewhere.
US regulation of other US operations
In the United States, UBS Warburg LLC and
UBS PaineWebber Inc., as well as UBS's other US registered broker-dealer
entities, are subject to regulations that cover all aspects of the securities
business, including:
–
sales methods
–
trade practices among broker-dealers
–
use and safekeeping of customers' funds and
securities
–
capital structure
–
record-keeping
–
the financing of customers' purchases
–
the conduct of directors, officers and employees.
These entities are regulated by a number of different government agencies and
self-regulatory organizations, including the Securities and Exchange
Commission and the National Association of Securities Dealers. Depending upon
the specific nature of a broker-dealer's business, it may also be regulated by
some or all of the New York Stock Exchange, the Municipal Securities Rulemaking
Board, the US Department of the Treasury, the Commodities Futures Trading
Commission, and other exchanges of which it may be a member. These regulators
have available a variety of sanctions, including the authority to conduct
administrative proceedings that can result in censure, fines, the issuance of
cease-and-desist orders or the suspension or expulsion of the broker-dealer or
its directors, officers or employees.
UBS subsidiaries in the United States are also subject to regulation by
applicable federal and state regulators of their activities in the invest-
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ment advisory, mutual fund, trust company, mortgage lending and insurance
businesses.
USA Patriot Act
On 26 October 2001, the US adopted the USA Patriot Act in response to the events
of 11 September 2001. The Act requires US banks and foreign banks with US
operations, including UBS, to take certain steps to help prevent, detect and
prosecute international money laundering and the financing of terrorism. The
required actions include terminating correspondent accounts with "shell banks"
and obtaining information about the owners of foreign bank clients and the
identity of the foreign bank's agent for service of process in the US. The Act
also expands the power of the US government to subpoena foreign banks for
records relating to transactions in their US correspondent accounts, including
records kept outside the US.
The scope of the Act will be determined, to some degree, by the regulations
that are adopted to implement its provisions. The US Secretary of the Treasury
has published interim guidance and proposed regulations to implement some
portions of the Act, and is expected to propose additional regulations to
implement other sections. Although we cannot predict when and in what form these
regulations will be adopted, we believe that the cost of compliance with the Act
is not likely to be material to us, and that compliance with the statute will
not have a material effect on our global operations.
Regulation and supervision in the
United Kingdom
Since 1 December 2001, following the implementation of the Financial Services
and Markets Act 2000, UBS's operations in the United Kingdom have been regulated
by the Financial Services Authority (FSA), as the United Kingdom's unified
regulator. FSA assumed the responsibilities of UBS's previous UK regulators, the
Securities and Futures Authority and the Investment Management Regulatory
Organisation, with effect from this date. The Bank of England's responsibilities
for regulation of banking activities were transferred to the FSA by the Bank of
England Act 1998.
The FSA has established a risk-based approach to supervision and UBS is
supervised by the Major Financial Groups section of the Deposit Takers and
Markets Directorate. The FSA has a wide variety of supervisory tools available
to it, including on-site inspections by supervisors (which may relate to a
risk-based industry-wide theme or be firm-specific) and the ability to
commission reports by skilled persons (who may be the firm's auditors or IT
specialists, compliance consultants or lawyers). The FSA also has an extremely
wide set of sanctions which it may impose under the new Act, similar to those
available to US regulators.
During most of 2001, however, UBS was regulated by the FSA in respect of its
banking activities but continued to be regulated by the Securities and Futures
Authority in respect of its investment banking, individual asset management,
brokerage and principal trading activities, and by the Investment Management
Regulatory Organisation in respect of its institutional asset management and
fund management activities.
Some of our subsidiaries and affiliates are also regulated by the London
Stock Exchange and other United Kingdom securities and commodities exchanges
of which UBS is a member.
The investment services that are subject to oversight by United Kingdom
regulators are regulated in accordance with European Union directives
requiring, among other things, compliance with certain capital adequacy
standards, customer protection requirements and conduct of business rules. These
standards, requirements and rules are similarly implemented, under the same
directives, throughout the European Union and are broadly comparable in scope
and purpose to the regulatory capital and customer protection requirements
imposed under applicable US law.
Basel Committee on Banking Supervision
In January 2001, the Basel Committee on
Banking Supervision issued "A New Basel Capital Accord", a second consultative
paper in the drive to radically overhaul the way minimum regulatory capital
requirements are determined for internationally active banks, including UBS. UBS
supports the aims of the new Accord, which include increasing the risk
sensitivity of the capital measure, reducing regulatory capital arbitrage in
the area of credit risk, and promoting greater safety and soundness in the
banking system worldwide.
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The new Accord will introduce a capital requirement for operational
(consequential) risks. It is hoped that, when finally agreed, this requirement
will be responsive to changing risk and loss experience and will promote further
rational development of risk control practice in this area.
Implementation was originally scheduled for 1 January 2004, but has been
delayed to 1 January 2005 following intensive consultation with the industry.
UBS provided a comprehensive written response to the Committee, participated
actively in the development of industry group responses and contributed to the
formal quantitative impact studies conducted by the
regulators. Discussions will continue with the Committee well into 2002 when a
third quantitative impact study will be conducted and a final consultative
paper issued. The release of the final Accord will then be followed by extensive
dialogue with individual regulators as they incorporate the new Accord into
local regulations.
The new Accord has been the main focus of industry and UBS interaction with
the Committee over the last year, but the Committee continues to explore other
areas of regulatory interest and concern and to issue consultative and sound
practice papers, for example "Customer Due Diligence for Banks".
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Corporate Governance
Corporate Responsibility
Corporate Responsibility
UBS has a strong commitment to corporate responsibility. We recognize the
demands that are placed on us by different stakeholders, and have therefore made
corporate responsibility part of our culture and our identity, integral to our
business model.
Corporate responsibility means different things to different people and
different businesses. UBS aims to build a truly responsible corporate
strategy by continuously identifying and anticipating new issues through regular
dialogues with stakeholders, outside experts and the media. Key corporate
responsibility issues for a financial institution like UBS include strengthening
corporate governance, fighting money laundering, protecting financial privacy,
being an equal opportunity employer, promoting environmental stewardship and
contributing to the communities which we are part of. At UBS, we take a
pragmatic approach, emphasizing issues that provide clear benefits for our
shareholders, clients, employees and societies in our main markets.
We realize that simply meeting existing legal requirements is not sufficient.
Society's expectations are constantly evolving and often precede formal
legal and regulatory requirements; we find that we are being held to ever higher
standards. Globalization has added to these demands as multinationals are
accused of arbitraging social standards to boost their bottom line. However the
growing demand for more responsible corporate behavior means that firms that
meet this demand at an early stage stand to win, while laggards put themselves
at risk.
Taking our corporate responsibilities seriously can bring positive benefits
to all our stakeholders. Good corporate governance benefits our shareholders,
putting their interests first. Protecting the privacy of our clients helps win
their trust. Being recognized as a responsible employer helps increase employee
satisfaction and the retention and recruitment of the best staff.
Managing our responsibilities
Reaping the full benefits of corporate responsibility requires a formal
management process to identify and analyze the relevant topics, shape strategy,
implement guidelines in the businesses, and provide efficient control.
The challenge is to develop a comprehensive approach to corporate
responsibility that is Group-wide and globally consistent. The active
participation of all Business Groups and regions is critical for an effective
corporate responsibility program. Our goal is to build upon their different
areas of expertise and to ensure that corporate responsibility issues are
handled as part of regular ongoing business operations. At the same time,
implementing a corporate responsibility strategy requires sustained effort
over a number of years policies and procedures can be changed relatively
quickly, but reshaping attitudes can be much harder, and requires commitment
throughout an organization, especially at the highest levels.
In 2001, we created a Corporate Responsibility Committee to guide this
process at UBS, comprising members of the Board of Directors, the Group
Executive Board, and the Group Managing Board. This committee is chaired by
Marcel Ospel and has Hans de Gier, Vice Chairman of the Board, Peter Wuffli,
President of the Group Executive Board, Donald Marron, Chairman UBS Americas,
and Marcel Rohner, Chief Operating Officer UBS Private Banking as members. The
Committee has the following duties:
–
to determine the company's policy with
respect to corporate responsibility and sustainable development;
–
to support increased awareness of and moni-
tor the company's adherence to international
standards in these areas;
–
to advise the Group Executive Board and
other bodies on corporate responsibility;
–
to advise the Board of Directors on reporting about the Group's efforts on
corporate responsibility and sustainable development.
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Corporate Governance
Corporate Responsibility
In close cooperation with the Business Groups, a specialized unit in the
Corporate Center guides the Corporate Responsibility Committee in shaping the
Group's overall strategy. The objective is to add value by combining existing,
Group-wide activities into a consistent framework, systematically identifying
and analyzing market opportunities and risks associated with society's
changing expectations of corporate behavior, and ensuring that all relevant
corporate responsibility issues are effectively covered. The following
section highlights some of the progress made in key issues of interest to our
stakeholders.
Shareholders
Corporate governance
The key corporate responsibility issue for shareholders is that of corporate
governance. Shareholders seek assurance that management always acts in their
best interest and that the benefits they receive from their ownership stakes are
being maximized. To this end the protection of shareholders' rights, a strong
commitment to disclosure, and a clear board structure are crucial. We are
committed to meeting the highest international standards of corporate governance
in UBS's organizational structure. The organization of our corporate and
executive bodies is designed to conform to the leading codes of best practice.
For further information, please refer to the section on Corporate Organization
on pages 88 to 93 of this Handbook.
In 2001 a working group under the lead of Economiesuisse, the Swiss business
federation, has been involved in drafting a "Swiss Code of Best Practice" in
Corporate Governance, while the SWX Swiss Exchange has proposed "Reporting
Guidelines on Corporate Governance", which aim to make available for investors
standardized information on the corporate governance of the companies listed
on the Swiss Exchange. UBS has contributed to the review of both proposals. It
is planned that both the Code and the Reporting Guidelines become effective
mid-2002.
Clients
Trust is critical for a global financial company like UBS. That trust is based
on our having a sensible view of future risks and returns, sound
corporate ethics (including stringent "know your customer rules") and protecting
clients' private information. However, due to the growing importance of
advisory-based financial services and of regulations regarding the exercise of
due diligence, financial institutions are gathering more and more information
from their clients. Unsurprisingly, public and private sector agents are showing
a strong appetite for that data, and clients are worried about its misuse. In
line with its Corporate Responsibility commitment, UBS carefully protects the
privacy of its customers.
Fighting money laundering
Over the years, UBS has established an effective internal framework to prevent
the misuse of its services by criminals, and has extended this framework as part
of the international efforts to combat terrorism. Switzerland's "know your
customer rules" and other regulations concerning the exercise of due diligence
are among the most stringent in the world:
–
Banks in Switzerland are not only required to verify the identity of their
clients but also have to establish the identity of the beneficial owners of
funds and assets.
–
To prevent the misuse of their services for purposes of money laundering or
financing crime, banks in Switzerland must notify the authorities whenever
they have knowledge or a justified suspicion that assets are of criminal
origin or are under the control of a criminal organization. This includes
the financing of terrorist activity.
Since 11 September 2001, UBS has actively supported the investigations into
the terrorist attacks in the US, making use of the procedures already in place.
A process of gathering information from all accessible public and private
sources globally was started immediately. Based on this information, an internal
Watch List of all names of persons and companies who could be implicated in
the terrorist attacks was created and is continually updated. Currently the list
contains more than a thousand names, predominantly those published by the US
government, and it is steadily growing. UBS has searched its files and reported
a small number of possible matches which could be of help for further
investigation by the relevant local authorities.
The effectiveness of UBS's process of due diligence is further enhanced by
an internal Financial
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Intelligence Unit. Drawing on worldwide research and intelligence resources, the
unit can provide detailed information on existing and prospective clients. In
addition, it maintains a special database on politically exposed persons (and
other persons with public exposure) in order to reduce reputation and legal
risks that may arise from such client relationships.
The Wolfsberg Principles
As part of its commitment to promote stringent due diligence processes in the
financial industry, UBS was one of the driving forces behind the launch of the
Wolfsberg Anti-Money Laundering Principles for international private banks
jointly announced on 30 October 2000 by eleven of the world's largest private
banks and by Transparency International, the global anti-corruption
organization.
These principles encompass "know your customer" policies, in particular
identification of the source of a client's wealth, and the identification and
follow-up or reporting of unusual or suspicious activities. They are designed to
ensure that private banking services are only offered to clients with legitimate
sources of wealth and that the same high standards are applied globally.
Following the attacks in the US on 11 September 2001, the Wolfsberg group
has drafted a statement on the "Suppression of the Financing of Terrorism" in
which the banks commit themselves to support authorities in the fight against
terrorism.
Employees
In an increasingly competitive global market for talented employees, becoming an
employer of choice allows UBS to attract and retain a top quality workforce. But
highly talented people want to work for firms that they can be proud of. An
ethical corporate culture has an impact on the behavior of every employee and
helps build such pride.
An important part of developing a strong and compelling corporate culture in
the workplace is promoting diversity: accepting and valuing people from
different backgrounds and cultures, and encouraging them to bring their varied
talents and perspectives to bear on all tasks, encouraging problem-solving and
innovation.
Since the mid-1990s, we have initiated more than 200 pro-diversity activities
in UBS's different businesses across the world, designed to approach this
issue with appropriate sensitivity to local circumstances. Our efforts have
covered recruiting, education, training and development programs, but also the
creation of structures and networks to provide long-term support.
One of our competitive strengths in many of
our businesses is the ability to leverage the skills
The challenges of avoiding money laundering
As part of our ongoing internal control procedures, UBS in Zurich identified a
business relationship with a suspected connection to the family of the late
Nigerian dictator Sani Abacha, and reported this suspicion to the Swiss Federal
Banking Commission and the Swiss Federal Money Laundering Reporting Office.
This case demonstrated the challenges of preventing money laundering, but
also gave us an opportunity to publicly reaffirm the strength of our commitment
to avoiding inappropriate banking relationships.
In 1996, a British citizen resident in London who was a reputable and
longstanding UBS client, introduced to UBS a company in which he and two
Nigerian business partners held interests. When questioned by us, the client
gave a credible assurance that his business partners had no political background
or interests.
After ascertaining one of the false names used by one of Abacha's sons, we
requested further information. When further clarifications were not
forthcoming, we conducted additional internal investigations, which led us to
suspect that at least part of the money in the accounts belongs to Abacha's
sons. At this point we reported this suspicion to the authorities and blocked the
company's accounts.
It is our strict policy that suspect business connections of this sort are
to be avoided under all circumstances, so it was a matter of deep regret that
this relationship with UBS was not prevented at the outset and was not
discovered earlier.
UBS takes its responsibilities in this area extremely seriously and remains
dedicated to meeting both legal and regulatory requirements and our commitments
under the Wolfsberg principles.
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Corporate Responsibility
and knowledge of our staff across the 50 countries in which UBS operates. We
believe that our intercultural training program is one of the most integrated,
comprehensive and advanced in the world. Last year more than 600 new and early
career staff worldwide were involved in workshops to help them learn how to
develop cultural understanding and how to succeed in intercultural
communication and integration.
We are increasingly coordinating our efforts on a global basis. In February
2001, a "Global Diversity Steering Committee" was established within UBS
Warburg, supported by a Global Diversity Manager in human resources. In November
2001, the Committee launched a Diversity intranet website which provides
detailed information about UBS Warburg's diversity initiatives and is designed
to facilitate employee involvement.
A number of initiatives are specifically targeted to increase the
representation of women in senior management positions at UBS. For example,
UBS Warburg has increased the number of college graduate women it hires. Of some
600 hires in the latest UBS Warburg graduate intake, approximately 30 per cent
are women, even though women represented only 20 per cent of applicants. In July
2001, 375 senior female executives and financial advisors from UBS Warburg and
UBS PaineWebber offices around the globe attended the fourth annual UBS Women's
Leadership Conference in New York City to share insights and exchange ideas with
UBS's senior managers.
Valuing diversity also opens up market opportunities: a workforce that
reflects the variety of cultures where the bank does business will help identify
new markets, develop innovative products and strengthen client relationships. A
report on women and investing was commissioned as part of UBS PaineWebber's
ongoing Index of Investor Optimism Survey. It showed that the number of wealthy
women investors had increased significantly, despite the recent economic
downturn. In 2001, they represented 47% of investors with $100,000 or more in
investable assets an increase of 11% since 1999.
Our Annual Review 2001 provides more information about how UBS recruits and
retains some of the best talent in the industry.
Society
Investing in the community
UBS is committed to honoring its responsibility to the communities in which it
operates. The success of UBS depends not only on the skills and resources of
our people and the relationships we foster with our clients, but also on the
health and prosperity of the communities of which we are part. We receive very
direct benefit, for instance, from a stable political and social environment, an
advanced infrastructure and a good education system. Furthermore, community
programs create benefits for a company's reputation, and increase its appeal
to its clients.
UBS supports communities through cash donations given directly to
organizations, through employee volunteering and through matching donations made
by employees on their own initiative. We have set up several Community Affairs
programs, organized at a regional level in order to be responsive to local
expectations. Here are some examples of their activities.
At Group level we provide regular ongoing support to UNICEF and the Theodora
Foundation, and in September 2001 we set up a special UBS Humanitarian Fund to
help the victims of the terrorist attacks in the US.
UNICEF, the United Nations Children's Fund, is dedicated to ensuring that the
basic needs of children around the world are met. UBS has been in partnership
with UNICEF Switzerland since November 1996, actively supporting the Fund in its
aid programs. One such is the "Change for Good" fund-raising campaign. Its aim
is to encourage people to donate any foreign currency they may have that is too
small to be changed at a bank. Donation envelopes are available throughout our
branches in Switzerland. We then convert the money into Swiss Francs for UNICEF.
In the context of the physical introduction of the Euro in January 2002, the
amounts collected by UBS massively increased towards the end of 2001: up to 2
tons of coins were collected every week in the last quarter of 2001.
The Theodora Foundation is a Swiss based charity which aims to help ease the
suffering of children in hospital by making them laugh. Specially trained Clown
Doctors entertain them with music, juggling, conjuring tricks and by telling
them stories. UBS has supported the Theodora Foundation since 1995.
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In September 2001, following the terrorist attacks in the US, UBS set up the
UBS Humanitarian Fund to help those in need as a result of the attacks. UBS
pledged USD 5 million towards the relief efforts, alongside many donations
from our employees. Many of our US staff, especially from our New York, New
Jersey and Stamford offices, took part in volunteer efforts in support of the
injured and bereaved.
UBS Warburg runs a tightly focussed program of community investment,
concentrated on education and community regeneration. In the UK, community
regeneration is targeted at the East End of London and aims to assist in the
social and economic regeneration of one of the country's most deprived
regions. For instance, UBS Warburg provides funds and expertise to assist in job
creation and business start up in the deprived boroughs adjacent to the City of
London. The bank also encourages its employees to be actively involved in the
community and to contribute time and skills to help causes they care about. One
example is the mentoring scheme run in cooperation with local schools, where UBS
Warburg employees act as mentor to a teenager, meeting regularly with them to
motivate them, to give them an idea of how business works and to help them
understand the importance of succeeding in their education. In 2001 nearly 15%
of staff in London took part in volunteering activities through UBS. For the
fourth consecutive year, UBS Warburg employees in London have won an `Employee
Volunteer of the Year' award by the East London Business Alliance.
In the US, UBS has also been recognized as a leader in community affairs.
Employees of UBS PaineWebber, UBS Warburg and UBS Asset Management serve as
literacy tutors and mentors in their local communities. For example, over 200
employees in New York, Stamford and Chicago volunteered in 2001 to participate
in the Everybody WINS! Power Lunch program, a lunchtime reading and mentoring
program for elementary school students.
In Switzerland, the UBS Optimus Foundation harnesses the expertise and the
capabilities of UBS as a global financial services company to support clients in
their contributions to worthy causes. The Foundation focuses on three areas -
Children, Talents and Medical Research. Another foundation, the UBS Foundation
for Social Issues and Education, contributes to various social projects in
Switzerland. Finally, the association "UBS employees lend a hand" in Switzerland
provides assistance through staff collection schemes to charitable institutions,
which has collected over CHF 3 million for a great number of social projects.
Promoting environmental awareness
UBS's overall commitment to the environment, its environmental policy, has been
approved by the Group Executive Board. The following is an outline of the key
points of the policy:
–
Environmental protection is one of the most pressing issues facing our world
today. UBS is committed to continuing the integration of environmental
issues into business activities, while building shareholder value by taking
advantage of environmental market opportu- nities. We also incorporate due
consideration of environmental risks into our risk management processes,
especially in lending and investment banking.
–
We actively seek ways to reduce the environmental impact to air, soil and
water from our in-house operations. The main focus is the reduction of
greenhouse gas emissions.
–
We seek to ensure the efficient implementation of our environmental policy
through an environmental management system which includes sound objectives,
programs and monitoring.
The environmental factor in asset management Studies and stock indices have
shown that there can be a positive link between environmental and social aspects
and economic performance. As a result, clients — particularly institutional
investors such as pension funds — increasingly demand that asset management
decisions take into account environmental and social aspects as well as economic
ones. UBS Asset Management has developed expertise in incorporating
environmental and social aspects into its investment research, looking at how
companies' strategies, processes and products impact their financial success,
society and the environment.
Focusing on the concept of sustainability, UBS launched a new investment fund
in 1997, the "UBS (Lux) Equity Fund — Eco Performance". This fund invests
worldwide in stocks of exemplary sector leaders and forward-looking small
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and medium-sized companies with above average
financial, environmental and social performance.
Moves towards low-carbon energy production, (lower CO2 emissions per unit of
usable energy produced), continue to be supported by legislative changes and the
increasing liberalization of the energy markets. Against this background, in
July 2001 UBS launched a new energy sector fund, the UBS (Lux) Equity Fund -
Future Energy. The fund invests in carefully selected smaller and medium-sized
companies which operate in solar energy, wind energy and fuel cell technology as
well as other forward- looking research areas in the renewable energy sector.
By 31 December 2001, the total of UBS clients' invested assets managed
according to environmental and social criteria amounted to approximately CHF 776
million.
The environmental factor in investment banking
Adequate assessment of the risk
involved in an investment banking transaction is crucial to its success.
Although financial risks dominate, environmental aspects can also be important.
Environmental risks can become credit risks — for example, if a client can no
longer repay a loan as a result of environmental problems. Furthermore,
liability risks could be incurred if, for example, UBS were to become owner of a
company or were to sit on the management board of a company which finds itself
facing environmental liabilities. Lastly, environmental risks could damage the
Group's reputation if it were to be involved in a controversial transaction.
Based on its Global Environmental Risk Policy, UBS Warburg has introduced
processes that allow early identification of environmental risks in
transactions. Initially, environmental factors are screened by investment
banking staff. If there are indications of increased risk, external environment
specialists are called in to investigate the issues as part of the due
diligence process.
The environmental factor in credit business
A prerequisite for a healthy loan
portfolio is professional risk analysis that takes account of all types of
risk, including environmental risks. Alongside traditional rating factors such
as financial data and management quality, a careful
review of financially relevant environmental aspects is an important part of
UBS's credit risk analysis. In assessing a loan application, the client advisor
uses internal guidelines and up-to- date information to assess environmental
risks, and includes environmental information in the data provided to the loan
assessor.
During 2001 we have continued to integrate environmental risk assessment into
our loan processes. We have rolled out a comprehensive information platform for
account managers and credit officers to help identification and decision- making
in case of environmental risks.
The benefits of incorporating the "environmental factor" into the lending
business are threefold: UBS has a healthier loan portfolio, the client is aware
of the environmental risks and opportunities for its company, and the environ-
ment itself benefits from the resulting improvements.
The environmental factor in-house
UBS impacts the environment primarily through
its energy consumption, the running of its heating systems, its paper
consumption and business travel. The more efficiently and sparingly UBS uses its
resources and hence reduces emission levels, the less its expenses will be.
Professional know-how and an efficient environmental management system allow
the Group to use resources better and reduce these costs. Clearly, energy
management and in-house environmental initiatives enhance operating margins.
During 2001, as part of our regular process of updating obsolete IT
equipment, we replaced 32,000 CRT monitors in UBS Switzerland with more
energy-efficient flat screen LCD monitors. These new displays require 75%-80%
less electrical power. We expect that as a result, UBS will save between 4 and
6 Gigawatt hours of electricity each year, representing around 2-3% of our
total electricity consumption in Switzerland.
We have also entered into a pilot project with ATEL, our exclusive energy
supplier in Switzerland. ATEL will install monitoring devices for heating,
cooling, water and electricity consumption and UBS's building maintenance
staff will periodically receive advice on how to reduce energy consumption. ATEL
will receive a share of any profit resulting from cost and energy
saving. Finally, we have started work on integrating all of our non-Swiss locations into our formal environmental management system.
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Further details and Environmental Performance Indicators are available in
our Environmental Report, which can be found at www.ubs.com/environment.
Performance assessment
A corporate responsibility strategy needs to be transparent and to show clear
results for the efforts undertaken. Measuring performance is therefore
essential, but remains a challenge. Although various organizations are
developing proposals in this area, there are currently no comprehensive and
generally accepted criteria or standards for corporate responsibility reporting
that would allow one to measure progress against objectives and make comparisons
within our industry, across the whole range of corporate responsibility
issues.
We believe that corporate responsibility criteria and standards must be
industry specific, and need to be defined through consultation with key players.
An example of what can be done is the EPI-Finance 2000 standard, jointly
developed by eleven finance and insurance companies, including UBS, to measure
and report environmental
performance. Details of our performance against
EPI-Finance 2000 indicators are shown in our
Environmental Report.
A similar process was initiated in 2001, to develop performance indicators
for the financial industry covering key areas of social performance.
Third-party ratings of our corporate
responsibility programs
Although a comprehensive framework for
assessing corporate responsibility is still to be developed, a number of
different certifying bodies and independent rating agencies that assess
corporate responsibility programs across the world have rated UBS among the
leaders in this field:
–
In May 1999, UBS was the first bank to obtain ISO 14001 certification for its
worldwide environmental management system in its banking business. UBS also
received certification for its corporate services in Switzerland. The
certification was undertaken by an independent certification company, SGS
International Certification Services AG.
–
The Dow Jones Sustainability Group Indexes (DJSGI) have tracked, since 1999,
the per-
Commitments and memberships
UBS has undertaken to comply with the UN Global Compact principles proposed
at the 1999 World Economic Forum in Davos. These principles set out the
framework in which a company can help ensure sustainable development
worldwide. In addition to protecting the environment, the nine principles deal
with aspects such as respecting human rights and workplace rights.
In 1992, UBS was one of the first signatories to the United Nations
Environment Program's Bank Declaration and is helping to shape further
developments through its role on the Steering Committee for financial
institutions. The Statement commits UBS to integrating environmentally sound
practices into all its activities.
UBS is also an active member of the World Business Council for Sustainable
Development (WBCSD), a coalition of 150 international companies united by a
shared commitment to sustainable development. The WBCSD provides business
leadership as a catalyst for change toward sustainable development, and promotes
the role of eco-efficiency, innovation and corporate responsibility.
UBS was one of the 36 companies from around the world to sign the Statement
"Global Corporate Citizenship: The Leadership Challenge for CEOs and Boards"
presented at the World Economic Forum Annual Meeting in New York in January
2002. The statement recommends a framework for action that CEOs, chairmen, and
executive management teams can use to develop a strategy for managing their
company's impact on society and its relationships with stakeholders.
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Corporate Responsibility
formance of companies in the Dow Jones Global Index that lead the field in
terms of corporate responsibility. UBS has been part of the DJSGI since their
inception, and has been the leader in the global banking industry since 2000.
The bank's top position in this sector of the index was last confirmed on 15
October 2001.
–
In October 2001, UBS was selected as leader for the banking sector of the Dow
Jones STOXX Sustainability indices, that track the performance of the top
20% of sustainability leaders of the Dow Jones STOXX 600 index.
–
UBS is included in the FTSE4Good Index, which measures global companies
performance in the areas of environmental sustainability, stakeholder
relations and support for human rights.
–
In Spring 2001, UBS was the strongest new entrant in the Business in the
Environment Index of global corporate environmental management. This index is
designed to engage companies and drive continuous improvement in
environmental management and performance. 184 international companies were
included in this year's index.
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UBS Share Information
The Global Registered Share
The Global Registered Share
UBS ordinary shares are registered shares with a par value of CHF 2.80 per
share, fully paid up and non-assessable. As outlined in the Capital Management
section on page 85, UBS plans to reduce the par value of its shares through a
distribution of CHF 2.00 per share on 8 July 2002, to shareholders of record
on 5 July 2002. Following this distribution, the par value of the share will be
reduced to CHF 0.80.
UBS's ordinary shares are issued in the form of Global Registered Shares. UBS
has pioneered the use of Global Registered Shares (GRS), which allow for
cross-market portability at a minimized cost to investors. Alternatives to the
GRS involve the creation of tailor-made securities for individual unlinked
markets, following local regulations. UBS believes that, with the globalization
of financial markets, this concept is becoming less valid, and that securities
will increasingly be traded in multiple markets; such global fungible securities
can best track the changing patterns of liquidity across the world.
UBS also believes that regulatory structures of different markets will
continue to align, reducing the need to have individual securities in each mar-
ket to comply with different local regulations.
A Global Registered Share is a security that provides direct and equal
ownership for all shareholders. It can be traded and transferred across
applicable borders without the need for conversion, with identical shares
traded on different stock exchanges in different currencies. For example, the
same share purchased on the New York Stock Exchange (NYSE) can be sold on
virt-x, the pan-European stock exchange where Swiss-listed blue chip stocks are
traded, or vice versa. The UBS GRS is listed on the Swiss, New York and Tokyo
stock exchanges. All members of the SMI Swiss Market Index listed on the Swiss
stock exchange are now traded on virt-x, a joint venture between the SWX Swiss
Exchange and Tradepoint.
The UBS ADR (American Depositary Receipt) program was terminated at the time
of the listing of the GRS on the New York Stock Exchange (NYSE) 16 May 2000.
Registration
A single register exists for UBS ordinary shares, split into two parts a Swiss
register, which is maintained by UBS acting as Swiss transfer agent, and a US
register, which is maintained by Mellon Investor Services, as US transfer agent.
A shareholder is entitled to hold shares registered in their name on either
register and transfer shares from one register to the other upon giving proper
instruction to the transfer agents.
Share liquidity and currency effects
For the foreseeable future, because of the greater volume of UBS shares traded
on virt-x, trading on this exchange is expected to be the primary determinant
of the share price, and liquidity on virt-x is expected to be higher than on the
NYSE. During 2001, daily trading volume in UBS shares on the NYSE represented an
average of just 5.19% of the total daily trading volume in UBS shares.
During the hours in which both virt-x and NYSE are simultaneously open for
trading (currently 15.30 to 17.30 CET), price differences are likely to be
arbitraged away by professional market makers. The NYSE price will therefore
typically be expected to depend on both the virt-x price and the prevailing
USD/CHF exchange rate. When virt-x is closed for trading, traded volumes will
typically be lower, however the specialist firm making a market in UBS shares
on the NYSE, Van der Moolen, is required to facilitate sufficient liquidity
and an orderly market in the UBS share.
As a global financial services firm, UBS earns profits in many currencies.
Since UBS prepares its accounts in CHF, changes in currency exchange rates,
particularly CHF/USD and CHF/EUR may have an effect on reported earnings.
Dividends
UBS normally pays a regular annual dividend to shareholders registered as of the
date of the Annual General Meeting (the record date). Payment is usually
scheduled three business days thereafter.
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Following an AGM, UBS shares typically begin trading ex-dividend. As a result
of this structure, shareholders that sell shares on virt-x two business days
prior to the payment date are required to compensate the purchaser for the
amount of the dividend. An automated compensation system properly allocates
the dividend for those transactions and allows SIS SegaInterSettle participants
to execute transactions between the record date and the payment date.
These practices differ from the US norm of declaring dividends at least ten
days in advance of the applicable record date and the commencement of
ex-dividend trading two days before the record date. To ensure that shareholders
on the Swiss and US registers are similarly treated in connection with dividend
payments, and to avoid disparities between the two markets, NYSE trading will be
with due bills for the two business day period preceding the dividend record
date.
UBS pays dividends in CHF (Swiss francs). For UBS ordinary shares held in
street name through The Depository Trust Company, any dividend will be converted
into USD (US dollars). Holders of UBS ordinary shares registered on the US reg-
ister will receive dividend payments in USD unless they provide notice to Mellon
Investor Services, UBS's US transfer agent, that they wish to receive dividend
payments in CHF.
UBS will fix the USD dividend amount on the basis of the DJ Interbank Foreign
Exchange rate for sale of CHF against USD. The date for this fixing will be
set at the same time as the respective ex-dividend, record and payment dates are
set.
Holders of UBS shares who are US taxpayers are normally subject to 35%
withholding tax on dividends they receive from UBS, although they can normally
reclaim part of this, bringing their withholding tax rate down to 15%. UBS is
currently in discussions with the Swiss tax authorities to change the
withholding tax treatment of Global Registered Shares, so that either tax is
only withheld at 15% for US tax payers, or to allow approved processors to file
bulk reclamations on behalf of qualified UBS shareholders. Despite our
efforts, there can be no assurance that this withholding tax will be reduced or
eliminated. Further disclosure relating to the taxation of US holders of UBS
shares can be found in our Form 20-F, in section E of item 10.
Dividends in 2001
In 2001 UBS departed from its normal process for paying dividends. Initially, as
part of the process for the acquisition of Paine Webber Group, Inc., we paid a
dividend in respect of the first three quarters of 2000 in October 2000. In 2001
we then took advantage of Swiss regulations which allow a company to reduce
the par value of its shares by returning capital to shareholders, to make a
distribution in this form in respect of the last quarter of 2000, instead of
paying a dividend.
Par value distribution July 2002
As outlined in the Capital management section on page 85, UBS again plans to
reduce the par value of its shares through a distribution of CHF 2.00 on 8 July
2002. This will be done instead of paying a dividend in respect of the year
ended 31 December 2001.
This will generally follow the principles described in the preceding section
with respect to dividends. The record date for the distribution has been set for
the close of business on 5 July 2002. NYSE trades on 8 and 9 July will be with
due bills. The CHF/USD exchange rate for the distribution will be fixed on 8
July 2002 the day on which the par value reduction itself takes place. The
distribution will be paid for value on 10 July 2002.
The par value distribution in July 2002 will not be subject to the 35%
withholding tax on dividends.
Ticker symbols
Trading
          exchange
Bloomberg
Reuters
Telekurs
virt-x
UBSN VX
UBSZn.VX
UBSN, 004
New York
          Stock Exchange
UBS US
UBS.N
UBS, 65
Tokyo
          Stock Exchange
8657 JP
UBS.T
N16631, 106
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UBS Share Information
UBS Shares 2001
UBS Shares 2001
UBS share price performance
  in 2001
The UBS share price performed well during 2001, in the context of weak European
bank stocks in general (as measured by the DJ Europe Stoxx Europe Banks index).
The UBS share fell 5.0% through the year, and generated a total pre-tax return
of -4.4% to investors over the year if distributions are included.
The year began well for European banking stocks, rising approximately 4% by 6
February. In the same period, UBS rose 10% to the year's high of CHF 96.83. By
22 March, however, the index had fallen 18% from these levels with rising
investor fears over a sharp economic downturn, and a related decline in
investment banking profits, combined with increased credit losses. The UBS share
fell to a first-quarter low of CHF 72.33 on this date.
Sentiment improved during April and May 2001, and by 1 June the index had
recovered to the level at the start of the year. UBS outperformed European
banks during this period, rising to a mid-year high of CHF 91.17 on 5 June.
From this date, pessimistic economic data, and poor second quarter financial
results, caused European bank stock prices to decline slowly, falling 9% by end
August 2001. The UBS share fell to CHF 81.40.
As September 2001 began, bank stocks fell 7% in the first 10 days of
September, as fears rapidly escalated over further economic downturn. In the
three days following the US terrorist attacks on 11 September bank stocks fell a
further 10% from their 10 September close. The UBS share price fell to a year
low of CHF 62.10 on 21 September. However, during the first week in December
2001, European bank stocks were once again nearing their end-August levels. UBS
reached a fourth quarter high of CHF 86.85 on 10 December. Our share price then
declined, ending the year down 5.0% from the level on 1 January 2001 at CHF
83.80, although outperforming the DJ Europe Stoxx Banks index by 5.1% over the
year.
124
Table of Contents
UBS share data
1
As at
Registered shares in 1000 units
31.12.01
31.12.00
31.12.99
Total
          shares outstanding
1,281,717
1,333,139
1,292,679
Total
          shares ranking for dividend
1,258,653
1,277,874
1,292,679
Treasury
          shares (average)
47,244
97,545
77,264
Treasury
          shares (year end)
41,255
55,265
110,621
Weighted
          average shares (for basic EPS calculations)
1,266,038
1,209,088
1,214,227
Weighted
          average shares (for diluted EPS calculations)
1,288,578
1,225,578
1,225,125
For the year ended
CHF
31.12.01
31.12.00
31.12.99
Earnings
          per share
Basic EPS
3.93
6.44
5.07
Basic
          EPS before goodwill amortization
2
4.97
7.00
5.35
Diluted
          EPS
3.78
6.35
5.02
Diluted
          EPS before goodwill amortization
2
4.81
6.89
5.30
As at
CHF billions
31.12.01
31.12.00
31.12.99
Market
          capitalization
105.5
112.7
92.6
% change
          year-on-year
(6
)
22
2
As a %
          of the Swiss Market Index (SMI)
13.80
10.80
10.62
As a %
          of the Swiss Performance Index (SPI)
12.48
9.08
8.51
For the year ended
1000 shares
31.12.01
31.12.00
31.12.99
Trading
          volumes
virt-x/SWX total
1,000,402
1,211,446
1,068,732
virt-x/SWX
          daily average
4,002
4,826
4,224
NYSE total
54,768
83,032
—
NYSE daily
          average
221
522
—
1
All share and earnings per share figures have
      been restated for the 3 for 1 share split which took place on 16 July 2001.
2
Excludes the amortization of goodwill and other intangible assets.
125
Table of Contents
UBS Share Information
UBS Shares 2001
Stock exchange prices
1
virt-x/SWX Swiss Exchange
New York Stock Exchange
2
High
Low
Period end
High
Low
Period end
(CHF)
(CHF)
(CHF)
(USD)
(USD)
(USD)
2001
96.83
62.10
83.80
58.49
40.12
50.00
Fourth
          quarter 2001
86.85
69.70
83.80
52.83
43.23
50.00
December
86.85
80.90
83.80
52.83
49.18
50.00
November
86.15
76.55
81.75
51.80
47.52
49.86
October
79.05
69.70
75.95
47.60
43.23
46.37
Third
          quarter 2001
86.33
62.10
75.60
49.73
40.12
46.15
September
81.20
62.10
75.60
47.70
40.12
46.15
August
82.80
74.30
81.40
49.73
44.36
48.82
July
86.33
75.00
78.35
47.09
43.41
45.15
Second
          quarter 2001
92.00
77.50
85.83
51.47
44.87
47.02
June
91.17
83.17
85.83
50.69
46.33
47.02
May
92.00
82.50
89.33
51.47
47.35
49.62
April
88.33
77.50
88.00
51.16
44.87
50.26
First
          quarter 2001
96.83
72.33
83.17
58.49
43.02
47.68
March
90.83
72.33
83.17
54.57
43.02
47.68
February
96.83
86.33
88.67
58.32
50.96
52.85
January
96.67
86.67
96.67
58.49
53.24
58.49
2000
88.17
63.58
88.17
54.10
40.18
54.10
Fourth
          quarter 2000
88.17
71.17
88.17
54.10
40.18
54.10
Third
          quarter 2000
88.00
74.67
76.67
50.74
44.76
44.85
Second
          quarter 2000
83.33
69.83
79.67
50.66
42.99
48.67
First
          quarter 2000
72.83
63.58
72.83
1999
80.00
67.50
71.67
Fourth
          quarter 1999
79.92
67.50
71.67
Third
          quarter 1999
82.25
67.50
70.50
Second
          quarter 1999
88.00
73.67
77.33
First
          quarter 1999
82.00
69.08
77.50
1998
3
108.83
45.00
70.33
1997
3
1
The share prices and volumes have been adjusted for the two-for-one share
split that became effective on 8 May 2000 and for the three-for-one share split
effective 16 July 2001.
2
UBS was listed on 16 May 2000, therefore there are no
NYSE figures for periods prior to May 2000. NYSEfigures for second quarter
2000 are for 16 May 2000 to 30 June 2000 only, and NYSE figures for full year
2000 are for 16 May 2000 to 31 December 2000 only.
3
UBS was created by the
merger of Union Bank of Switzerland and Swiss Bank Corporation, on 29 June 1998.
1998 figures are therefore for the period 29 June 1998 to 31 December 1998 only.
There are no figures for 1997.
126
Table of Contents
UBS Shares and market capitalization
% change from
Number of shares, except where indicated
As at
31.12.01
31.12.00
31.12.99
31.12.00
31.12.99
Total
          ordinary shares issued
1,281,717,499
1,333,139,187
1,292,679,486
(4
)
(1
)
Second
          trading line treasury shares (2000 program)
(55,265,349
)
Second
          trading line treasury shares (2001 program)
(23,064,356
)
Shares
          outstanding for market capitalization
1,258,653,143
1,277,873,838
1,292,679,486
(2
)
(3
)
Share
          Price (CHF)
83.80
88.17
71.67
(5
)
17
Market
          Capitalization (CHF million)
105,475
112,666
92,642
(6
)
14
Total
          treasury shares
41,254,951
55,265,349
110,621,142
(25
)
(63
)
Distribution of UBS Shares
Shareholders registered
Shares registered
As at 31.12.01
Number of shares registered
Number
%
Number
% of shares issued
1-100
43,268
19.7
2,211,404
0.2
101-1,000
134,713
61.3
52,016,145
4.1
1,001-10,000
38,414
17.5
95,134,124
7.4
10,001-100,000
2,905
1.3
71,936,991
5.6
100,001-1,000,000
338
0.2
94,420,825
7.4
1,000,001-5,000,000
61
127,656,380
10.0
5,000,001-12,817,174
          (1%)
14
108,210,291
8.4
1-2%
2
28,812,592
2.2
2-3%
0
0
3-4%
1
40,834,352
3.2
4-5%
1
54,816,479
4.3
Over 5%
1
1
88,946,417
6.9
Total
          registered
219,718
100
764,996,000
3
59.7
Unregistered
2
516,721,499
40.3
Total shares issued
1,281,717,499
100
1
As at 31.12.2001, Chase Nominees Ltd., London, was entered as a
trustee/nominee holding 6.94% of all shares issued.
2
Shares not entered in the
share register at 31 December 2001.
3
154,153,201 shares registered do not
carry voting rights.
As far as UBS is aware, UBS is neither directly nor indirectly owned or
controlled by another corporation or government, there are no arrangements in
place, the operation of which may result in a change in control and UBS has no
shareholders whose beneficial ownership exceeds 5% of the total shares issued.
127
Table of Contents
UBS Share Information
UBS Shares 2001
Registered shareholders: type and distribution
Shareholders
Shares
As at 31.12.2001
Number
%
Number
%
Individual
          shareholders
210,463
95.8
182,196,910
23.8
Legal
          entities
8,610
3.9
235,014,128
30.7
Nominees,
          fiduciaries
645
0.3
347,784,962
45.5
Total
219,718
100.0
764,996,000
100.0
Switzerland
204,582
93.1
396,665,957
51.9
Europe
9,612
4.4
227,465,501
29.7
North
          America
2,995
1.4
59,904,634
7.8
Other
          Countries
2,529
1.1
80,959,908
10.6
Total
219,718
100.0
764,996,000
100.0
At 31 December 2001,UBS employees held approximately 8% of all shares issued,
and options equivalent to about a further 6%.
128
Table of Contents
Financial Report 2001
Table of Contents
Table of Contents
Contents
Profile
Introduction
1
UBS Group Financial Highlights
2
UBS Group
3
Our Business Groups
4
Sources of Information about UBS
5
Information for Readers
8
Group Financial Review
17
Group Results
18
Review of Business
Group Performance
31
Introduction
32
UBS Switzerland
38
UBS Asset Management
50
UBS Warburg
56
Corporate Center
70
UBS Group
Financial Statements
75
UBS AG (Parent Bank)
171
Additional Disclosure
Required under
SEC Regulations
183
Introduction
The Financial Report 2001 forms an essential part of our reporting portfolio.
It includes the audited Financial Statements of UBS Group for 2001 and 2000,
prepared according to International Accounting Standards (IAS) and reconciled
to United States Generally Accepted Accounting Principles (US GAAP), and the
audited financial statements of UBS AG (the Parent Bank) for 2001, prepared
according to Swiss Banking Law requirements. It also contains a discussion and
analysis of the financial and business performance of UBS Group and its
Business Groups, and some additional disclosures required under Swiss and US
regulations.
The Financial Report should be read in conjunction with the other information
published by UBS described on page 5.
We hope that you will find the information in these documents useful and
informative. We believe that UBS is among the leaders in corporate disclosure,
but we would be very interested to hear your views on how we might improve the
content and presentation of our information portfolio.
Mark Branson
Head of Group Communications
UBS AG
1
Table of Contents
Profile
UBS Group Financial Highlights
1
Operating expenses / operating income before credit loss expense.
2
Excludes the amortization of goodwill and other intangible assets.
3
For EPS calculation, see Note 9 to the Financial Statements.
4
Net profit / average shareholders' equity excluding dividends.
5
Includes hybrid tier 1 capital, please refer to Note 30e in the Notes to the Financial Statements.
6
Calculated using the former definition of assets under management.
7
The Group headcount does not include the Klinik Hirslanden AG headcount
of 2,450, 1,839 and 1,853 for 31 December 2001, 31 December 2000 and 31
December 1999, respectively.
8
See the Capital strength section on pages 10 to 11 of the UBS Handbook
2001/2002.
9
Details of significant financial events can be found in the Group
Financial Review.
All earnings per share figures have been restated for the 3 for 1 share split
which took place on 16 July 2001.
Except where otherwise stated, all 31 December 2001 and 31 December 2000
figures throughout this report include the impact of the acquisition of
PaineWebber, which occurred on
3 November 2000.
All invested assets figures for 31 December 2000 have been restated to reflect
the new definition.
CHF million, except where indicated
% change from
For the year ended
31.12.01
31.12.00
31.12.99
31.12.00
Income statement key figures
Operating income
37,114
36,402
28,425
2
Operating expenses
30,396
26,203
20,532
16
Operating profit before tax
6,718
10,199
7,893
(34
)
Net profit
4,973
7,792
6,153
(36
)
Cost / income ratio (%)
1
80.8
72.2
69.9
Cost / income ratio before goodwill (%)
1,2
77.3
70.4
68.7
Per share data (CHF)
Basic earnings per share
3
3.93
6.44
5.07
(39
)
Basic earnings per share before goodwill
2,3
4.97
7.00
5.35
(29
)
Diluted earnings per share
3
3.78
6.35
5.02
(40
)
Diluted earnings per share before goodwill
2,3
4.81
6.89
5.30
(30
)
Return on shareholders' equity (%)
Return on shareholders' equity
4
11.7
21.5
22.4
Return on shareholders' equity before goodwill
2,4
14.8
23.4
23.6
CHF million, except where indicated
% change from
As at
31.12.01
31.12.00
31.12.99
31.12.00
Balance sheet key figures
Total assets
1,253,297
1,087,552
896,556
15
Shareholders' equity
43,530
44,833
30,608
(3
)
Market capitalization
105,475
112,666
92,642
(6
)
BIS capital ratios
Tier 1 (%)
5
11.6
11.7
10.6
(1
)
Total BIS (%)
14.8
15.7
14.5
(6
)
Risk-weighted assets
253,735
273,290
273,107
(7
)
Invested assets (CHF billion)
2,457
2,452
1,744
6
0
Headcount (full time equivalents)
7
69,985
71,076
49,058
(2
)
Long-term ratings
8
Fitch, London
AAA
AAA
AAA
Moody's, New York
Aa2
Aa1
Aa1
Standard & Poor's, New York
AA+
AA+
AA+
Earnings adjusted for significant
financial events and pre-goodwill
2, 9
CHF million, except where indicated
% change from
For the year ended
31.12.01
31.12.00
31.12.99
31.12.00
Operating income
37,114
36,402
26,587
2
Operating expenses
29,073
25,096
20,194
16
Operating profit before tax
8,041
11,306
6,393
(29
)
Net profit
6,296
8,799
5,005
(28
)
Cost / income ratio (%)
1
77.3
69.2
73.3
Basic earnings per share (CHF)
3
4.97
7.28
4.12
(32
)
Diluted earnings per share (CHF)
3
4.81
7.17
4.09
(33
)
Return on shareholders' equity (%)
4
14.8
24.3
18.2
2
Table of Contents
UBS Group
UBS is one of the world's leading financial firms, serving a discerning global
client base. As an organization, we combine financial strength with a
reputation for innovation and a global culture which embraces change. Our
vision is to be the pre-eminent global integrated investment services firm and
the leading bank in Switzerland. We are the world's leading provider of private
banking services and one of the largest asset managers globally. In the
investment banking and securities businesses we are among the select bracket of
major global houses. In Switzerland, we are the clear market leader in
corporate and retail banking. As an integrated group, not merely a holding
company, we create added value for our clients by drawing on the combined
resources and expertise of all our businesses.
Our client philosophy puts advice at the heart of relationships. Our priority
is to provide premium-quality services to our clients, giving them the best
possible choice by supplementing best-in-class products we develop ourselves
with a quality-screened selection of products from others.
With head offices in Zurich and Basel, we operate in over 50 countries and from
all major international financial centers. Our global physical presence is
complemented by leading edge on-line services. All our clients can benefit from
our technology – it complements our advisory services and allows us to deliver
our services faster, more widely and more cost-effectively than ever before.
3
Table of Contents
Profile
Our Business Groups
All our Business Groups are in the top echelons of their sectors globally and
are committed to vigorously growing their franchises.
UBS Switzerland
UBS Switzerland includes the world's leading private banking business, with CHF
682 billion of invested assets at 31 December 2001. UBS Private Banking
provides a comprehensive range of products and services individually tailored
for wealthy clients, through offices around the world.
UBS Switzerland also provides a complete set of banking and securities services
for some four million individual and corporate clients in Switzerland. Its CHF
182 billion of outstanding loans at
31 December 2001 give it around a quarter of the Swiss lending market.
UBS Asset Management
UBS Asset Management is a leading institutional asset manager and mutual fund
provider, with invested assets of CHF 672 billion at 31 December 2001, offering
a broad range of asset management services and products for institutional and
individual clients across the world.
UBS Warburg
UBS Warburg operates globally as a client-driven securities, investment banking
and wealth management firm. UBS Warburg provides innovative products,
top-quality research and advice, and comprehensive access to the world's
capital markets, for both its own corporate and institutional clients and for
the other parts of the UBS Group. UBS PaineWebber, one of the top US wealth
managers, became part of UBS Warburg in November 2000. Its distribution network
of 8,870 financial advisors manages over CHF 782 billion of invested assets at
31 December 2001. On 1 January 2002, UBS PaineWebber was separated from UBS
Warburg to form a new Business Group within UBS.
Corporate Center
Our portfolio of businesses is planned and managed for the long-term
maximization of shareholder value. The role of the Corporate Center is to
ensure that the Business Groups operate as a coherent and effective whole, in
alignment with UBS's overall corporate goals.
4
Table of Contents
Sources of Information about UBS
This Financial Report contains our audited Financial Statements for the year
2001 and accompanying detailed analysis. You can find out more about UBS from
the sources shown below.
Publications
This Financial Report is available in English and German. (SAP-R/3 80531-0201)
Annual Review 2001
Our Annual Review contains a short description of UBS, and a summary review of
our performance in the year 2001. It is available in English, German, French,
Italian and Spanish. (SAP-R/3 80530-0201)
Handbook 2001/2002
Our Handbook 2001/2002 contains a detailed description of UBS, its strategy,
its organization and the businesses that make it up. It is available in English
and German. (SAP-R/3 80532-0201)
Quarterly reports
We provide detailed quarterly financial reporting and analysis, including
comment on the progress of our businesses and key strategic initiatives. These
reports are available in English.
How to order reports
Each of these reports is available on the internet at: www.ubs.com/investors,
in the Financials section. Alternatively, printed copies can be ordered,
quoting the SAP number and the language preference where applicable, from UBS
AG, Information Center, CA50-XMB, P.O. Box, CH-8098 Zurich, Switzerland.
E-information tools for investors
Website
Our Investors and Analysts website at www.ubs.com/investors offers a wide range
of information about UBS, including our financial reporting, media releases,
UBS share price graphs and data, corporate calendar and dividend information
and copies of recent presentations given by members of senior management to
investors at external conferences.
Our internet-based information is available in English and German, with
some sections also in French and Italian.
Messenger service
On the Investors and Analysts website, you can register to receive news alerts
about UBS via SMS or e-mail. Messages are sent in either English or German and
users are able to state their preferences for the theme of the alerts received,
e.g. SEC filings or webcasts.
Results presentations
Senior management presents UBS's quarterly results every quarter on publication
date. These presentations are broadcast live over the internet, and can be
downloaded on demand. The most recent results webcasts can also be found in the
Financials section of our Investors and Analysts website.
UBS and the Environment
The Handbook 2001/2002 contains a summary of UBS environmental policies. More
detailed information is available at www.ubs.com/environment.
Form 20-F and other submissions to the US Securities and Exchange Commission
We file periodic reports and other information about UBS with the US Securities
and Exchange Commission (SEC). Principal among these filings is the Form 20-F,
our Annual Report filed pursuant to the US Securities Exchange Act of 1934.
Our Form 20-F filing is structured as a "wrap-around" document. Most
sections of the filing are satisfied by referring to part of the Handbook or to
part of this Financial Report
5
Table of Contents
Profile
2001.  However, there is a small amount of additional information in the Form
20-F which is not presented elsewhere, and is particularly targeted at readers
from the US. You are encouraged to refer to this additional disclosure.
You may read and copy any document that we file with the SEC on the SEC's
website, www.sec.gov, or at the SEC's public reference room at 450 Fifth Street
NW, Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 (in the US)
for further information on the operation of its public reference room. You may
also inspect our SEC reports and other information at the New York Stock
Exchange, Inc., 20 Broad Street, New York, NY 10005 and the American Stock
Exchange LLC, 86 Trinity Place, New York, NY 10006. Much of this additional
information may also be found on the UBS website at www.ubs.com/investors, and
copies of documents filed with the SEC may be obtained from UBS's Investor
Relations team, at the addresses shown below.
Corporate information
The legal and commercial name of the company is UBS AG. The company was
formed on 29 June 1998, when Union Bank of Switzerland (founded 1862) and Swiss
Bank Corporation (founded 1872) merged to form UBS.
UBS AG is incorporated and domiciled in Switzerland and operates under
Swiss Company Law and Swiss Federal Banking Law as an Aktiengesellschaft, a
corporation that has issued shares of common stock to investors.
The address and telephone number of our two registered offices and
principal places of business are:
Bahnhofstrasse 45, CH-8098 Zurich, Switzerland, telephone +41-1-234 11 11;
and Aeschenvorstadt 1, CH-4051 Basel, Switzerland, telephone +41-61-288 20
20.
UBS AG shares are listed on the SWX Swiss Exchange and traded through
virt-x (a joint venture between Tradepoint and the SWX Swiss Exchange). They
are also listed on the New York Stock Exchange and on the Tokyo Stock Exchange.
6
Table of Contents
UBS Investor Relations
E-mail: sh-investorrelations@ubs.com
Web: www.ubs.com/investors
Our Investor Relations team
supports institutional,
professional and retail
Zurich
New York
investors from offices
in Zurich and New York.
Hotline Zurich:
+41 1 234 4100
Hotline New York:
+1 212 713 3641
Christian Gruetter
+41 1 234 4360
Richard Feder
+1 212 713 6142
Mark Hengel
+41 1 234 8439
Christopher McNamee
+1 212 713 3091
Charles Gorman
+41 1 234 2733
Catherine Lybrook
+41 1 234 2281
Fax
+41 1 234 3415
Fax
+1 212 713 1381
UBS AG
Investor Relations G41B
P.O. Box
CH-8098 Zurich, Switzerland
UBS Americas Inc.
Investor Relations
1285 Avenue of the Americas, 14th Floor
New York, NY 10019, USA
UBS Group Media Relations
Telephone
Fax
E-mail
Zurich
+41 1 234 8500
+41 1 234 8561
sh-gpr@ubs.com
London
+44 20 7567 4714
+44 20 7568 0955
sh-mr-london@ubsw.com
New York
+1 212 713 8391
+1 212 713 9818
mediarelations-ny@ubsw.com
Tokyo
+81 3 5208 6275
+81 3 52 08 69 51
sh-comms-mktg-tokyo@ubs.com
Other useful contacts
Switchboards
Telephone
For all general queries.
Zurich
+41 1 234 1111
London
+44 20 7568 0000
New York
+1 212 821 3000
Tokyo
+81 3 5293 3000
UBS Shareholder Services
Telephone
Fax
E-mail
UBS Shareholder Services,
a unit of the Company
Secretary, is responsible for
Zurich
+41 1 235 6202
+41 1 235 3154
sh-shareholder-service@ubs.com
Global Registered Shares. It
the registration of the
is split into two parts –
a Swiss register, which is
maintained by UBS acting
as Swiss transfer agent,
and a US register, which
is maintained by Mellon
Investor Services as US
transfer agent (see below).
UBS AG
Shareholder Services
P.O. Box
CH-8098 Zurich, Switzerland
UBS Transfer Agent
For all Global Registered
Share related queries in
the USA.
Mellon Investor Services
Overpeck Center
85 Challenger Road
Ridgefield Park, NJ 07660, USA.
Telephone: +1 866 541 9689
Fax: +1 201 296 4801
Web: http://www.melloninvestor.com
UBS listed its Global Registered Shares on the New York Stock Exchange on 16
May 2000. Prior to that date UBS operated an ADR program. See the Frequently
Asked Questions (FAQs) section at www.ubs.com/investors for further details
about the UBS share.
7
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Profile
Information for Readers
You should read the discussion and analysis in the Group Financial Review and
Review of Business Group Performance in conjunction with the UBS Group
Financial Statements and the related notes, which are shown in pages 75 to 169
of this document.
Parent Bank
Pages 171 to 181 contain the financial statements for the UBS AG Parent Bank –
the Swiss company, including branches worldwide, which owns all the UBS Group
companies, directly or indirectly. Except in those pages, or where otherwise
explicitly stated, all references to "UBS" refer to the UBS Group and not to
the Parent Bank.
Accounting standards
The UBS Group Financial Statements have been prepared in accordance with
International Accounting Standards (IAS). As a US listed company, UBS Group
provides a description in Note 40 of its Financial Statements of the
significant differences which would arise were our accounts to be presented
under United States Generally Accepted Accounting Principles (US GAAP), and a
detailed reconciliation of IAS shareholders' equity and net profit to US GAAP.
Major differences between Swiss federal banking law requirements and IAS are
described in Note 39 to the UBS Group Financial Statements.
Except where clearly identified otherwise, all of UBS Group's financial
information presented in this document is presented on a consolidated basis
under IAS.
The Parent Bank's financial statements are prepared in order to meet Swiss
regulatory requirements and in compliance with Swiss federal banking law.
All references to 2001, 2000 and 1999 refer to the UBS Group and the
Parent Bank's fiscal years ended 31 December 2001, 2000, and 1999,
respectively. The Financial Statements for the UBS Group and the Parent Bank
for each of these periods have been audited by Ernst & Young Ltd., as described
in the Report of the Independent Auditors on page 169 and the Report of the
Statutory Auditors on page 181.
Implementation of IAS 39
On 1 January 2001, UBS Group adopted the new accounting standard IAS 39:
Recognition and measurement of financial instruments.
The principal effects on
our accounts are outlined below.
Profit and loss impact
UBS's strategy has always been to minimize the profit and loss volatility that
can be caused by "non-qualifying" hedges. As a result, implementation of IAS 39
has not had any significant effects on UBS's net profit, and is not expected to
do so in the foreseeable future.
Changes to shareholders' equity
For the first time this year we identify "Gains/Losses not recognized in the
income statement" as a separate section within shareholders' equity. Within
this we show three sub-sections, Foreign currency translation (which was an
existing line in shareholders' equity, reported in previous years) and two new
sub-sections introduced as a result of the adoption of IAS 39 on 1 January
2001: Unrealized gains/losses on available for sale investments and Changes in
fair value of derivative instruments designated as cash flows hedges. Both
sub-sections had opening balances:
–
The opening balance of Unrealized gains/losses on available-for-sale
investments was a net gain of CHF 1,577 million, net of taxes, due to
unrealized mark-to-market gains on financial investments classified as
available for sale which were principally attributable to private
equity investments, but also included other financial investments held
by the Group.
–
The opening balance of Changes in fair value of derivative instruments
designated as cash flows hedges was a net loss of CHF 380 million, net
of taxes, due to unrealized mark-to-market losses on derivatives
designated as cash flow hedges. These losses were previously
8
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UBS / SBC merger restructuring provision used
For the year ended
CHF million
Personnel
IT
Premises
Other
31.12.01
31.12.00
31.12.99
UBS Switzerland
361
23
35
0
419
228
916
UBS Asset Management
2
0
0
0
2
7
15
UBS Warburg
0
0
0
0
0
0
348
Corporate Center
7
0
267
14
288
464
565
Group total
370
23
302
14
709
699
1,844
Initial restructuring provision in 1997
7,000
Additional provision in 1999
300
Used in 1998
4,027
Used in 1999
1,844
Used in 2000
699
Used in 2001
709
Total used up to 31.12.2001
7,279
Released to the income statement
21
Restructuring provision at 31.12.2001
0
recorded in the balance sheet as a part of deferred losses.
All movements within these categories are now recorded each year in the
Statement of changes in equity.
Other changes to accounting presentation
For comparative purposes, UBS Group's 2000 and 1999 figures have been restated
to conform to the presentation used in 2001, reflecting changes in methods of
presentation, including the reclassification of Money market paper held as
Trading portfolio assets or Financial Investments, as appropriate, and of Money
market paper issued as Debt issued.
Note 1 to the UBS Group Financial Statements includes a detailed
explanation of these and other accounting changes.
The segment reporting shown in Note 2 to UBS Group Financial Statements
has been restated to reflect the organization of the Group during 2001. See the
Review of Business Group performance for details of changes since the 2000
presentation.
PaineWebber merger
Except where otherwise stated, all 2000 figures for UBS Group throughout this
report, include the impact of the merger with Paine Webber Group, Inc., which
was completed on 3 November 2000. Under purchase accounting rules, the results
for 2000 reflect PaineWebber's income and expenses for two months only, from 3
November 2000 until 31 December 2000. Results for 2001 include PaineWebber for
the full year, while results for 1999 contain no contribution from PaineWebber.
Restructuring provision
The 1998 merger of Swiss Bank Corporation and Union Bank of Switzerland, which
was completed on 29 June 1998, was accounted for under the
"pooling-of-interests" method of accounting, referred to in IAS as "uniting of
interests". Under this method, a single uniform set of accounting policies was
adopted and applied retrospectively for the restatement of comparative
information.
After the merger was effected, we began integrating the operations of the
two predecessor banks. This process included streamlining operations,
eliminating duplicate information technology infrastructure, and consolidating
banking premises. At the time of the merger, we established a restructuring
provision of CHF 7 billion to cover UBS's expected costs associated with the
integration process.
In December 1999, we recognized an additional pre-tax restructuring charge
of CHF 300 million in respect of the merger. The majority of the additional
provision was due to revised estimates of the cost of lease breaks and property
disposals.
We have now completed the integration and restructuring process relating
to the merger. At
9
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Profile
31 December 2001, CHF 21 million of the restructuring provision remained and
was released to the income statement.
Critical accounting policies
We prepare our Financial Statements in accordance with IAS, and provide a
reconciliation to US GAAP. When feasible, we try to reduce the differences
between our Financial Statements under the two standards by applying accounting
policies that are in accordance with both sets of standards. This approach
limits (but does not completely eliminate) the range of elective accounting
treatments available to us, but there are still rules under both standards
which require us to apply judgment and make estimates in preparing our
Financial Statements. The more significant of these accounting treatments are
discussed in this section, as a guide to better understanding how their
application affects our reported results and our disclosure. A broader
description of the accounting policies we employ is shown in Note 1 to the UBS
Group Financial Statements.
The existence of alternatives and the application of judgment mean that
any selection of different alternatives or estimates would cause our reported
results to differ. We believe that the choices we have made are appropriate,
and that our Financial Statements therefore present our financial position and
results fairly, in all material respects. The alternative outcomes discussed
below are presented solely to assist the reader to understand our Financial
Statements, and are not intended to suggest that other alternatives or
estimates would be more appropriate.
Many of the judgments which we make in applying accounting principles
depend on an assumption, which we believe to be correct, that UBS maintains
sufficient liquidity to hold positions or investments until a particular
trading strategy matures – i.e. that we do not need to realize positions at
unfavorable prices in order to fund immediate cash needs. Liquidity is
discussed in more detail on pages 80 to 83 of the UBS Handbook 2001/2002.
Financial instruments – fair value
Our
trading portfolio
assets and liabilities are recorded at fair value. As
such, they must be recorded at fair value at each balance sheet date, with
changes in fair value recorded as trading income in the income statement. Key
judgments affecting this accounting policy relate to how we determine fair
value for such assets and liabilities.
Where liquid markets exist, fair value is based on quoted market prices.
However, for certain complex or illiquid financial instruments, we have to use
projections, estimates and models to determine fair value. In addition,
judgmental factors such as the need for credit adjustments, liquidity
adjustments and other valuation adjustments affect the reported fair value
amounts of many assets and liabilities. Further details of our valuation
policies, including stress loss scenarios and interest rate risks, are given in
the Risk Analysis section of the UBS Handbook 2001/2002, on pages 61 to 76.
We believe the assumptions and estimates we have used are reasonable and
supportable in the existing market environment. Because of the range of
assumptions and estimates that could be used and the number of different sorts
of products covered, it is not possible to quantify or meaningfully disclose
the impact of using different assumptions and estimates that would also be
supportable.
Hedge accounting
. IAS 39 allows a company to apply hedge accounting if it
fully complies with the specified hedge criteria. We have chosen to apply hedge
accounting whenever we meet these criteria so that our Financial Statements
clearly reflect the economic hedge effect obtained from the use of these
instruments.
Over the entire life of an effective hedging instrument, changes in the
fair value or cash flows of the hedged item can be expected to be almost fully
offset by changes in the fair value or cash flows of the hedging instrument, so
the net impact on profit over time is relatively small. However, if the hedged
item is one that would normally not be recorded at fair value (for instance if
it is held at cost less impairment), but the hedging instrument is of a sort
that would normally be accounted for at fair value, there could be substantial
differences in the profit and loss effect for the two items during specific
accounting periods, although over the whole life of the instrument these would
be expected to balance out.
Applying hedge accounting means that changes in the fair values of
designated hedging instruments affect reported net profit in a period
only to
the extent that each hedge is ineffective
.
10
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Alternatively, if we were to choose not to apply hedge accounting, the entire
change in fair value of the designated hedging instruments in each individual
reporting period would be reported in net income for that period, regardless of
the economic effectiveness of the hedge. For 2001, this would have resulted in
a pre-tax gain of CHF 240 million. We believe that not applying hedge
accounting could lead to misinterpretations of our results and financial
position, since hedging transactions could have a material impact on reported
net profit in a particular period, although over the total life of a hedge the
net effect of the two treatments is identical.
Financial investments – available for sale
UBS has classified some of its financial assets, including investments not held
for trading purposes, as available-for-sale. This classification is based on
our determination that these assets are not held for the purpose of generating
short-term trading gains. Upon adoption of IAS 39 at 1 January 2001, we elected
to record changes in the fair value of available-for-sale assets in a separate
component of shareholders' equity rather than in income. Had we made a
different election, any changes in the fair value of these assets (i.e.
unrealized gains or losses) would be reflected in the income statement.
Similarly, if we had originally decided that these were trading assets, or if
we were to reclassify these assets as trading assets, changes in fair value
would then have to be reflected in income rather than shareholders' equity. The
amount of unrealized gains or losses on the balance sheet date is disclosed in
the statement of changes in equity in the UBS Group Financial Statements.
Companies held in our private equity portfolio are not consolidated in
UBS's Financial Statements. This treatment has been determined after
considering such matters as liquidity, exit strategies and degree and timing of
our influence and control over these investments.
We classify our private equity investments as financial investments
available-for-sale, and carry them on the balance sheet at fair value, with
changes in fair value being recorded directly in equity, while unrealized
losses which are determined to be permanent are recorded in our income
statement as impairment charges. Since quoted market prices are generally
unavailable for these companies, fair value is determined by applying
recognized valuation techniques, which require the use of assumptions and
estimates. While we believe that the assumptions and estimates we use to
determine fair value are reasonable and supportable, different assumptions and
estimates could be used, which would lead to different results. In addition,
the determination of when a decline in fair value below cost is permanent is
judgmental by nature, so profit and loss would be affected by differences in
this judgment.
Goodwill and other intangible assets
We regularly review assets that are not carried at fair value for possible
impairment indications. If impairment indicators are identified we make an
assessment about whether the carrying value of such assets remains fully
recoverable. When making this assessment we compare the carrying value to the
market value, if available, or the value in use. Value in use is determined by
discounting expected future net cash flows generated by an asset or group of
assets to its present value. Determination of the value in use requires
management to make assumptions and use estimates. We believe that our
assumptions and estimates used are reasonable and supportable in the existing
market environment, but different ones could be used which would lead to
different results.
The single most significant amount of goodwill relates to the acquisition
of PaineWebber. The valuation model used to determine the fair value of UBS
PaineWebber is sensitive to changes in the assumptions about the discount rate,
growth rate and expected cash flows (i.e., assumptions about the future
performance of the business). Adverse changes in any of these factors could
lead us to record a goodwill impairment charge.
Allowances and provisions for credit losses
UBS has an extensive loan portfolio which is exposed to credit risk. These
loans are initially recorded at cost (i.e., at the net amount of proceeds
lent), and then held at amortized cost reduced for credit reserves. Credit
reserves are based upon management's assessment of the likelihood that the
borrower will not repay principal and interest according to the contractually
agreed terms. Had we made different judgments about the need for credit
reserves and their amounts, our credit loss expense charge would have been
different.
11
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Profile
Further details of our policies in this area are given in the Risk Analysis
section of the UBS Handbook 2001/2002, on pages 61 to 76.
Securitizations and Special Purpose Entities
UBS sponsors the formation of Special Purpose Entities (SPEs) primarily for the
purpose of allowing clients to hold investments, for asset securitization
transactions, and for credit protection. In accordance with IAS we do not
consolidate those SPEs that we do not control. Under applicable accounting
standards, determining the existence of control of an SPE is a complex matter
and often requires judgments to be made about risks and rewards and the ability
to make operating decisions for the SPE.
The main difference to our financial statements between consolidation and
non-consolidation of SPEs is generally that only in the latter case can we
recognize gains arising on securitization of assets and other transactions.
UBS has a comprehensive process for monitoring and controlling the
creation and running of SPEs, designed to ensure that they are only created for
purposes connected with our business, that any change of status, such as the
activation of a dormant SPE, is appropriate and that the SPEs and their assets
and liabilities are correctly accounted for.
UBS manages the risk of consolidated SPEs in the same way as for any other
subsidiary. Unconsolidated SPEs are treated like any other unaffiliated
counterparty, under normal credit risk principles.
Principal types of SPE used by UBS
SPEs used to allow clients to hold investments
are structures that allow one or
more clients to invest in an asset or set of assets which are purchased by the
SPE in the open market and not transferred from UBS. The risk or reward of the
assets held by the SPE resides with the customer – UBS has no exposure to them.
Typically, UBS will receive service and commission fees for creation of the
SPE, or because it acts as investment manager, custodian or in some other
function.
These SPEs range from mutual funds to trusts investing in real estate, for
example UBS Alternative Portfolio AG, which provides a vehicle for investors to
invest in a diversified range of alternative investments through a single
share. The majority of our SPEs fall into this category. SPEs created for
client investment purposes are generally not consolidated.
SPEs used for securitization
. SPEs for securitization are created when UBS
has an asset (for example a portfolio of loans) which it sells to an SPE. The
SPE in turn sells interests in the asset as securities to investors.
Consolidation of these SPEs depends on whether UBS retains the risks and
rewards of the assets in the SPE.
We do not consolidate SPEs for securitization if UBS no longer retains any
significant exposure (gain or loss) to the returns, including liquidation, on
the assets sold to the SPE. This type of SPE is a bankruptcy remote entity – if
UBS were to go bankrupt the holders of the securities would clearly be owners
of the asset, while if the SPE were to go bankrupt the securities holders would
have no recourse to UBS.
However, in some cases UBS does retain exposure to some of the returns
from the assets sold to the SPE – for example first loss on a loan portfolio.
In these cases we consolidate the SPE and then derecognize the assets to the
extent that we do not have exposure.
SPEs for credit protection are set up to allow UBS to sell the credit risk
on portfolios to investors. They are primarily to allow UBS to have a single
counterparty (the SPE) which sells credit protection to UBS. The SPE in turn
has a large number of investors who provide it with capital and participate in
the risks and rewards of the credit events that it insures. SPEs for credit
protection are generally consolidated.
Equity compensation
IAS does not specifically address the recognition and measurement of
equity-based compensation plans, including employee option plans. Extensive
literature on accounting for options granted to employees exists under US GAAP,
which permits a
company to elect either the intrinsic value method or the fair value method.
Under the intrinsic value method, if the exercise price of options granted is
equal to or greater than the fair value of the underlying equity at grant date,
no compensation expense need be recorded. Under the fair value method, an
amount would be computed for such options and charged to compensation expense.
For IAS, UBS records as compensation expense only the intrinsic value at grant
date, if any, of options
12
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granted to employees. Subsequent changes in value are
not recognized. Further information on UBS equity compensation plans is
disclosed in Note 33 to the Financial Statements.
Deferred tax
UBS records a valuation allowance to reduce its deferred tax assets to the
amount that we believe can be realized in our future tax returns. Our valuation
allowance is based on the assessment of future taxable income and our tax
planning strategies. At each balance sheet date, existing assessments are
reviewed and, if necessary, revised to reflect changed circumstances. Changes
in circumstances may result in either an increase or reduction of the valuation
allowance, and therefore net income, depending on an adverse or favorable
change of the factors that impact the recognized deferred tax assets. See Note
22 to the Financial Statements for further details.
Segment reporting
The policies used in preparation of our segment reporting affect the split of
our income and expenses between the different Business Groups. Applying
different rules would lead to different net profit in the different Business
Groups, but would have no effect on the total Group profits.
The most significant of these policies is the treatment of credit loss
expense. If we had not applied the concept of adjusted expected loss in
calculating the credit loss expense for each Business Group, Corporate Center
would have incurred a significantly higher loss, UBS Warburg would have
achieved a slightly lower profit and UBS Switzerland a significantly higher
profit, in both 2001 and 2000. The concept of adjusted expected credit loss is
explained in more detail in the Management Accounting section of this report on
pages 32 to 36, which includes a table which reconciles the adjusted expected
credit loss amount charged to the Business Groups with the actual IAS credit
loss.
Significant financial events
We analyze UBS's performance on a reported basis determined in accordance with
IAS, and on a normalized basis which excludes from the reported amounts certain
items we term significant financial events.
We use figures adjusted for significant financial events to illustrate the
underlying operational performance of our business, insulated from the impact
of one off gains or losses outside the normal run of business. In particular,
our financial targets have been set in terms of adjusted results, excluding
significant financial events. A policy approved by the Group Executive Board
defines which items may be classified as significant financial events. In
general an item that is treated as a significant financial event should be:
–
Non-recurring
–
Event specific
–
Material at Group level
–
UBS-specific, not industry-wide
and should not be a consequence of the normal run of business.
Examples of items that we would treat as significant financial events
include the gain or loss on the sale of a significant subsidiary or associate,
such as the divestment in 1999 of UBS's stake in Swiss Life/Rentenanstalt, or
the restructuring costs associated with a major integration, such as the merger
with PaineWebber.
Significant financial events are not a recognized accounting concept under
IAS or US GAAP, and are therefore not separately reflected in the UBS Group
Financial Statements. We restrict the use of numbers which have been adjusted
for significant financial events to UBS's business unit reporting and to the
discussion and analysis of the Group's results and the accompanying
illustrative tables. Where tables in the Business Group reporting show adjusted
figures, we also include a table showing the reported figures.
We clearly identify all adjusted figures as such, and clearly disclose
both the pre-tax amount of each individual significant financial event, and the
net tax benefit or loss associated with all the significant financial events in
each period.
We have not declared any significant financial events in 2001.
Significant financial events during 1999 and 2000 are shown in the table
on page 14 and described in more detail below.
–
During 2000, we recorded restructuring charges and provisions of CHF
290 million pre-tax relating to the integration of PaineWebber into
UBS.
–
During 1999, we recognized pre-tax gains of CHF 1,490 million on the
sale of our 25% stake in Swiss Life/Rentenanstalt; CHF 110
13
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Profile
Significant Financial Events
CHF million
%changefrom
For the year ended
31.12.01
31.12.00
31.12.99
31.12.00
Operating income as reported
37,114
36,402
28,425
2
Julius Baer registered shares divestment
(110
)
International Global Trade Finance divestment
(200
)
Swiss Life / Rentenanstalt divestment
(1,490
)
LTCM gain
(38
)
Adjusted operating income
37,114
36,402
26,587
2
Operating expenses as reported
30,396
26,203
20,532
16
US Global Settlement Fund provision
(150
)
(154
)
Pension Fund Accounting credit
456
UBS / SBC Restructuring provision
(300
)
PaineWebber integration costs
(290
)
Adjusted operating expenses
30,396
25,763
20,534
18
Adjusted operating profit before tax
and minority interests
6,718
10,639
6,053
(37
)
Tax expense
1,401
2,320
1,686
(40
)
Tax effect of significant financial events
100
(352
)
Adjusted tax expense
1,401
2,420
1,334
(42
)
Minority interests
(344
)
(87
)
(54
)
295
Adjusted net profit
4,973
8,132
4,665
(39
)
Adjusted net profit before goodwill
6,296
8,799
5,005
(28
)
million on the disposal of Julius Baer registered shares; CHF 200 million on
the sale of our international Global Trade Finance business; and CHF 38
million from our residual holding in Long Term Capital Management.
–
In fourth quarter 1999, we recognized a one-time credit of CHF 456 million in connection with excess employer pre-payments
to staff pension funds.
–
In fourth quarter 1999, UBS recognized an additional pre-tax restructuring charge of CHF 300 million in respect of the 1998
merger between Union Bank of Switzerland and Swiss Bank Corporation.
–
During 1998, we established a provision of CHF 842 million in connection with the
US Global Settlement of World War II related claims. We recognized additional
pre-tax provisions relating to this claim of CHF 154 million in 1999 and CHF
150 million in 2000.
Risk factors
As a global financial services firm, UBS's businesses are affected by the
external environment in the markets in which UBS operates. In particular, the
results of our business in Switzerland, and notably the results of our
credit-related activities, would be adversely affected by any deterioration in
the state of the Swiss economy because of the impact this would have on our
customers' creditworthiness. More generally, global economic and political
conditions can impact UBS's results and financial position by affecting the
demand for our products and services, and the credit quality of our borrowers
and counterparties. Similarly, any continued prolonged weakness in
international securities markets would affect our business revenues through its
effect on our clients' investment activity and the value of their invested
assets, which would in turn reduce our revenues from wealth management
businesses.
Competitive forces
UBS faces intense competition in all aspects of its business. We compete with
asset managers, retail and commercial banks, private banking firms, investment
banking firms, brokerage firms and other investment services firms. In
addition, the trend toward consolidation in the global financial services
industry is creating competitors with broader ranges of product and service
offerings, increased access to capital, and greater efficiency and pricing
power.
14
Table of Contents
Fluctuations in currency exchange rates and interest rates
Because UBS prepares its accounts in Swiss francs, changes in currency exchange
rates, particularly between the Swiss franc and the US dollar, may have an
effect on the earnings that UBS reports. (Revenues in US dollars represent the
major part of our non-Swiss franc earnings). Our approach to managing this risk
is explained in the Currency management section of the Group Treasury chapter
in the UBS Handbook 2001/2002.
In addition, changes in financial market structures can affect our
earnings. For example, the establishment of the euro during 1999 affected
foreign exchange markets in Europe by reducing the extent of foreign exchange
dealings among member countries and generating more harmonized financial
products. Movements in interest rates can also affect our results. Our interest
income is affected by changes in interest rates, although the precise
mechanisms are complicated. Interest rate movements can also affect our fixed
income trading portfolio and the investment performance of our asset management
businesses. For further discussion of the effect of interest rate changes on
our business see the Interest rate risk management section of the discussion of
the Group Treasury chapter in the UBS Handbook 2001/2002.
Operational risks
All our businesses are dependent on our ability to process a large number of
complex transactions across numerous and diverse markets in different
currencies and subject to many different legal and regulatory regimes. UBS's
systems and processes are designed to ensure that the risks associated with our
activities are appropriately controlled, but we recognize that any weaknesses
in these systems could have a negative impact on the results of our operations.
As a result of these and other factors beyond our control, UBS's revenues
and operating profit have been and are likely to continue to be subject to a
measure of variability from period to period. Therefore UBS's revenues and
operating profit for any particular fiscal period may not be indicative of
sustainable results, may vary from year to year and may impact our ability to
achieve UBS's strategic objectives.
For a discussion of UBS's risk management and control procedures see the
Risk Management and Control section of the UBS Handbook 2001/2002.
15
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16
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17
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Group Financial Review
Group Results
Group Results
2001
UBS made significant progress in 2001, successfully integrating UBS
PaineWebber, building our European wealth management business and expanding our
presence in corporate finance, particularly in the US. Our clients invested
substantial net new money through our private client and asset management
businesses, and we significantly improved our investment banking market share.
It has been a challenging year for us financially, with a difficult market
environment depressing trading returns, transaction volumes, and private equity
valuations, in stark contrast to the buoyant climate in 2000. Despite the
markets, relative operational performance in our core businesses has remained
strong and we have benefited from our prudent attitude to risk and careful cost
control.
Group targets
We focus on four key performance targets, designed to ensure that UBS delivers
continually improving returns to its shareholders.
–
We seek to increase the value of UBS by achieving a sustainable,
after-tax return on equity of 15–20%, across periods of varying market
conditions.
–
We aim to increase shareholder value through double-digit average
annual percentage growth of basic earnings per share (EPS), across
periods of varying market conditions.
–
Through cost reduction and earnings enhancement initiatives, we aim to
reduce UBS's cost/income ratio to a level that compares positively
with best-in-class competitors.
–
We aim to achieve a clear growth trend in net new money in the private
client businesses (Private Banking and Private Clients).
The first three targets are all measured pre-goodwill amortization, and
adjusted for significant financial events.
Our performance against these targets in 2001 reflects the extremely
difficult market conditions we have faced. Before goodwill and adjusted for
significant financial events:
–
Our return on equity for 2001 was 14.8%, only just below our target range
of 15–20%.
UBS Group Performance against Targets
For the year ended
31.12.01
31.12.00
31.12.99
RoE (%)
as reported
11.7
21.5
22.4
before goodwill and adjusted for significant financial
events
1
14.8
24.3
18.2
Basic EPS (CHF)
as reported
3.93
6.44
5.07
before goodwill and adjusted for significant financial
events
1
4.97
7.28
4.12
Cost / income ratio (%)
as reported
80.8
72.2
69.9
before goodwill and adjusted for significant financial
events
1
77.3
69.2
73.3
Net new money, private client units
(CHF bn)
2,3
UBS Switzerland – Private Banking
22.5
2.8
2.3
UBS Warburg – Private Clients
36.0
15.2
2.0
Total
58.5
18.0
4.3
1
Excludes the amortization of goodwill and other intangible assets.
2
Excludes interest and dividend income.
3
Calculated using the former definition of assets under management in 2000 and 1999.
18
Table of Contents
Although this is lower than the 24.3% that we achieved in 2000, it represents a
solid performance when set in the context of the trading environment. Our
return on equity in 2000 was boosted by extremely high returns in the exuberant
markets of the first half-year, while this year has seen much weaker economic
and stock market performance combined with higher average equity resulting from
the acquisition of PaineWebber in fourth quarter 2000.
–
Basic earnings per share fell 32% to CHF 4.97, a level still 21%
higher than we achieved in 1999. Outstanding shares started 2001
higher than in most of 2000, as a result of issuance to fund the
merger with PaineWebber, but our continued buy-back program meant that
by 31 December 2001 they were again below the pre-merger level.
–
The cost/income ratio for the year rose from 69.2% to 77.3%,
reflecting lower revenues, the poor performance of our private equity
portfolio this year and the influence of the relatively high
cost/income ratio typical of
UBS PaineWebber's business. Despite this
rise, operating expenses remained under tight control, with decreases
from 2000 levels in UBS Switzerland's Private Banking and Private and
Corporate Clients business units and UBS Warburg's Corporate and
Institutional Clients business unit, and a clear reduction through the
year in UBS Warburg's Private Clients business unit.
Our disciplined approach to both compensation and non-personnel costs
allows us to continue investing in the future growth of our key businesses. The
percentage of revenue which we dedicate to rewarding our staff has remained
almost unchanged since last year in our most important businesses, reflecting a
substantial decrease in bonus payments.
Our asset gathering activities have delivered very strong results this
year, with inflows in the private client units (Private Banking and Private
Clients) of CHF 58.5 billion during 2001, compared to CHF 18.0 billion in 2000.
Over the whole Group, we attracted a total of
19
Table of Contents
Group Financial Review
Group Results
Invested Assets
Net new
Net new
money
2
money
2,3
CHF billion
31.12.01
31.12.00
1
2001
2000
UBS Group
2,457
2,452
UBS Switzerland
Private and Corporate Clients
320
345
8.5
0.4
Private Banking
682
691
22.5
2.8
UBS Asset Management
Institutional
328
323
6.2
(70.8
)
Mutual funds
344
319
28.7
2.9
UBS Warburg
Private Clients
782
773
36.0
15.2
UBS Capital
1
1
0.1
1
Calculated using the new definition of invested assets.
2
Excludes interest and dividend income.
3
Calculated using the former definition of assets under management.
CHF 102.0 billion in net new money, as clients increasingly value the quality
of our advice and the breadth and depth of our wealth management capabilities.
Net profit
Our net profit for the year 2001 was CHF 4,973 million, 36% less than the CHF
7,792 million achieved in 2000, reflecting the much more difficult market
environment in 2001.
The merger with PaineWebber resulted in much higher goodwill amortization
expense in 2001 than in 2000. Pre-goodwill, net profit for the year was CHF
6,296 million, 26% lower than we achieved in the much stronger markets of 2000
and 28% lower if adjusted for significant financial events.
Operating income
Operating income was 2% higher in 2001 than in 2000, at CHF 37,114 million,
with the effect of much more difficult market conditions offset by the addition
of UBS PaineWebber's businesses.
There were no significant financial events that affected operating income
in either 2001 or 2000.
Net interest income
was 1% lower than in 2000, at CHF 8,041 million,
compared to CHF 8,130 million in 2000, and
net trading income
was 12% lower
than in 2000 at CHF 8,802 million, compared to CHF 9,953 million in 2000.
Various factors can alter the mix between net interest income and net
trading income between periods.
As well as income from interest margin based activities (for example loans
and deposits), net interest income includes some income earned as a result of
trading activities (such as coupon and dividend income). This component is
volatile from period to period, depending on the composition of the trading
portfolio.
Furthermore, the classification of income arising from positions and their
offsetting economic hedging transactions may be different. In fourth quarter
2001 this effect was particularly pronounced, as a result of the significant
fall in short term USD interest rates which substantially reduced our borrowing
costs, so boosting net interest income for the quarter. Our overall interest
rate exposures are limited by hedging transactions using derivative
instruments. As the USD rates fell, these economic hedges generated
mark-to-market losses recorded in fixed income net trading income, offsetting a
portion of the gains in net interest income.
20
Table of Contents
Net Interest and Trading Income
CHF million
% change from
For the year
ended
31.12.01
31.12.00
31.12.99
31.12.00
Net interest income
8,041
8,130
5,909
(1
)
Net trading income
8,802
9,953
7,719
(12
)
Total net interest and trading income
16,843
18,083
13,628
(7
)
Breakdown by business activity:
Net income from interest margin products
5,694
5,430
5,139
5
Net income from trading activities
11,529
12,642
8,200
(9
)
Net income from treasury activities
1,424
762
628
87
Other
1
(1,804
)
(751
)
(339
)
(140
)
Total net interest and trading income
16,843
18,083
13,628
(7
)
1
Principally goodwill funding costs.
In order to provide a better explanation of the movements in net interest
income and net trading income, we produce the disclosure shown above which sums
net interest income and net trading income, and then analyzes the total
according to the business activities which gave rise to the income, rather than
by the type of income generated.
Net income from interest margin products
increased 5% from CHF 5,430
million to CHF 5,694 million, driven by the inclusion of UBS PaineWebber.
Net income from trading activities
was CHF 11,529 million, 9% lower than
the CHF 12,642 million achieved in 2000. Falling interest rates and increased
volatility in debt markets led to a very strong year for fixed income and
foreign exchange trading, but equity trading revenues suffered from much lower
market volumes, increased volatility and reduced arbitrage opportunities.
Net income from treasury activities
was 87% higher than in 2000, at CHF
1,424 million, reflecting two main factors:
–
increased income from our invested equity, as a result of the
expansion of our capital base since the PaineWebber merger, and
changes in the investment portfolio's maturity structure leading to an
increase in average interest rates;
–
and improved currency management results due to introduction of a new
economic hedging strategy and some one-off gains.
Other net trading and interest income
principally reflects the costs of
goodwill funding, with the CHF 1,053 million increase in cost from CHF 751
million in 2000 to CHF 1,804 million in 2001 mainly due to goodwill funding
costs arising from the acquisition of PaineWebber.
Credit loss expense
. In 2001 credit loss expenses amounted to CHF 498
million, compared to a net recovery of CHF 130 million in 2000 but down from an
expense of CHF 956 million in 1999.
The global credit environment declined rapidly throughout 2001, with
overall default rates as high as during the last major global recession in
1991. The phenomenon of investment grade companies falling into restructuring
and default within a very short period of time became very prominent in the
United States during 2001, and subsequently spread to Europe. In this difficult
Actual IAS Credit Loss Expense (Recovery)
CHF million
For the year
ended
31.12.01
31.12.00
31.12.99
UBS Switzerland
123
(695
)
965
UBS Asset Management
0
0
0
UBS Warburg
375
565
0
Corporate Center
(9
)
Total
498
(130
)
956
21
Table of Contents
Group Financial Review
Group Results
Net Fee and Commission Income
CHF million
% change from
For the year ended
31.12.01
31.12.00
31.12.99
31.12.00
Underwriting fees
2,158
1,434
905
50
Corporate finance fees
1,339
1,772
1,298
(24
)
Brokerage fees
1
6,445
5,742
3,934
12
Investment fund fees
4,276
2,821
1,915
52
Fiduciary fees
355
351
317
1
Custodian fees
1,356
1,439
1,583
(6
)
Portfolio and other management and advisory
fees
1
4,650
3,666
2,612
27
Insurance-related and other fees
1
538
111
57
385
Total security trading and investment activity fees
21,117
17,336
12,621
22
Credit-related fees and commissions
307
310
372
(1
)
Commission income from other services
946
802
765
18
Total fee and commission income
22,370
18,448
13,758
21
Brokerage fees paid
1,281
1,084
795
18
Other
878
661
356
33
Total fee and commission expense
2,159
1,745
1,151
24
Net fee and commission income
20,211
16,703
12,607
21
1
Fee and commission income from insurance products now reported in
Insurance-related and other fees was previously reported in Brokerage fees and
in Portfolio and other management and advisory fees. Prior years have been
restated.
and challenging environment we have focused on ensuring that our counterparty
ratings are rapidly adjusted to reflect the changing economic situation. At the
same time, we have increased the frequency of sector and geographic rating
reviews.
In UBS Warburg, the ongoing strategy of actively hedging credit exposure
has kept new provisions to a relatively low level, resulting in a credit loss
expense of CHF 375 million in 2001, compared to CHF 565 million in 2000.
Corporate bankruptcies in Switzerland have now reached their lowest level
since the early 1990s, and we have successfully improved the credit quality of
our domestic portfolio over recent years. The level of recoveries of previously
existing provisions has, however, declined compared to the somewhat exceptional
levels of 2000, reflecting less robust growth in the Swiss economy towards the
end of 2001, following the global economic slowdown. As a result, the trend of
net recoveries of loan loss provisions observed in the previous year was
reversed and credit loss expenses increased accordingly during 2001, although
remaining below the long-term trend. Credit loss expense in UBS Switzerland in
2001 was CHF 123 million, compared to a net recovery of CHF 695 million in
2000.
For further details on our risk management approach, how we measure credit
risk and the development of our credit risk exposures, please see the Capital
and Risk Management chapter of our Handbook 2001/2002.
Net fee and commission income
was CHF 20,211 million, up 21% from 2000 and
at a record level, reflecting the inclusion of UBS PaineWebber and the
introduction of higher fees for investment funds. Without UBS PaineWebber, net
fee and commission income would have dropped 7%, driven by much lower brokerage
fees and a reduction in corporate finance fees, with increases in market share
during the year achieved against a background of much reduced market activity.
Underwriting fees increased 50%, from CHF 1,434 million in 2000 to CHF
2,158 million in 2001. The majority of this increase was due to UBS
PaineWebber, whose extensive retail network in the US provides a strong
platform for distribution of both bonds and equities.
UBS PaineWebber has a significant US municipal securities business, which
completed the largest deal in its history in fourth quarter, raising USD 1.9
billion for the New Jersey Transit Trust Fund Authority, and helping to push it
into first place
in the league table rankings for fourth quarter, and second place for the
22
Table of Contents
whole of 2001. The mortgage-backed securities business in the US has also
benefited from the combination of UBS's franchise and capital strength with
existing PaineWebber expertise. UBS Warburg ranked first in US residential
mortgage-backed securities in 2001, according to Thomson Financial Data.
Equity underwriting was depressed in 2001, as volatile and uncertain
markets reduced issuance. However, UBS's league table rankings improved, from
seventh in international equity new issues in 2000 to second in 2001, according
to Capital Data Bondware. Even excluding the contribution from UBS PaineWebber,
equity underwriting revenues increased by CHF 77 million, or 7%, from 2000.
Although our corporate finance league table rankings were disappointing,
down from sixth in 2000 for completed global mergers and acquisitions to eighth
in 2001, we outperformed 2000 in terms of market share, with full year analysis
showing us with a 4.5% share of fees, compared to 3.6% in 2000. Despite this,
Corporate Finance fees were down 24%, from CHF 1,772 million in 2000 to CHF
1,339 million in 2001, reflecting the much more difficult market environment
this year.
Net brokerage fees rose 11% from CHF 4,658 million in 2000 to CHF 5,164
million in 2001, driven by the inclusion of UBS PaineWebber. Without the
contribution from UBS PaineWebber, net brokerage fees would have fallen by
about 17% compared to 2000, reflecting the much lower trading volumes
experienced in almost all major markets world wide in 2001. The level of net
brokerage fees is closely linked to transaction volumes, and performance in
2002 will largely depend on whether markets improve and investor confidence
returns.
Investment fund fees rose 52% from CHF 2,821 million in 2000 to CHF 4,276
million in 2001, driven by the inclusion of UBS PaineWebber. Excluding UBS
PaineWebber, investment fund fees would have increased by CHF 268 million,
mainly reflecting a change in the pricing structure for UBS Investment Funds,
introduced in January 2001, which brought charges up to market levels.
Custodian fees, at CHF 1,356 million in 2001 were down 6% from 2000's
level of CHF 1,439 million, principally reflecting lower average assets in
Private Banking in Switzerland.
Portfolio and other management and advisory fees increased 27% from CHF
3,666 million in 2000 to CHF 4,650 million in 2001, due to the addition of UBS
PaineWebber. Excluding UBS PaineWebber, there would have been a slight decline
from 2000, as a full year's contribution from the O'Connor business in UBS
Asset Management (created in June 2000) was more than offset by the effect of
lower average assets on managed account fees.
Insurance related and other fees increased substantially from CHF 111
million in 2000 to CHF 538 million in 2001, with almost all this increase due
to UBS PaineWebber, where the biggest contribution came from the deferred
annuities business.
Other income fell
62% from CHF 1,486 million in 2000 to CHF 558 million in
2001, reflecting the very difficult conditions in the private equity market
this year, which led to minimal opportunities for divestment and much greater
levels of write-downs than last year.
Operating expenses
In light of lower revenues in 2001, cost control was a key focus of all our
management teams, as we maintained strong discipline on both personnel and
non-personnel costs, particularly in the Corporate and Institutional Clients
and Private and Corporate Clients business units, bringing their operating
expenses to record low levels.
Total operating expenses
increased 16% from CHF 26,203 million in 2000 to
CHF 30,396 million in 2001, driven by the inclusion of UBS PaineWebber.
Excluding significant financial events in 2000 and UBS PaineWebber, costs
fell 7%, as performance-related compensation reduced, and non-personnel
costs were carefully restricted.
The principal significant financial events affecting the comparison of
operating expenses are the CHF 150 million additional provision for the US
Global Settlement of World War II related claims, recorded in 2000 in General
and administrative expenses, and CHF 290 million of costs from the integration
of PaineWebber, also recorded in 2000. Of this CHF 290 million, CHF 118 million
was charged to Personnel expenses, CHF 93 million to General and administrative
expenses and CHF 79 million to Depreciation.
23
Table of Contents
Group Financial Review
Group Results
Headcount
1
(full time equivalents)
31.12.01
31.12.00
Change in %
UBS Switzerland
29,204
30,025
(3
)
Private and Corporate Clients
19,938
21,100
(6
)
Private Banking
9,266
8,925
4
UBS Asset Management
3,281
2,860
15
UBS Warburg
36,368
37,205
(2
)
Corporate and Institutional Clients
15,562
15,262
2
UBS Capital
128
129
(1
)
Private Clients
20,678
21,814
(5
)
Corporate Center
1,132
986
15
Group total
69,985
71,076
(2
)
thereof: Switzerland
29,163
30,095
(3
)
1
The Group headcount does not include the Klinik Hirslanden AG headcount of
2,450 at 31 December 2001 and 1,839 at 31 December 2000.
Personnel expenses
in 2001 reflect considerable reductions in bonus and
performance-related compensation, with average variable compensation per head
down 23%, ensuring that overall compensation ratios for the year were kept in
line with 2000's ratio in our core businesses. However, the inclusion of CHF
5,178 million of PaineWebber personnel expenses more than offset the reduction
in performance-related pay, bringing the total to CHF 19,828 million, 16% up
from 2000. Approximately 43% of this year's personnel expenses were bonus or
other variable compensation, down from 48% last year.
UBS Group
headcount
fell by 2% from 71,076 at 31 December 2000 to 69,985
at 31 December 2001, principally reflecting the effect of successful cost
control efforts at UBS Switzerland's Private and Corporate Clients business
unit and UBS Warburg's Private Clients business unit, slightly offset by the
effect of acquisitions in UBS Asset Management and the expansion in Europe of
UBS Switzerland's Private Banking business unit.
General and administrative expenses
increased by 13% from CHF 6,765
million in 2000 to CHF 7,631 million in 2001 reflecting a full year's costs for
UBS PaineWebber, which more than offset the absence of the one-off charges and
provisions recorded in 2000.
General and administrative expenses in 2000 included a final provision of
CHF 150 million related to the US Global Settlement of World War II related
claims, and CHF 93 million of PaineWebber integration costs, which were both
treated as significant financial events. Excluding these provisions and the
extra costs in 2001 due to the inclusion of UBS PaineWebber, general and
administrative costs would have been almost unchanged in 2001 compared to 2000.
Depreciation and amortization
increased 29% from CHF 2,275 million in 2000
to CHF 2,937 million in 2001, driven primarily by the goodwill amortization
resulting from the merger with PaineWebber.
UBS Group
incurred a
tax expense
of CHF 1,401 million in 2001, down from
CHF 2,320 million in 2000. This corresponds to an effective tax rate of 21% in
2001, compared to 23% in 2000. This relatively low rate results from
significantly lower tax in Switzerland, reflecting the effect of lower profits
triggering lower progressive tax rates, and a change in geographical earnings
mix of the Group. We believe that this year's tax rate of 21% is also a
reasonable indicator for 2002.
PaineWebber merger-related costs
In 2001, UBS incurred amortization costs of CHF 846 million on goodwill and
intangible assets resulting from the acquisition of UBS PaineWebber, while
goodwill funding costs amounted to CHF 763 million.
As part of the merger, UBS agreed to make retention payments to
PaineWebber financial advisors, senior executives and other staff, subject to
these employees' continued employment and other restrictions. The payments vest
over periods of up to four years from the merger and the vast majority of them
will be paid in the form of UBS shares. Because these payments are
a regular and continuing cost of the business, they are not treated as
significant financial events. Personnel expenses in 2001 include retention
payments for key PaineWebber staff of USD 284 million (CHF 482 million) for the
full year.
24
Table of Contents
Dividend
This year we plan once again to make a tax efficient distribution of capital to
our shareholders rather than paying a dividend. The Board of Directors will
recommend to the Annual General Meeting on 18 April 2002 that UBS make a par
value repayment of CHF 2.00 per share, consistent with last year's total per
share distribution to shareholders of CHF 2.03.
Balance sheet
Total assets increased CHF 165 billion, or 15%, from CHF 1,088 billion at 31
December 2000, to CHF 1,253 billion at 31 December 2001. The balance sheet
growth mostly occurred during the first half of the year, with a contraction
following the terrorist attacks in the US on 11 September 2001, although this
reduction was reversed during fourth quarter.
Cash and balances with central banks rose from CHF 3 billion at 31
December 2000 to 21 billion at 31 December 2001, of which the overwhelming part
stemmed from increased deposits with the Bank of Japan. This build-up relates
to a change in the structure of our Japanese financial assets triggered by the
regime of negative short-term interest rates in Japan.
Trading related assets (cash collateral on securities borrowed, trading
portfolio assets and reverse repurchase agreements), grew by CHF 143 billion
from 31 December 2000 to 31 December 2001. A significant part of this change
reflects an increase in collateralized positions, which grew by CHF 61 billion,
due to increased client demand for collateralized funding in uncertain markets.
Loans, net of allowances for credit losses declined from CHF 245 billion
at 31 December 2000 to CHF 227 billion at 31 December 2001 as a result of
reduced lending to corporate customers and public authorities.
Total liabilities increased 16%, from CHF 1,040 billion at 31 December
2000 to CHF 1,206 billion at 31 December 2001, principally reflecting expansion
of trading related liabilities (cash collateral on securities lent, repurchase
agreements and trading portfolio liabilities) which together increased by CHF
103 billion during 2001. Amounts due to customers rose CHF 23 billion to CHF
334 billion at 31 December 2001 due to an increase in time deposits originated
with our retail and institutional customer base in Switzerland. Debt issued
increased CHF 26.6 billion largely due to increased issuance of money market
paper in support of the Principal Finance business in the US.
UBS's long-term debt portfolio increased from CHF 55 billion at 31
December 2000 to CHF 57 billion at 31 December 2001, driven by increased sales
of retail structured products in the US and Europe, as clients sought ways to
compensate for higher market volatility. During this year CHF 18.2 billion of
long-term debt were issued while CHF 18.5 billion matured. UBS believes the
maturity profile of the long-term debt portfolio is well balanced to match the
maturity profile of UBS's assets.
Shareholders' equity decreased CHF 1.3 billion, or 3%, from 31 December
2000 to 31 December 2001. The increase in retained earnings was more than
offset by the effect of the repurchase of own shares in 2001. Shares were
repurchased under UBS' second trading line buy-back program, for employee share
schemes and in order to repay the shares borrowed to pay the PaineWebber merger
consideration.
UBS maintains a significant percentage of liquid assets, including
collateralized receivables and trading portfolios that can be converted into
cash on relatively short notice and without adversely affecting UBS's ability
to conduct its ongoing businesses, in order to meet short-term funding needs.
Collateralized receivables include reverse repurchase agreements and cash
collateral on securities borrowed, and marketable corporate debt and equity
securities and a portion of UBS's loans and amounts due from banks which are
secured primarily by real estate. The value of UBS's collateralized receivables
and trading portfolio will fluctuate depending on market conditions and client
business. The individual components of UBS's total assets, including the
proportion of liquid assets, may vary significantly from period to period due
to changing client needs, economic and market conditions and trading
strategies.
Cash flows
In the twelve-month period to December 2001, cash equivalents increased by CHF
22,889 million, principally as a result of financing activities, which
generated positive cash flow of CHF 18,103 million. CHF 24,226 million from the
issuance of money market paper was offset by
25
Table of Contents
Group Financial Review
Group Results
CHF 6,038 million for treasury shares and treasury share contract activity as
well as CHF 683 million for capital repayment.
Operating activities generated positive cash flow of CHF 12,873 million.
Of this amount, CHF 4,973 million resulted from net profit, CHF 27,306 million
from a net increase in amounts due to and from banks, a net increase in amounts
due to customers and loans of CHF 42,813 million and a net cash inflow of CHF
19,470 million from repurchase and reverse repurchase agreements and cash
collateral on securities borrowed and lent. These were offset by CHF 78,456
million from an increase in the size of the trading portfolio.
Investing activities generated negative cash flow of CHF 7,783 million.
CHF 5,770 million from the purchase of financial investments and CHF 2,021
million from the purchase of property and equipment.
Outlook 2002
UBS's core businesses have performed relatively strongly in 2001, demonstrating
their ability to enhance market share in a challenging environment. As 2002
begins, markets remain difficult, with uncertainty and volatility continuing to
affect transaction levels and corporate activity. In the face of this
challenging environment, we will continue to assess our cost base carefully,
investing where strategically most important. Our prudent resource management
over the last two years means that we do not believe that significant staff
reductions are likely to be necessary, unless markets stagnate. With
prospects for an economic recovery receding into the latter part of
the year, potential for this year to outperform 2001 is limited.
However, our businesses have shown themselves to be increasingly
competitive and we are confident that we can continue the progress we
have made in the past year, expanding in corporate finance, further
developing our European wealth management initiative and ensuring
that all the strengths of our integrated group are focused on
building the world's leading wealth management and investment banking
businesses.
2000
Group targets
Adjusted for significant financial events, our pre-goodwill return on equity
for the year 2000 was 24.3%, clearly above our target range of 15–20%.
Pre-goodwill earnings per share, again on an adjusted basis, were CHF 7.28 in
2000, representing an increase of 77% over 1999, well in excess of our target
of double-digit growth over the cycle. Continued focus on cost control brought
the pre-goodwill cost/income ratio, adjusted for significant financial events,
down to 69.2% in 2000, from 73.3% in 1999.
Net new money in the private client businesses (Private Banking and
Private Clients) was CHF 18.0 billion for the year, compared to CHF 4.3 billion
in 1999, and including CHF 8.3 billion of net new money in UBS PaineWebber in
the last two months of 2000. UBS PaineWebber's net new money growth since
completion of the merger demonstrates the strength of its franchise and the
momentum that it brings to UBS's asset gathering performance.
Net profit
Full year net profit was CHF 7,792 million, up 27% from the CHF 6,153 million
reported in 1999. When adjusted for significant financial events, net profit
for 2000 was CHF 8,132 million, up 74% from the CHF 4,665 million achieved in
1999. These results reflect the very strong and consistent performance recorded
by the Group in every quarter of 2000.
Operating income and expense includes income and expense of the former
PaineWebber businesses from 3 November 2000, the date of the completion of the
merger with PaineWebber.
Operating income
Total operating income increased 28% from 1999, to CHF 36,402 million, from CHF
28,425 million. Adjusted for significant financial events, total operating
income increased 37%, to CHF 36,402 million, from CHF 26,587 million in 1999.
This strong performance relative to 1999 was driven by excellent trading
results, improved credit conditions in the Swiss market, much higher fee and
commission income, and a successful year for the Group's investment banking
business.
The principal significant financial events affecting the income comparison
were from the one-off sales of businesses and investments in 1999, including
pre-tax gains of CHF 1,490 million on the sale of UBS's 25% stake in Swiss
Life/Rentenanstalt, CHF 110 million on the disposal of Julius Baer registered
shares, and
26
Table of Contents
CHF 200 million on the sale of UBS's international Global Trade
Finance business, which were all recorded in Other income. In addition UBS
recognized a CHF 38 million gain in 1999 from its residual holdings in Long
Term Capital Management, L.P., which was also recorded in Other income.
Net interest income
before credit loss increased by CHF 2,221 million, or 38%,
from CHF 5,909 million in 1999 to CHF 8,130 million in 2000. This was
principally the result of much stronger trading-related performance, as a
result of buoyant markets, and the return of the balance sheet to more normal
proportions after the contraction implemented as part of the Group's
precautions against potential Year 2000 related problems.
Net trading income
increased CHF 2,234 million, or 29%, to CHF 9,953
million for 2000, compared to CHF 7,719 million for 1999, driven by strong
growth in equity trading income as a result of increased global market
activity, especially in the first quarter of 2000, and the increasing strength
of UBS Warburg's secondary client franchise.
Net income from interest margin products
increased 6% from 1999 to CHF
5,430 million in 2000, driven by the addition of UBS PaineWebber. In the main
lending and deposit taking business in Switzerland, a reduction in loan volumes
was more than offset by a slight improvement in margins, reflecting a change in
product mix.
Net income from trading activities
in 2000 was CHF 12,642 million, 54%
higher than in 1999, driven by the exceptionally strong performance of the
equity business in first half 2000, reflecting increased trading volumes,
higher market share and record levels of mergers and acquisitions activity.
Fixed income and foreign exchange trading income also improved compared to
1999, driven by improved markets, a strong government bond and derivatives
business and higher client flow in treasury products.
Net income from treasury activities
was CHF 762 million in 2000, 21%
higher than in 1999, reflecting better results from the hedging of foreign
currency revenues and higher income from the investment of equity. Income from
invested equity increased due to the higher average equity following the
issuance of trust preferred securities in September 2000 and the merger with
PaineWebber.
Other net trading and interest income
principally reflects the costs of
goodwill funding, with the increase since 2000 mainly due to goodwill funding
costs arising from the acquisition of PaineWebber in November 2000 and the
acquisition of Global Asset Management (GAM) at the end of 1999.
Credit loss expense.
As a result of the significant recovery of the Swiss
economy in 2000 and especially its effect on the real estate and construction
markets, UBS was able to write back CHF 695 million of credit loss provisions
in UBS Switzerland in 2000. These write-backs were only partly offset by
additional provisions for the UBS Warburg portfolio of CHF 565 million, leading
to an overall net credit recovery of CHF 130 million for 2000, compared to an
expense of CHF 956 million in 1999.
Net fee and commission income
increased by CHF 4,096 million, or 32%, from
CHF 12,607 million in 1999 to CHF 16,703 million in 2000. This was principally
the result of high levels of brokerage fees, due to increased client activity
in strong markets, especially in the first quarter of 2000, and the addition of
PaineWebber. In addition, two other new businesses, GAM, acquired at the end of
1999, and O'Connor, created in June 2000, contributed to the increase, as did
the strong performance of UBS's investment banking business during 2000.
Credit-related fees and commissions decreased by CHF 62 million in 2000
mainly as a result of the sale of UBS's international Global Trade Finance
business in 1999.
Underwriting fees increased by 58% over 1999 with strong results in both
fixed income and equity underwriting, despite UBS's relatively limited
involvement in the Technology, Media and Telecoms (TMT) sector, which led to
lower equity league table rankings in 2000 than in 1999. Corporate Finance fees
grew 37%, or CHF 474 million, from CHF 1,298 million in 1999 to CHF 1,772
million in 2000, reflecting good results in Europe and a strong performance in
mergers and acquisitions, where our league table rankings improved compared to
1999.
Net brokerage fees were 48% higher in 2000 than in 1999 as a result of
high levels of client activity in the exuberant markets of the early part of
the year, and the inclusion of two months of results from PaineWebber. The
increase of
27
Table of Contents
47% in Investment fund fees from 1999 to 2000 resulted from higher
average volumes in 2000 and a shift in the product mix, with a higher
proportion of assets under management invested in higher margin equity funds.
In addition, Investment fund fees in 2000 benefited from the inclusion of GAM
and PaineWebber's contribution.
Group Financial Review
Group Results
Custodian fees and Portfolio and other management and advisory fees increased
by a total of CHF 910 million, or 22%, from 1999, due to higher asset-related
fees in 2000 and the inclusion of PaineWebber and the new O'Connor business.
Other income
decreased CHF 1,660 million, or 53%, from CHF 3,146 million
in 1999 to CHF 1,486 million in 2000, driven by gains from the sales of our
holdings in Swiss Life/Rentenanstalt in 1999.
Operating expenses
Total operating expenses increased 28% from CHF 20,532 million to CHF 26,203
million in 2000. Adjusted for significant financial events, total operating
expenses increased 25% to CHF 25,763 million from CHF 20,534 million in 1999.
The increase was principally due to increased personnel expenses, reflecting
higher performance-related pay driven by UBS's excellent results in 2000, the
inclusion of PaineWebber and the cost of retention payments for PaineWebber
staff.
The principal significant financial events affecting the comparison of
operating expenses are the CHF 150 million additional provision for the US
Global Settlement of World War II related claims, recorded in 2000 in General
and administrative expenses, and CHF 290 million of costs from the integration
of PaineWebber, also recorded in 2000. Of this CHF 290 million, CHF 118 million
was charged to Personnel expenses, CHF 93 million to General and administrative
expenses and CHF 79 million to Depreciation.
The various significant financial events affecting expenses in 1999,
described on page 13, resulted in an increase in expense of CHF 2 million, made
up of a CHF 456 million increase to personnel expenses and a decrease of CHF
454 million in General and administrative expenses.
Personnel expenses
increased CHF 4,586 million, or 36%, from CHF 12,577
million in 1999 to CHF 17,163 million in 2000. This increase was driven by
increased bonus compensation, in line with the Group's excellent results, and
CHF 1,083 million resulting from the inclusion of PaineWebber. Approximately
48% of the annual total represented bonus and other variable compensation.
Personnel expenses in 2000 include retention payments for key UBS
PaineWebber staff of USD 76 million (CHF 128 million), charged in fourth
quarter 2000.
UBS's
headcount
grew 45% over the year from 31 December 1999, to 71,076.
The vast majority of this change was due to the inclusion of 23,000 PaineWebber
staff.
General and administrative expenses
increased CHF 667 million, or 11%,
from CHF 6,098 million in 1999 to CHF 6,765 million in 2000.
General and administrative expenses in 2000 included a final provision of
CHF 150 million related to the US Global Settlement of World War II related
claims, and CHF 93 million of PaineWebber integration costs, which were both
treated as significant financial events. General and administrative expenses in
1999 included a provision of CHF 154 million related to the US Global
Settlement of World War II related claims, and CHF 300 million of additional
provisions in respect of the 1998 merger of Union Bank of Switzerland and Swiss
Bank Corporation.
Adjusting for these effects, General and administrative costs rose 16%,
reflecting the incremental costs from the inclusion of PaineWebber offset by
the success of UBS's continued efforts to control non-revenue driven costs.
Depreciation and amortization expenses
increased CHF 418 million, or 23%,
from CHF 1,857 million in 1999 to CHF 2,275 million in 2000, mainly due to the
PaineWebber merger.
Tax expense
increased CHF 634 million, or 38%, from CHF 1,686 million in
1999 to CHF 2,320 million in 2000, principally due to increased operating
profit. The effective tax rate of 23% in 2000 is slightly higher than the 21%
effective tax rate in 1999, reflecting increased income in higher taxation
jurisdictions.
UBS Group's performance without the impact of PaineWebber
There are limitations to our ability to track the effect of the PaineWebber
merger on the Group's performance. Principally this is because of the full
integration of PaineWebber's capital markets business into the Corporate and
Institutional
28
Table of Contents
Earnings Adjusted for Significant Financial Events and the Estimated Impact of the PaineWebber Merger
CHF million, except where indicated
% change from
For the year ended
31.12.00
31.12.99
31.12.99
Operating income
35,309
26,587
33
Operating expenses
24,319
20,534
18
Operating profit before tax
10,990
6,053
82
Net profit
8,403
4,665
80
Cost / income ratio before goodwill (%)
67.6
73.3
Basic earnings per share before goodwill (CHF)
7.48
4.12
82
Diluted earnings per share before goodwill (CHF)
7.39
4.09
81
Return on shareholders' equity before goodwill (%)
27.5
18.2
Clients unit. This was carried out very soon after the merger was
completed on 3 November 2000, with staff and revenues completely integrated
into the existing UBS Warburg structure. It is therefore not possible to
identify clearly the specific impact of the capital markets business on
results. However, the remaining PaineWebber businesses were reported as a separate business unit: US Private Clients. It is
possible therefore to distinguish their contribution to Group profits. If
additional adjustments are made for: goodwill amortization, funding
costs, the share issuance, borrowing and subsequent repurchase,
restructuring costs, and retention payments; it is possible to make an approximate estimate of the underlying performance of
UBS for 2000.
Although this analysis should not be relied on as a definitive indication
of the performance of the continuing UBS businesses during 2000, it
demonstrates the very positive underlying performance of the Group.
Par value reduction
In October 2000, UBS paid a dividend of CHF 4.50 per share (CHF 1.50 per share
adjusted for the July 2001 share split) in respect of the first three quarters
of 2000, as part of the arrangements for the merger with PaineWebber.
On 16 July 2001, UBS made a distribution to shareholders in respect of
fourth quarter 2000 of CHF 1.60 per share (CHF 0.53 per share post split), paid
in the form of a reduction in the par value of its shares, from CHF 10.00 to
CHF 8.40. For shareholders who pay tax in Switzerland this payment is treated
as a return of capital to shareholders, not as income, and is therefore tax
efficient. The par value reduction also has advantages for shareholders outside
Switzerland, as no Swiss withholding tax is payable on it.
This par value reduction brought the total distribution for the year 2000
to CHF 6.10 per share (CHF 2.03 per share post split), compared to the dividend
of CHF 5.50 per share (CHF 1.83 per share post split) for 1999.
At the same time as the par value reduction, UBS split its share 3 for 1,
resulting in a new par value of CHF 2.80 per share.
Cash flows
In the twelve-month period to December 2000, cash equivalents decreased by CHF
8,907 million, principally as a result of investment activities, which
generated negative cash flow of CHF 19,135 million. This was mainly due to CHF
10,722 million of cash required for the PaineWebber merger and the purchase of
CHF 8,770 million of financial investments.
The positive cash flow of CHF 11,697 million from operating activities
principally resulted from net profit of CHF 7,792 million, a net increase in
amounts due to customers and loans of CHF 12,381 million, CHF 11,553 million
from an increase in the size of the trading portfolio and a net cash inflow of
CHF 10,236 million from other assets and liabilities and accrued income and
expenses. These were partially offset by a net cash outflow of CHF 30,292
million for repurchase and reverse repurchase agreements and cash collateral on
securities borrowed and lent.
Financing activities generated net cash outflow of CHF 1,581 million. CHF
10,125 million from the issuance of money market paper, CHF 14,884 million from
long-term debt and CHF 2,594 million from the issuance of trust preferred
securities were offset by CHF 24,640 million for repayment of long-term debt
and CHF 3,928 million for dividend payments.
29
Table of Contents
30
Table of Contents
31
Table of Contents
Review of Business Group Performance
Introduction
Introduction
Reporting by Business Unit
1
Private and
CHF million
Corporate Clients
Private Banking
For the year ended
31.12.01
31.12.00
31.12.01
31.12.00
Income
7,161
7,443
6,314
6,928
Credit loss expense / recovery
2
(576
)
(759
)
(28
)
(26
)
Total operating income
6,585
6,684
6,286
6,902
Personnel expenses
2,988
3,187
1,776
1,956
General and administrative expenses
991
1,058
1,609
1,561
Depreciation
459
419
157
142
Amortization of goodwill and other intangible assets
0
27
41
43
Total operating expenses
4,438
4,691
3,583
3,702
Business unit performance before tax
2,147
1,993
2,703
3,200
Business unit performance before tax and
goodwill
3
2,147
2,020
2,744
3,243
Cost income ratio before goodwill
(%)
3,4
62
63
56
53
Invested assets
320
345
682
691
Net new money
5
8.5
0.4
22.5
2.8
Headcount
19,938
21,100
9,266
8,925
1
Figures for 2000 have been restated to reflect the current business structure
of the Group. All figures have been adjusted for significant financial events.
2
In management accounts, statistically derived adjusted expected credit
loss rather than the IAS actual net credit loss expense is reported in the
business units. See Note 2 to the Financial Statements for further
details.
3
Excludes the amortization of goodwill and other intangible assets.
4
Operating expenses/operating income before credit loss expense.
5
Excludes dividend and interest income. Figures for 2000 are calculated
using the former definition of assets under management.
Management accounting
The discussion in this chapter reviews UBS's 2001 and 2000 results by Business
Group and business unit.
Our management reporting systems and policies determine the revenues and
expenses directly attributable to each business unit. Internal charges and
transfer pricing adjustments are reflected in the performance of each business
unit.
Inter-business
unit revenues and expenses.
Revenue sharing agreements are
used to allocate external customer revenues to Business Groups on a reasonable
basis. Transactions between Business Groups are conducted at arms length.
Inter-business unit charges are recorded as a reduction to expenses in the
business unit providing the service. Corporate Center expenses are allocated to
the operating business units, to the extent appropriate.
Interest revenues
are apportioned to business units based on the
opportunity costs of funding their activities. Accordingly, all assets and
liabilities are refinanced with the Group Treasury based on market rates.
Revenues relating to balance sheet products are calculated on a fully-funded
basis. As a result, business units are additionally credited with the risk-free
return on the average equity used.
Commissions
are credited to the business unit with the corresponding
customer relationship.
Regulatory equity
is allocated to business units based on the average
regulatory capital requirement during the period. Only utilized equity is taken
into account, and a buffer of 10% is added. The remaining equity, mainly
covering real estate, and any unallocated equity, remains in Corporate Center.
Headcount
includes trainees and staff in management development programs,
but not contractors.
Changes to disclosure since 2000
Business unit structure
We now report UBS Asset Management as a single Business Group, with no split
into business units. However we continue to report separate revenues and Key
performance indicators
32
Table of Contents
Corporate and
UBS Asset Management
Institutional Clients
UBS Capital
31.12.01
31.12.00
31.12.01
31.12.00
31.12.01
31.12.00
2,110
1,953
16,011
18,033
(868
)
368
0
0
(112
)
(243
)
0
0
2,110
1,953
15,899
17,790
(868
)
368
1,003
880
8,339
9,284
96
142
564
439
2,705
2,779
66
49
46
49
454
555
2
2
266
263
145
149
0
2
1,879
1,631
11,643
12,767
164
195
231
322
4,256
5,023
(1,032
)
173
497
585
4,401
5,172
(1,032
)
175
76
70
72
70
672
642
1
1
34.9
(67.9
)
3,281
2,860
15,562
15,262
128
129
[Additional columns below]
[Continued from above table, first column(s) repeated]
Private Clients
Corporate Center
31.12.01
31.12.00
31.12.01
31.12.00
6,969
1,321
678
358
(18
)
(3
)
236
1,161
6,951
1,318
914
1,519
5,080
1,106
546
490
1,489
355
207
281
124
42
372
320
0
1
25
44
6,693
1,504
1,150
1,135
258
(186
)
(236
)
384
258
(185
)
(211
)
428
96
114
782
773
36.0
15.2
20,678
21,814
1,132
986
for the mutual funds and institutional businesses. In addition, UBS Asset
Management now includes Brinson Advisors (formerly Mitchell Hutchins), whose
results were previously reported in UBS Warburg's US Private Clients business
unit.
Reflecting the launch of our European wealth management initiative in
February 2001, we
33
Table of Contents
Review of Business Group Performance
Introduction
reorganized our business unit reporting with effect from first quarter 2001.
The e-services and International Private Clients business units which were
previously part of UBS Warburg are no longer reported separately. The e-services initiative
is no longer running as a stand-alone project and its infrastructure has now
been inherited by the European wealth management initiative within UBS Private
Banking.
The domestic European private client businesses previously reported as
part of International Private Clients are now part of the Private Banking
business unit, with separate key performance indicators for the European wealth
management initiative, maintaining the transparency of this strategic
development.
We now report UBS Warburg's US, Australian and Japanese private client
operations, including the UBS PaineWebber business, in a combined Private
Clients business unit.
We have restated prior periods for the Private Banking and Private Clients
units to reflect these changes.
In December 2001 we announced that UBS Warburg's Private Clients business
unit would become a separate Business Group, and be renamed UBS PaineWebber.
This change is effective 1 January 2002 and will first be reflected in our
financial reporting starting with the First Quarter 2002 Report, which will be
published in May 2002.
Client assets reporting
In November 2000, we launched a proposal for a new definition of assets held
for our clients. Following a positive reception for this initiative, we
introduced the definitions into our reporting in our first quarter 2001 report.
We now show the two assets metrics, Client assets and Invested assets,
replacing the assets under management definition we previously used.
–
Client assets
represents all client assets managed by or deposited with UBS.
–
Invested assets
is more
restricted and includes all client assets managed by or deposited
with UBS
for investment purposes
.
Invested assets is our central measure and excludes all assets held for
purely transactional purposes. It includes, for example, managed institutional
assets, mutual funds, discretionary and advisory private client portfolios, and
private client securities or brokerage accounts, but excludes wholesale
custody-only assets, correspondent banking assets and transactional cash or
current accounts. Non-bankable assets (e.g. Art collections) and interbank
deposits are excluded from both measures.
Where products are created in one Business Group, but sold in another,
they are counted in both the investment management unit and the distribution
unit, and double counted in group totals. (For example a mutual fund provided
by UBS Asset Management but sold by Private Banking will be counted as invested
assets in both business units.)
Net new
money
is defined as the net inflow or outflow of invested assets
during a period, excluding interest and dividend income. The effects of market
or currency movements and of acquisitions and divestments are reported
separately.
System limitations mean that we are unable to restate 1999 assets under
management figures in terms of the new definition, but invested assets at 31
December 2000 have been restated under the new definition. Group invested
assets for 31 December 2000 were CHF 2,452 billion, CHF 17 billion lower than
assets under management at the same date, under the old definition.
Further details of the new definition can be found at:
www.ubs.com/e/index/investors/archive/corporate_information.html in the client
assets reporting section.
Credit loss expense
Credit loss expense represents the charges to the profit and loss account
relating to amounts due to UBS from loans and advances, OTC derivatives or
off-balance sheet products, that have had to be written-down because they are
impaired or uncollectable.
We determine the amounts of Credit loss expense in UBS's financial
accounts and in the business unit reporting on different bases. In the Group
income statement, we report UBS's results according to IAS. Under these
standards, Credit loss expense is the total of net new allowances and direct
write-offs less recoveries. These actual losses are recognized and charged to
the income statement in the period when they arise.
In contrast, in our segment and business unit reporting, we apply a
different approach to the measurement of credit risk which reflects the average
annual cost that management antici-
34
Table of Contents
Business Group Credit Loss Charge
CHF million
UBS
UBS
UBS Asset
For the year ended 31.12.01
Switzerland
Warburg
Management
Total
Actuarial expected loss
722
168
0
890
Deferred releases
(118
)
(38
)
0
(156
)
Credit loss expense charged to the Business Groups
604
130
0
734
IAS actual credit loss expense
123
375
0
498
Balancing item charged as Credit loss expense in Corporate Center
(236)
pates will arise from today's transactions that may become impaired in future.
In order to manage exposure to credit risk more effectively, we price
transactions with a view to earning – over time – sufficient income to
compensate for the losses that are expected to be caused by value adjustments
for impaired assets. The basis for measuring these inherent risks in the credit
portfolios is the concept of "actuarial expected loss" (see further page 62 in
the Risk Analysis section of the UBS Handbook 2001/2002).
We quantify Credit loss expense at business unit level based on the
actuarial expected loss rather than the actual credit loss expense reported in
UBS's income statement. However, while the actuarial expected loss should equal
the actual credit loss expense over time, the latter are more erratic, in both
timing and amount. In the business unit reporting therefore, in addition to the
actuarial expected loss, we amortize the difference between actual credit loss
expense and actuarial expected loss. This deferral mechanism aims to ensure
that each business unit is ultimately accountable for its credit decisions.
Under amended management accounting policies effective for all Business
Groups from 1 January 2001, the difference between actual credit losses and the
actuarial expected loss calculated for management reporting purposes is charged
or credited back to the business units over a three-year period, so that the
risks and rewards are better reflected in their results. The sum of this
deferral is reported together with the expected loss as the credit loss expense
charged in the segment and business unit reporting.
We reconcile the difference between the Credit loss expense in UBS's
income statement (the actual loss) and the credit loss expense shown in
business unit reporting (expected loss plus deferral), by recording a balancing
item in the Corporate Center. We also show the allocation of actual Credit loss
expense to the business units in the footnotes to Note 2a of the UBS Group
Financial Statements.
Key performance indicators
We report carefully chosen key performance indicators for each of UBS's
business units or Business Groups, as appropriate. These do not carry explicit
targets, but are intended as indicators of the business units' success in
creating value for shareholders and are an important part of our business
planning process. They include both financial metrics, such as the cost /
income ratio, and non-financial metrics, such as Invested assets or the number
of Client advisors in a business unit.
We use these key performance indicators for internal performance
measurement as well as external reporting. This ensures that manage-
Reconciliation of Business Group Credit Loss Charge to IAS Actual Credit Loss Expense/(Recovery)
CHF million
Credit loss charge
IAS actual credit loss expense
For the year ended
31.12.01
31.12.00
31.12.99
31.12.01
31.12.00
31.12.99
UBS Switzerland
604
785
1,071
123
(695
)
965
UBS Asset Management
0
0
0
0
0
0
UBS Warburg
130
246
333
375
565
0
Corporate Center
(9
)
Total
734
1,031
1,404
498
(130
)
956
Balancing item in Corporate Center
(236
)
(1,161
)
(448
)
35
Table of Contents
Review of Business Group Performance
Introduction
Indicative Tax Rates
Tax rate
Pre-goodwill
Post-goodwill
UBS
Switzerland
20
20
Private and Corporate Clients
22
22
Private Banking
19
19
UBS Asset Management
23
33
UBS Warburg
39
68
Corporate and Institutional Clients
32
33
US Private Clients
37
37
UBS Capital
4
4
ment have a clear responsibility to lead their businesses towards achieving
success in the Group's key value drivers and avoids any risk of managing to
purely internal performance measures.
Business Group tax rates
The Business Groups of UBS do not represent separate legal entities. Business
Group results are prepared through the application of UBS's management
accounting policies to the results of the entities through which they operate.
Indicative Business Group and business unit tax rates are calculated on an
annual basis based on the results and statutory tax rates of the current
financial year. These rates are approximate calculations, based upon the
application to the year's adjusted earnings of statutory tax rates for the
locations in which the Business Groups operated. These tax rates therefore give
guidance on the tax cost to each Business Group of doing business during 2001
on a stand alone basis, without the benefit of tax losses brought forward from
earlier years.
The indicative tax rates are presented "pre-goodwill" and "post-goodwill".
The tax rate pre-goodwill gives an indication of what the tax rate would have
been if goodwill were not charged for accounting purposes. It is the sum of the
tax expense payable on net profit before tax and goodwill in each location,
divided by the total net profit before tax and goodwill. In contrast, the tax
rate post-goodwill reflects the actual tax treatment of goodwill in different
jurisdictions, expressed as a percentage of net profit before tax (after
goodwill). The tax rates post-goodwill are higher than the pre-goodwill rates,
because in some jurisdictions there are limitations on the tax deductibility of
amortization costs.
Please note that these tax rates are not necessarily indicative of future
tax rates for the businesses or UBS Group as a whole.
36
Table of Contents
Changes to disclosure in 2002
The following changes will be implemented in our financial disclosure with
effect from the First Quarter Report 2002. They do not apply to the Business
Group disclosures in this Financial Report – details are provided here to help
readers who may read our future reports.
With effect from the beginning of 2002, we will implement a new Business
Group structure, with UBS PaineWebber becoming a separate Business Group, and
we will be making some other changes to our financial disclosure and management
accounting.
At present, goodwill and intangible assets relating to the merger of UBS
and PaineWebber are reported in the UBS Warburg Business Group and are not
reflected in the results of the business units which make up the Business
Group. With the separation of UBS PaineWebber to form a new Business Group,
this goodwill will be assigned to the different business units that have
benefited from the merger with PaineWebber. We expect that the majority of the
goodwill will be allocated to UBS PaineWebber, but that a significant portion
will also be allocated to the Corporate and Institutional Clients business unit
in UBS Warburg and smaller amounts to UBS Asset Management, which inherited the
Mitchell Hutchins asset management business (now called Brinson Advisors), and
also to UBS Switzerland's Private Banking business unit. Associated
amortization expense and funding charges will be charged to each business unit
in proportion to its share of the goodwill and intangible assets.
At the same time, we will take the opportunity to rationalize our
allocation of Corporate Center costs to the Business Groups, restricting
charges to those services which are provided directly under explicit Service
Level Agreements ("SLAs"), and discontinuing the practice of allocating a
proportion of central Group overheads.
Finally, earnings from the O'Connor business, which are currently
allocated equally between the Equities business area in UBS Warburg's Corporate
and Institutional Clients unit and UBS Asset Management will now be allocated
fully to UBS Asset Management.
We will provide restated Business Group figures for 2000 and 2001
reflecting the new Business Group structure and other disclosure changes, and
expect to publish these at least two weeks prior to our first quarter 2002
financial report, which will be published on 14 May 2002.
Accounting for goodwill under US GAAP
A new accounting standard, SFAS 142, changes the treatment of goodwill in
Financial Statements prepared under US GAAP. Instead of amortizing goodwill
over its expected life, it will be retained on a company's balance sheet at the
level of 31 December 2001 and the company will be required to perform an annual
impairment test according to detailed rules set out in the standard. These
specify that the goodwill impairment test must be carried out at the level of a
"reporting unit", equivalent in UBS terms to a Business Group. If the goodwill
is found to be impaired, the company must record a write-down, charged to its
income statement.
The introduction of SFAS 142 under US GAAP will not have a direct effect
on our accounts, which are prepared under IAS, and will still show amortization
costs. However, as part of the preparation of the reconciliation of our IAS
Financial Statements to US GAAP we will have to perform annual SFAS 142
goodwill impairment tests, starting on 1 January 2002. We do not anticipate
that we will need to record any write-downs of goodwill upon adoption of this
standard. See Note 40 to the Financial Statements for further details.
37
Table of Contents
Review of Business Group Performance
UBS Switzerland
UBS Switzerland
"UBS Switzerland has completed another successful year, with the launch of the European wealth management initiative and very strong progress in asset gathering."
Stephan Haeringer
Business Group Reporting
CHF million, except where indicated
% change from
For the year ended
31.12.01
31.12.00
1
31.12.99
1
31.12.00
Income
13,475
14,371
12,884
(6
)
Credit loss
      expense
2
(604
)
(785
)
(1,071
)
(23
)
Total operating income
12,871
13,586
11,813
(5
)
Personnel
      expenses
4,764
5,143
4,882
(7
)
General and
      administrative expenses
2,600
2,699
2,450
(4
)
Depreciation
616
633
475
(3
)
Amortization of
      goodwill and other intangible assets
41
70
38
(41
)
Total operating expenses
8,021
8,545
7,845
(6
)
Business Group performance before
    tax
4,850
5,041
3,968
(4
)
Business Group
      performance before tax and goodwill
4
4,891
5,111
4,006
(4
)
Additional information
Regulatory equity
      used (average)
9,300
10,550
10,150
(12
)
Cost / income ratio
      (%)
5
60
59
61
Cost / income ratio
      before goodwill (%)
4,5
59
59
61
38
Table of Contents
Business Group Reporting Adjusted for Significant Financial
Events
CHF million, except where indicated
% change from
For the year ended
31.12.01
31.12.00
1
31.12.99
1
31.12.00
Income
13,475
14,371
12,884
(6
)
Credit loss
      expense
2
(604
)
(785
)
(1,071
)
(23
)
Total operating income
12,871
13,586
11,813
(5
)
Personnel
      expenses
4,764
5,143
4,882
(7
)
General and
      administrative expenses
2,600
2,619
3
2,450
(1
)
Depreciation
616
561
3
475
10
Amortization of
      goodwill and other intangible assets
41
70
38
(41
)
Total operating expenses
8,021
8,393
7,845
(4
)
Business Group performance before
    tax
4,850
5,193
3,968
(7
)
Business Group
      performance before tax and goodwill
4
4,891
5,263
4,006
(7
)
Additional information
Cost / income ratio
      (%)
5
60
58
61
Cost / income ratio
      before goodwill (%)
4,5
59
58
61
1
The
      2000 and 1999 figures have been restated to reflect the restructuring of
      the Group on 1 January 2001.
2
In
      management accounts, statistically derived adjusted expected loss rather
      than the net IAS actual credit loss is reported in the business units (see
      Note 2 of the Financial Statements).
3
Excludes Significant Financial Events: General and
      administrative expenses, CHF 80 million, Depreciation, CHF 72 million
      for the PaineWebber integration.
4
Excludes the amortization of goodwill and other
      intangible assets.
5
Operating expenses / operating income before credit
      loss expense.
39
Table of Contents
Review of Business Group Performance
UBS Switzerland
Private and Corporate Clients
Business Unit Reporting
CHF million, except where
      indicated
% change
from
For the year
    ended
31.12.01
31.12.00
31.12.99
31.12.00
Individual
      clients
4,532
5,026
4,553
(10
)
Corporate
      clients
1,891
1,975
1,855
(4
)
Risk transformation
      and capital management
358
307
330
17
Operations
242
205
313
18
Other
138
(70
)
142
Income
7,161
7,443
7,193
(4
)
Credit loss
      expense
1
(576
)
(759
)
(1,050
)
(24
)
Total operating income
6,585
6,684
6,143
(1
)
Personnel
      expenses
2,988
3,187
3,363
(6
)
General and
      administrative expenses
991
1,058
1,123
(6
)
Depreciation
459
419
384
10
Amortization of
      goodwill and other intangible assets
0
27
2
(100
)
Total operating expenses
4,438
4,691
4,872
(5
)
Business unit performance before
    tax
2,147
1,993
1,271
8
Business unit
      performance before tax and goodwill
2
2,147
2,020
1,273
6
KPI's
Invested assets
      (CHF billion)
320
345
439
3
(7
)
Net new money (CHF
      billion)
4,5
8.5
0.4
Cost / income ratio
      (%)
6
62
63
68
Cost / income ratio
      before goodwill (%)
2,6
62
63
68
Non-performing
      loans / gross loans outstanding (%)
4.6
5.3
6.8
Impaired loans /
      gross loans outstanding (%)
7.4
9.1
11.4
Additional
      information
% change
from
As at
31.12.01
31.12.00
31.12.99
31.12.00
Client assets (CHF
      billion)
640
Regulatory equity
      used (average)
7,350
8,550
8,550
(14
)
Headcount (full
      time equivalents)
19,938
21,100
24,098
(6
)
1
In
      management accounts, statistically derived adjusted expected loss rather
      than the net IAS actual credit loss is reported in the business units (see
      Note 2 of the Financial Statements).
2
Excludes the amortization of goodwill and other
      intangible assets.
3
Calculated using the former definition of assets
      under management.
4
Calculated using the former definition of assets
      under management up to and including second quarter 2001.
5
Excludes dividend and interest income.
6
Operating expenses / operating income before credit
      loss expense.
Components of Operating Income
Private and Corporate
Clients derives its operating income principally from:
–
net
      interest income from its loan portfolio and customer
deposits;
–
fees for investment management services;
  and
–
transaction fees.
As a result, Private
and Corporate Clients' operating income is affected by movements in interest
rates, fluctuations in invested assets, client activity levels, investment
performance and changes in market conditions.
40
Table of Contents
Significant Financial Events
There
were no significant financial events that affected this business unit in 2001,
2000 or 1999.
2001
Key performance Indicators
In 2001,
Private and Corporate Clients attracted net new money of CHF 8.5 billion, a
clear improvement over last year's disappointing CHF 0.4 billion, and
reflecting improved flows from both private clients and corporate clients, where
flows can be larger and more volatile. Invested assets declined CHF 25 billion
from CHF 345 billion at 31 December 2000 to CHF 320 billion at 31
December 2001, reflecting the effect of market declines during the year.
Private and Corporate Clients
continues to focus successfully on stringent cost control measures, reflected in
a 1 percentage point decline in the full year's pre-goodwill cost/income
ratio from 63% in 2000 to 62% in 2001. This resulted from reductions in
headcount and in performance-related compensation expense.
Private and Corporate Clients' loan
portfolio decreased from CHF 156 billion at 31 Decem-
ber 2000 to CHF
152 billion at 31 December 2001, driven by reductions in the more volatile
business with banks and the further reduction in the recovery portfolio from CHF
15 billion to CHF 12 billion.
The strength of the Swiss economy
in the early part of 2001 and our continued successful recovery efforts were
reflected in an improvement in key asset quality ratios since the end of last
year. The non-performing loans to total loans ratio decreased from 5.3% to 4.6%
while the ratio of impaired loans to gross loans further improved from 9.1% to
7.4%.
Results
Private
and Corporate Clients enjoyed a very strong year, despite the much more
difficult market conditions, with profit before tax in 2001 up 8% compared to
2000, at CHF 2,147 million, its highest level ever. The implementation of
risk adjusted pricing and the strength of the Swiss economy in 2000 and early
2001 led to a significant increase in credit quality, while operating expenses
have remained under tight control, falling 5% compared to 2000.
Operating income
Operating
income in 2001 was down CHF 99 million from 2000 at CHF 6,585 million,
principally reflecting the effect of weaker markets in 2001 on fee and
commission income, which more than offset the reduction in credit loss expense.
Private and Corporate Clients has
improved the quality of its loan portfolio considerably in recent years,
principally through the introduction of risk adjusted pricing, leading to a
lower adjusted expected loss charge in 2001 compared to 2000. We have also
introduced a new process for calculating the adjusted expected loss
41
Table of Contents
Review of Business Group Performance
UBS Switzerland
charged to the
Business Groups, under which the difference between the actual IAS credit losses
and the actuarial expected loss calculated for management reporting purposes is
charged or credited back to the business units over a three year period, so that
the risks and rewards over the cycle are better reflected in their results.
Since actual credit losses in Private and Corporate Clients have recently been
lower than the adjusted expected loss charge, this deferral process has also
resulted in a lower adjusted expected loss charge (see page 35 for further
details).
Together these effects led to a
credit loss expense of CHF 576 million in 2001, down 24% from CHF
759 million in 2000.
Income in
Individual Clients
declined 10% from CHF 5,026 million in 2000 to CHF 4,532 million in
2001. This change was driven by the much more difficult and uncertain conditions
in securities markets, which led to lower brokerage fees and lower sales of
investment funds. Interest income also declined, driven by the effect of the
sale of Solothurner Bank in fourth quarter 2000.
Income in
Corporate Clients
declined 4% from CHF 1,975 million in 2000 to CHF 1,891 in 2001,
principally reflecting lower interest income as risk adjusted pricing shifted
our focus to higher credit quality counterparties leading to lower lending
volumes, but also to lower credit loss expense.
Income from the
Risk Transformation
and Capital Management
area benefited from higher interest income, following a
change in the treatment of interest on impaired loans (previously recorded as a
reduction in credit loss expense), which more than offset the effects of
write-downs in some small investments. Overall income increased to CHF
358 million in 2001, from CHF 307 million in 2000.
Income from
Operations
rose CHF
37 million, to CHF 242 million in 2001, reflecting one-off revenues
from minority holdings in other companies, a decrease in custody fees paid due
to lower average assets, which more than offset a decrease in custody revenues,
again reflecting lower average assets, and higher interest income from
correspondent bank overdraft balances.
Operating expenses
Operating
expenses remain under strict control, totaling CHF 4,438 million in 2001,
CHF 253 million lower than in 2000. Operating expenses declined through the
year and reached an all-time low in fourth quarter 2001.
General and administrative expenses
in 2001, were 6% lower than in 2000, at CHF 991 million, principally
reflecting lower IT outsourcing costs and the continued effect of our efforts to
control costs. As a result, general and administrative expenses have now fallen
for two years running, and are below their 1998 level.
Personnel expenses declined by CHF
199 million compared to 2000, to CHF 2,988 million, reflecting a fall
in headcount of 1,162 since the end of 2000, and lower performance related pay.
Over the full year, the compensation ratio in Private and Corporate clients was
42%, down from 43% in 2000.
Depreciation increased 10% from
2000, to CHF 459 million, principally reflecting cancellation of previously
capitalized software projects as a result of cost control measures. Goodwill
amortization dropped from CHF 27 million in 2000 to CHF 0 in 2001,
reflecting the write-off of goodwill on a credit card portfolio in 2000.
Headcount
Private
and Corporate Clients' headcount declined by a further 6% in 2001, from 21,100
at 31 December 2000 to 19,938 at 31 December 2001, as the cost control effects
from the systematic implementation of the strategic projects portfolio and the
benefits of the merger between Union Bank of Switzerland and Swiss Bank
Corporation continue to be realized. Headcount has reduced by more than 5,700
since the merger, in line with the targets we set at the time. We expect that
headcount will remain around the current level during 2002.
42
Table of Contents
2000
Key performance indicators
Invested
assets decreased by CHF 94 billion from CHF 439 billion at 31 December
1999 to CHF 345 billion at 31 December 2000. The vast majority of this
change was due to the new definition of invested assets introduced at 31
December 2000, which excludes certain asset classes previously included in the
old definition of assets under management, particularly current accounts. The
underlying development was almost flat, with net new money of CHF
0.4 billion and slightly positive market performance over the year, roughly
offsetting transfers of CHF 5 billion to other business units.
The pre-goodwill cost / income
ratio in 2000, at 63%, improved significantly from 68% in 1999. This was
principally due to lower operating expenses resulting from continuing strict
cost control, as the benefits of the 1998 merger between Union Bank of
Switzerland and Swiss Bank Corporation continued to be realized.
The quality of the Private and
Corporate Clients' loan portfolio improved considerably during the year,
resulting in a non-performing loans / total loans ratio of 5.3% at 31 December
2000, compared to 6.8% at the end of 1999. This improvement was due in part to
the unexpected strengthening of the Swiss economy, and also to Private and
Corporate Clients' efforts to further enhance the risk / return profile of its
loan portfolio. This was achieved through selective origination with clear focus
on higher quality counterparties, secondary market transactions, the disposal of
non-core business subsidiaries, and the continued work-out of the recovery
portfolio, which decreased from CHF 21 billion to CHF 15 billion
during the year.
Although UBS Switzerland's
non-performing loans ratio is somewhat higher than some comparable banks,
particularly in the US, the comparison reflects different structural practices
rather than underlying asset quality. In general, Swiss practice is to write off
loans entirely only on final settlement of bankruptcy proceedings, the sale of
the underlying assets or a formal debt forgiveness. In contrast, US practice is
to write off non-performing loans much sooner, reducing the amount of such loans
and corresponding provisions recorded at any given date.
Results
Record
pre-tax profit for the year, at CHF 1,993 million, was an increase of CHF
722 million, or 57%, over 1999, clearly demonstrating the substantial
benefits of the merger between the Union Bank of Switzerland and Swiss Bank
Corporation for the combined domestic banking franchise.
Operating income
Private
and Corporate Clients' operating income in 2000 was CHF 6,684 million, CHF
541 million, or 9%, higher than in 1999. This improved performance
primarily reflected higher fee income, particularly in the first half of the
year, and reduced expected credit losses as the quality of the loan portfolio
improved.
Both of Private and Corporate
Clients' two main client business areas recorded increases in their operating
income in 2000 as compared to 1999.
–
Individual Clients
: Operating income in 2000 was
      CHF 5,026 million, an increase of CHF 473 million, or 10%, from
      CHF 4,553 million in 1999. This was primarily due to increases in
      brokerage and investment fund fees resulting from increased investment
      activity, and minor gains on sales of subsidiaries and
      participations.
–
Corporate Clients:
Operating income in 2000 was
      CHF 1,975 million, an increase of CHF 120 million, or 6%, from
      CHF 1,855 million in 1999, primarily due to higher interest income
      resulting from improved margins as well as increased fee and commission
      income.
On the
other hand, the two support business areas saw their incomes reduce.
–
Risk Transformation and Capital Management:
Income was CHF 307 million in 2000. This was a decrease of CHF
      23 million, or 7%, from the CHF 330 million recorded in 1999,
      primarily as a result of the reduced average size of the recovery loan
      portfolio, managed by this unit.
–
Operations:
Revenues in 2000 were CHF
      205 million, a decrease of CHF 108 million, or 35%, from CHF
      313 million in 1999. Operations revenues were affected by lower
      interest revenues as a result of reduced correspondent bank overdraft
      balances, partially offset by small one-off revenues from the revaluation
      of minority holdings in other companies.
43
Table of Contents
Review of Business Group Performance
UBS Switzerland
Operating expenses
Full year
operating expenses in 2000 were CHF 4,691 million, down 4%, or CHF
181 million, from 1999. This was primarily due to falling personnel costs
as headcount was reduced.
Personnel expense fell by CHF
176 million, or 5%, from CHF 3,363 million in 1999 to CHF
3,187 million in 2000. Increased performance-related compensation,
reflecting the good results, was more than offset by a substantial reduction in
headcount during the year.
General and administrative expenses
fell 6% over the year, despite our continued investments in online services,
reflecting continued cost control efforts.
Depreciation expense increased by
CHF 35 million, or 9%, to CHF 419 million, primarily due to the
implementation of IAS 38, relating to the capitalization of software costs.
Amortization of goodwill and other
intangible assets increased CHF 25 million, from CHF 2 million in 1999 to
CHF 27 million in 2000. This increase was primarily due to the acquisition
of a credit card portfolio during second quarter 2000.
Headcount
Private
and Corporate Clients' headcount declined by almost 3,000 in 2000 from 24,098 at
the end of 1999 to 21,100 at 31 December 2000. This reduction includes 948 staff
transferred with Systor, which became an independent company at the start of
2000, 413 staff of Solothurner Bank, which was sold during 2000, and the
transfer of 148 financial planning and wealth management staff to Private
Banking. The remaining reduction of 1,489 staff demonstrates UBS's continued
success in realizing UBS/SBC merger-related synergies.
44
Table of Contents
Private Banking
Business Unit Reporting
CHF million, except where
      indicated
% change
from
For the year
    ended
31.12.01
31.12.00
1
31.12.99
1
31.12.00
Income
6,314
6,928
5,691
(9
)
Credit loss
      expense
2
(28
)
(26
)
(21
)
8
Total operating income
6,286
6,902
5,670
(9
)
Personnel
      expenses
1,776
1,956
1,519
(9
)
General and
      administrative expenses
1,609
1,561
3
1,327
3
Depreciation
157
142
3
91
11
Amortization of
      goodwill and other intangible assets
41
43
36
(5
)
Total operating expenses
3,583
3,702
2,973
(3
)
Business unit performance before
    tax
2,703
3,200
2,697
(16
)
Business unit
      performance before tax and goodwill
4
2,744
3,243
2,733
(15
)
KPI's
Invested assets
      (CHF billion)
682
691
682
5
(1
)
Net new money (CHF
      billion)
6
22.5
2.8
5
2.3
5
Gross margin on
      invested assets (bps)
7
92
99
90
(7
)
Cost / income ratio
      (%)
8
57
53
52
Cost / income ratio
      before goodwill (%)
4,8
56
53
52
Cost / income ratio
      before goodwill and excluding the European Wealth Management Initiative
      (%)
4,8
49
Client advisors
      (full time equivalents)
2,346
1,744
35
KPI's for the European Wealth Management
      Initiative
Income
140
Invested assets
      (CHF billion)
16
Net new money (CHF
      billion)
6
5.6
Client advisors
      (full time equivalents)
370
Additional
      information
% change
from
As at
31.12.01
31.12.00
31.12.99
31.12.00
Client assets (CHF
      billion)
840
Regulatory equity
      used (average)
1,950
2,000
1,600
(3
)
Headcount (full
      time equivalents)
9,266
8,925
8,131
4
1
The
      2000 and 1999 figures have been restated to reflect the restructuring of
      the Group on 1 January 2001.
2
In
      management accounts, statistically derived adjusted expected loss rather
      than the net IAS actual credit loss is reported in the business units (see
      Note 2 of the Financial Statements).
3
Excludes Significant Financial Events: General and
      administrative expenses, CHF 80 million, Depreciation, CHF 72 million
      for the PaineWebber integration.
4
Excludes the amortization of goodwill and other
      intangible assets.
5
Calculated using the former definition of assets
      under management.
6
Excludes dividend and interest income.
7
Income / average invested assets.
8
Operating expenses / operating income before credit
      loss expense.
45
Table of Contents
Review of Business Group Performance
UBS Switzerland
Components of Operating Income
Private Banking
derives its operating income principally from:
–
fees for financial planning and wealth management
      services;
–
fees for investment management services;
  and
–
transaction-related fees.
Private Banking's fees
are based on the market value of invested assets and the level of
transaction-related activity. As a result, Private Banking's operating income is
affected by such factors as fluctuations in invested assets, changes in market
conditions, investment performance and inflows and outflows of client funds.
Significant financial events
Following
the merger with PaineWebber, our strategy for extending our wealth management
services in Europe was reassessed and focus shifted to more affluent clients
than those originally targeted by the e-services initiative. The multi-currency
and multi-entity core banking systems developed by the e-services initiative now
form part of UBS Private Banking's new wealth management strategy in Europe.
Those parts of the infrastructure that were tailored to the mass affluent
market, such as telephone call-centers, were closed and the investment in them
written off. This resulted in a charge of CHF 80 million to General and
administrative expenses. In addition, capitalized software costs relating to
parts of the systems which will now not be used were written off, resulting in a
CHF 72 million charge to depreciation. These two amounts form part of the
PaineWebber integration costs, which were treated as a significant financial
event in 2000, and as a result these costs do not appear in the adjusted
business unit results above.
There were no significant financial
events that affected this business unit in 2001 or 1999.
2001
Key performance indicators
Net new
money inflows in 2001, at CHF 22.5 billion, an eight-fold increase over
2000, demonstrate our success this year in re-energizing our asset-gathering
performance, and our determined focus on growing this world-leading business.
Over the year from 31 December
2000, invested assets have fallen only 1%, despite the poor performance of
securities markets, reflecting strong net new money growth and a relatively
conservative asset mix.
The gross margin fell from 99 basis
points in 2000 to 92 basis points in 2001, clearly reflecting reduced
transaction volumes, especially compared to the exuberant markets of the early
part of 2000.
The pre-goodwill cost/income ratio
increased by three percentage points from 53% in 2000 to 56% in 2001, reflecting
the costs of our invest-
46
Table of Contents
ments in the European
wealth management initiative, and weaker transaction volumes.
European wealth management
Early in
2001 we launched a European wealth management initiative, designed to expand our
market share in five key target countries: Germany, the UK, France, Italy and
Spain, a scope that covers about 80% of Europe's investable assets.
Our strategy is focused on wealthy
clients, with services designed primarily for those with more than EUR 500,000
of investable assets, and developed within the context of our clear commitment
to open architecture and the provision of a full range of "best of breed"
investment products to all our clients. The initiative makes full use of UBS
PaineWebber's top-class abilities in marketing, product management and
innovation, technology, and training, deployed as a key catalyst for our
European businesses.
Initial progress has been very
promising, with net new money of CHF 5.6 billion in our target countries in
2001, despite the relatively difficult market conditions. Opening new offices
and hiring new staff is a key component of the initia-
tive – expanding our
physical presence in the target markets. Hiring plans progressed well in 2001,
with the number of client advisers in our five target countries rising to 370 at
31 December 2001, an increase of 208 for the year. A further 40 newly hired
advisors started on 1 January 2002, bringing our total hiring in 2001 to 248, in
line with our intention to recruit around 250 advisors a year.
Results
Weaker
markets than 2000 and the costs of investing in the European wealth management
initiative brought full year pre-tax profits in 2001 down 16% from last year to
CHF 2,703 million, despite a continued focus on controlling operating
costs.
Operating income
Full year
operating income was CHF 6,286 million, down 9% from the record CHF
6,902 million in 2000. This was driven by falling transaction based
revenues, reflecting the much less active markets in 2001. Asset based revenues
fell only very slightly compared to last year, despite lower average assets,
reflecting our success in providing added value services to our clients.
47
Table of Contents
Review of Business Group Performance
UBS Switzerland
Operating expenses
At CHF
3,583 million, operating expenses in 2001 were down 3% from 2000, driven by
lower personnel expenses, which were down 9% at CHF 1,776 million due to
lower performance-related compensation despite a 4% increase in headcount during
the year.
General and administrative expenses
increased 3% from CHF 1,561 million in 2000 to CHF 1,609 million in
2001, principally reflecting the cost of investments in new product development,
premises and systems in support of the European wealth management initiative.
Depreciation increased from CHF
142 million in 2000 to CHF 157 million in 2001, reflecting increased
investment in IT and premises.
Headcount
At
      31 December 2001, Private Banking employed 9,266 professionals, a 4%
      increase compared with year end 2000, driven by recruitment of client
      advisors and support personnel for the European Wealth Management
      initiative. At 31 December 2001, client advisors represented 25% of
      Private Banking's staff, up from 20% at the end of
  2000.
2000
Key performance indicators
Invested
assets increased by CHF 9 billion, or 1%, from CHF 682 billion to CHF
691 billion during 2000, primarily reflecting market performance and
currency effects. Net new money during the year was disappointing, with a net
inflow of CHF 2.8 billion, with the majority of the net inflow in the
domestic European business.
Gross margin for the year, at 99
basis points, partly reflects the very strong performance in the exceptional
markets of the first quarter. The rates for most of the year, (95 basis points
in second quarter, 94 basis points in third quarter, and 96 basis points in
fourth quarter) represent a solid improvement over the average of 90 basis
points recorded in 1999, as we introduce more value-added products to our client
base.
The pre-goodwill cost / income
ratio was 53% a slight increase from 52% in 1999, as higher revenues were offset
by investment in the e-services project and expansion of the domestic business
during 1999 and 2000.
Results
Net
profit before tax for the year increased significantly, by CHF 503 million,
or 19%, to CHF 3,200 million, from CHF 2,697 million in 1999. This
reflects strong markets in the early part of 2000, and the margin enhancing
benefits of introducing more added-value products during the year.
Operating income
The
increase in gross margin to 99 basis points resulted in operating income of CHF
6,902 million, which was 22%, or CHF 1,232 million, higher than in
1999. Revenue quality also improved with asset-based fees growing faster over
the year than transaction-based fees.
Operating expenses
Full year
operating expenses were CHF 3,702 million, CHF 729 million or 25%
higher than in 1999.
Personnel expenses increased CHF
437 million, or 29%, mainly due to higher performance related compensation,
investment in the e-services project and the transfer of financial planning and
wealth management staff from the Private and Corporate Clients unit.
General and administrative expenses
increased CHF 234 million, or 18%, primarily due to the investment in the
e-services project. Recruitment and training expenses, and volume-driven
transaction processing costs, also increased, as did project related technology
costs.
Depreciation expense increased by
CHF 51 million, or 56%, principally due to investments in the e-services
project.
48
Table of Contents
Headcount
Headcount
at year end 2000 was 8,925, representing an increase of 794 during the year.
This was mainly the result of an increase of 340 employees relating to the
e-services project, the transfer of 148 financial planning and wealth management
staff from the Private and Corporate Clients business unit and the completion in
first quarter 2000 of previous initiatives to strengthen product capabilities.
49
Table of Contents
Review of Business Group Performance
UBS Asset Management
UBS Asset Management
"A second straight year of successful relative investment performance provides a strong foundation for continued progress in 2002."
John Fraser
Business Group Reporting
CHF million, except where indicated
% change from
For the year ended
31.12.01
31.12.00
31.12.99
31.12.00
Institutional fees
1,007
1,119
857
(10
)
Mutual funds fees
1,103
834
512
32
Total operating income
2,110
1,953
1,369
8
Personnel expenses
1,003
880
516
14
General and administrative expenses
564
439
271
28
Depreciation
46
49
32
(6
)
Amortization of goodwill and other intangible assets
266
263
113
1
Total operating expenses
1,879
1,631
932
15
Business Group performance before tax
231
322
437
(28
)
Business Group performance before tax and
goodwill
1
497
585
550
(15
)
KPI's
Cost / income ratio (%)
2
89
84
68
Cost / income ratio before goodwill
(%)
1,2
76
70
60
Institutional
Invested assets (CHF billion)
328
323
367
3
2
Net new money (CHF billion)
4
6.2
(70.8
)
3
(49.9
)
3
Gross margin on invested assets (bps)
5
32
34
24
(6
)
Mutual funds
Invested assets (CHF billion)
344
319
231
3
8
Net new money (CHF billion)
4
28.7
2.9
3
(0.3
)
3
Gross margin on invested assets (bps)
5
33
36
25
(8
)
Additional information
% change from
As at
31.12.01
31.12.00
31.12.99
31.12.00
Client assets (CHF billion)
672
Regulatory equity used (average)
1,250
1,250
162
0
Headcount (full time equivalents)
3,281
2,860
2,576
15
1
Excludes the amortization of goodwill and other intangible assets.
2
Operating expenses / operating income.
3
Calculated using the former definition of assets under management.
4
Excludes dividend and interest income.
5
Income / average invested assets.
50
Table of Contents
Components of Operating Income
UBS Asset Management generates most of its revenue from the asset management
services it provides to institutional clients, and from the distribution of
investment funds. Fees charged to institutional clients and on investment funds
are based on the market value of invested assets and on successful investment
performance. As a result, UBS Asset Management's revenues are affected by
changes in market levels as well as flows of client funds.
Significant Financial Events
There were no significant financial events that affected this Business Group in
2001, 2000 or 1999.
2001
Key performance indicators
Invested assets increased 5% during the year from CHF 642 billion at 31
December 2000 to CHF 672 billion at 31 December 2001. Net new money was CHF
34.9 billion for the year, reflecting the recognition of strong relative
investment performance and business development efforts. The pre-goodwill
cost/income ratio rose from 70% in 2000 to 76% in 2001, principally reflecting
the higher cost/income ratio of the Brinson Advisors business transferred from
UBS PaineWebber at the start of the year.
Institutional
Institutional invested assets increased from CHF 323 billion at 31 December
2000 to CHF 328 billion at 31 December 2001. This 2% increase was due to CHF
6.2 billion net new money and a CHF 34 billion increase in invested assets from
the acquisition of RT Capital (now Brinson Canada) which more than offset
negative market performance.
Net new money in 2001 was CHF 6.2 billion, a great improvement from net
outflows of CHF 70.8 billion in 2000 and CHF 49.9 billion in 1999, as clients
start to recognize the success of our integrated global investment management
platform, which delivered strong relative investment performance in both 2001
and 2000.
Full year gross margin was 32 basis points, a decrease of 2 basis points
from 2000, primarily due to lower performance fees in O'Connor and the addition
of the lower margin Brinson Advisors business.
Mutual funds
Mutual funds invested assets increased CHF 25 billion, from CHF 319 billion at
31 December 2000 to CHF 344 billion at 31 December 2001, driven by net new
money. Market performance was limited to a negative impact on invested assets
of less than 1%.
Net new money of CHF 28.7 billion in 2001,
51
Table of Contents
Review of Business Group Performance
UBS Asset Management
compared to CHF 2.9 billion in 2000, reflected much better asset gathering
performance in both Europe and the Americas, particularly in fixed income
mandates.
The gross margin for the year decreased 3 basis points to 33 basis points
due to the addition of Brinson Advisors, which has a high proportion of lower
margin money market funds, partially offset by the introduction of a new
pricing structure for UBS Investment Funds.
Investment capabilities and performance
In 2001, UBS Asset Management experienced one of its best years of relative
investment performance, second only to 2000. Individual security selection made
a very significant contribution to 2001 performance, owing much to the benefits
of our integrated global investment platform, and our improved ability to share
research and knowledge across investment teams worldwide. A slowing global
economy, continued declines in equity markets, and the ramifications from the
terrorist attacks of 11 September were the predominant developments in 2001.
Our Multi Asset Composite had another impressive year exceeding its
benchmark by more than 10% and placing it in the top decile for the last two
years. It currently sits ahead of its benchmark for all periods since
inception. The Multi Asset Composite has only had one down year in twenty and
in the challenging equity market of the last two years returned 12.2% and 3.7%,
respectively.
Our Global Equity and US Equity composites also had a strong year in very
tough markets. The Global Equity Composite outperformed its benchmark by more
than 12%, placing it in the top quartile of peers. Its two-year annualized
return compares favorably to its benchmark by more than 13% and by more than 6%
for three years. Many of our equity portfolios returned positive absolute gains
for the year despite considerable declines in their benchmark indices. For
example, our US Equity Large/Intermediate and US Value Equity Composite each
gained more than 3%, while their benchmarks had losses of 11% and 5.6%. Both of
these composites ranked near the top decile for the year. Nearly all of our
major equity composites hold a sizable edge when compared to their benchmarks
over two-, three- and five-year periods.
Our fixed income composites also fared well during the year. The UK Fixed
Interest portfolio gained 5% and the US Bond Composite posted gains of nearly
9% for the year, both beating their benchmark. In addition, the Emerging
Markets Debt Composite returned 11% for the year, placing it well ahead of its
benchmark.
Our UK Balanced Composite finished in the top five of its peer group,
giving up only 5.8% as the average balanced fund in the UK fell nearly 12% for
the year. The UK Balanced Composite currently sits ahead of the CAPS median for
one-, three-, five- and ten-year periods.
UBS Investment Funds continued their strong relative investment
performance with 70% of all funds outperforming their peer group averages for
the year. More specifically, the UBS Strategy Funds performed well as a group,
with more than 90% outperforming the peer group for the year. In addition, GAM
had a successful year benefiting from a defensive stance on equities, excellent
security selection and an allocation to alternative investments.
Results
Pre-tax profit of CHF 231 million in 2001 was 28% lower than 2000. Despite
market declines and lower performance fees in the O'Connor busi-
52
Table of Contents
ness, income increased as a result of the new investment funds pricing
structure introduced in 2001, the acquisition of RT Capital (renamed Brinson
Canada) and the inclusion of Brinson Advisors. This was more than offset by
higher personnel expenses and general and administrative expenses driven by
spending on growth initiatives, the integration of Brinson Advisors and the
acquisition of Brinson Canada in third quarter.
Operating income
Operating income increased CHF 157 million, or 8%, from 2000 to CHF 2,110
million in 2001, as a result of the inclusion of Brinson Advisors, the new
pricing structure introduced this year for investment funds and the acquisition
of Brinson Canada. These effects were partially offset by lower performance
fees at O'Connor, our alternative investment business, and the effect on asset
based revenues of market declines in 2001 and institutional asset outflows in
2000 which led to lower average assets compared to 2000.
Institutional income fell 10% in 2001 compared to 2000, to CHF 1,007
million, while mutual fund revenue increased 32% from 2000 to CHF 1,103 million
in 2001.
Operating expenses
Operating expenses increased 15% to CHF 1,879 million in 2001, driven by the
addition of Brinson Advisors and Brinson Canada.
General and administrative expenses increased 28% from CHF 439 million in
2000 to CHF 564 million in 2001, principally reflecting the addition of Brinson
Advisors.
Personnel expenses increased 14% from CHF 880 million in 2000 to CHF 1,003
million in 2001, again mostly due to the addition of Brinson Advisors, which
more than offset a considerable decline in performance related compensation.
Depreciation decreased 6% from CHF 49 million in 2000 to CHF 46 million in
2001. Amortization of goodwill and other intangible assets increased 1% to CHF
266 million in 2001, reflecting the effect of the acquisition of Brinson
Canada.
Headcount
Headcount increased by 421 in 2001, from 2,860 at 31 December 2000 to 3,281 at
31 December 2000, mostly due to the integration of Brinson Advisors and Brinson
Canada.
2000
Key performance indicators
The cost/income ratio before goodwill increased to 70% in 2000, from 60% in
1999, principally as a result of the inclusion of O'Connor, Global Asset
Management (GAM) and UBS Realty Investors (which generate higher gross margins
than the rest of the business, but at higher cost), spending on strategic
initiatives to expand global reach, and lower asset-based revenues towards the
end of the year.
Institutional
Invested assets at 31 December 2000 include CHF 31 billion invested at Brinson
Advisors (formerly Mitchell Hutchins), which was purchased as part of the
acquisition of Paine Webber Group, Inc. and subsequently transferred to UBS
Asset Management.
Invested assets decreased 12%, or CHF 44 billion, from CHF 367 billion at
31 December 1999 to CHF 323 billion at 31 December 2000, with the majority of
the decline due to client losses in the institutional business, particularly in
the earlier part of the year.
53
Table of Contents
Review of Business Group Performance
UBS Asset Management
Net new money for the year saw a net outflow of CHF 70.8 billion. Net new money
outflows moderated as the year progressed, as losses of equity mandates
continued to decline. Client losses continued to be concentrated primarily
within US and to a lesser degree UK mandates, reflecting past investment
performance issues.
The gross margin in 2000 was 34 basis points, an increase of 10 basis
points over 1999. This rise reflects the contributions from two new higher
margin businesses: O'Connor, created in June 2000, and UBS Realty Investors
(formerly Allegis), purchased in December 1999.
Mutual funds
Invested assets at 31 December 2000 include CHF 90 billion invested at Brinson
Advisors (formerly Mitchell Hutchins), which was purchased as part of the
acquisition of Paine Webber Group, Inc., and subsequently transferred to UBS
Asset Management.
Invested assets increased 38%, from CHF 231 billion at 31 December 1999 to
CHF 319 billion at year end 2000. The addition of Brinson Advisors assets
offset a slight underlying decline. This underlying performance was largely a
result of negative currency and market movements, partly offset by net new
money of CHF 2.9 billion.
The gross margin for the year, at 36 basis points, is significantly higher
than the 25 basis points recorded in 1999, principally due to the contribution
from GAM.
Investment performance in 2000
The return of global equity markets towards fundamental values was the
predominant development during 2000. This trend accelerated during the fourth
quarter as the US economy began to slow, and many companies within the
Technology, Media and Telecommunications (TMT) sector posted disappointing
earnings. Within this challenging environment, strategic positions benefiting
from the decline in the TMT sector, the associated drop in equity markets, the
under-performance of the very largest capitalization equities, and the year-end
turnaround in the euro, helped Institutional Asset Management deliver the best
relative annual investment performance in its history.
US equity strategies outperformed benchmarks by wide margins. Global,
international and UK equity strategies were also significantly positive.
Phillips & Drew was ranked the top-performing pension fund manager in Britain
for the year 2000 by Combined Actuarial Performance Services (CAPS), the
leading UK performance measurement consultancy. Phillips & Drew's flagship
Managed Exempt fund (equities mixed with property) outperformed the average
fund manager by more than 10% for the full year. Phillips & Drew's strong
performance in 2000 also benefited their balanced fund's three and five year
records, moving its ranking up from fourth quartile at the end of 1999 to
second quartile at the end of 2000.
Results
Pre-tax profit of CHF 322 million was 26% lower than 1999. Despite asset losses
in the core institutional business, operating income increased as a result of
the launch of the O'Connor business and the acquisition of Allegis; but this
was more than offset by higher performance-related personnel expenses, the
additional costs of spending on new business initiatives, chiefly targeted at
marketing investment funds outside UBS, and goodwill amortization costs
relating to Allegis and GAM.
Operating income
Operating income increased CHF 584 million, or 43%, from CHF 1,369 million in
1999 to CHF 1,953 million in 2000.
Institutional revenue increased CHF 262 million, or 31%, from CHF 857
million in 1999 to CHF 1,119 million in 2000. Despite the decrease in invested
assets, operating income increased as a result of the acquisition of Allegis
and the creation of the new O'Connor alternative asset management business,
partially offset by lost revenue from client losses.
Mutual fund income increased CHF 322 million, or 63%, from CHF 512 million
in 1999 to CHF 834 million in 2000, primarily as a result of the GAM
acquisition.
Operating expenses
Full year expenses increased by CHF 699 million to CHF 1,631 million.
Personnel expenses increased 71%, or CHF 364 million, from CHF 516 million
in 1999 to CHF 880 million in 2000 and General and
54
Table of Contents
administrative expenses increased 62%, or CHF 168 million, over 1999 to CHF 439
million in 2000. Both categories of expense increased as a result of the
acquisitions of GAM and Allegis, the addition of the new O'Connor business and
investments in distribution initiatives.
Depreciation and amortization expense increased CHF 167 million, or 115%,
from CHF 145 million in 1999 to CHF 312 million in 2000, principally due to the
goodwill amortization resulting from the acquisitions of Allegis and GAM.
Headcount
Headcount increased 11% from 2,576 at 31 December 1999 to 2,860 at 31 December
2000, primarily as a result of an increase of staff to support mutual funds
distribution initiatives and the creation of the new O'Connor business in June
2000.
55
Table of Contents
Review of Business Group Performance
UBS Warburg
UBS Warburg
"We have made excellent strategic progress in 2001, with increased share of fees in corporate finance and the successful merger with UBS PaineWebber."
Markus Granziol
Business Group Reporting
CHF million, except where indicated
% change from
For the year ended
31.12.01
31.12.00
1
31.12.99
1
31.12.00
Income
2
21,349
19,590
13,118
9
Credit loss expense
3
(130
)
(246
)
(333
)
(47
)
Total operating income
21,219
19,344
12,785
10
Personnel expenses
13,515
10,618
7,087
27
General and administrative expenses
4,260
3,196
2,538
33
Depreciation
580
606
644
(4
)
Amortization of goodwill and other intangible
assets
2
991
290
139
242
Total operating expenses
19,346
14,710
10,408
32
Business Group performance before tax
1,873
4,634
2,377
(60
)
Business Group performance before tax and
goodwill
6
2,864
4,924
2,516
(42
)
Additional information
Regulatory equity used (average)
26,200
24,850
10,590
5
Cost / income ratio (%)
7
91
75
79
Cost / income ratio before goodwill
(%)
6,7
86
74
78
56
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Business Group Reporting Adjusted for Significant Financial Events
CHF million, except where indicated
% change from
For the year ended
31.12.01
31.12.00
1
31.12.99
1
31.12.00
Income
2
21,349
19,590
12,918
4
9
Credit loss expense
3
(130
)
(246
)
(333
)
(47
)
Total operating income
21,219
19,344
12,585
10
Personnel expenses
13,515
10,532
5
7,087
28
General and administrative expenses
4,260
3,183
5
2,538
34
Depreciation
580
599
5
644
(3
)
Amortization of goodwill and other intangible assets
2
991
290
139
242
Total operating expenses
19,346
14,604
10,408
32
Business Group performance before tax
1,873
4,740
2,177
(60
)
Business Group performance before tax and goodwill
6
2,864
5,030
2,316
(43
)
Additional information
Cost / income ratio (%)
7
91
75
81
Cost
/ income ratio before goodwill (%)
6, 7
86
73
79
1
The 2000 and 1999 figures have been restated to reflect the restructuring of
the Group on 1 January 2001.
2
Goodwill funding costs of CHF 763 million (2000: CHF 132 million) and amortization of goodwill and other intangible
assets of CHF 846 million (2000: CHF 138 million) in respect of the PaineWebber
acquisition are included in UBS Warburg results but are not reflected in any of
its individual business units.
3
In management accounts, statistically
derived adjusted expected loss rather than the net IAS actual credit loss is
reported in the business units (see Note 2 of the Financial Statements).
4
Excludes Significant Financial Events: Income, CHF 200 million for the sale of
the international Global Trade Finance business.
5
Excludes Significant
Financial Events: Personnel expenses, CHF 86 million, General and
administrative expenses, CHF 13 million and Depreciation, CHF 7 million, for
the PaineWebber integration.
6
Excludes the amortization of goodwill and
other intangible assets.
7
Operating expenses / operating income before
credit loss expense.
Goodwill costs
UBS Warburg's Business Group operating expenses for 2001 include CHF 846
million (2000: CHF 138 million) of amortization of goodwill and intangible
assets and CHF 763 million (2000: CHF 132 million) of goodwill funding costs
which result from the merger with PaineWebber on 3 November 2000. These costs
are recorded at the Business Group level, but are not allocated to the
individual business units.
In particular, the results of the Private Clients business unit, which
includes the former PaineWebber private client businesses, do not reflect
amortization or funding costs relating to the merger.
57
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Review of Business Group Performance
UBS Warburg
Corporate and Institutional Clients
Business Unit Reporting
CHF million, except where indicated
% change from
For the year ended
31.12.01
31.12.00
31.12.99
31.12.00
Corporate Finance
2,544
2,701
2,054
(6
)
Equities
6,655
10,429
5,724
(36
)
Fixed income and foreign exchange
6,536
4,622
4,269
41
Non-core business
276
281
482
1
(2
)
Income
16,011
18,033
12,529
(11
)
Credit loss expense
2
(112
)
(243
)
(330
)
(54
)
Total operating income
15,899
17,790
12,199
(11
)
Personnel expenses
3
8,339
9,284
4
6,861
(10
)
General and administrative expenses
2,705
2,779
4
2,429
(3
)
Depreciation
454
555
4
629
(18
)
Amortization of goodwill and other intangible assets
145
149
134
(3
)
Total operating expenses
11,643
12,767
10,053
(9
)
Business unit performance before tax
4,256
5,023
2,146
(15
)
Business unit performance before tax and
goodwill
5
4,401
5,172
2,280
(15
)
KPI's
Compensation ratio (%)
6
52
51
55
Cost / income ratio (%)
7
73
71
80
Cost / income ratio before
goodwill (%)
5,7
72
70
79
Non-performing loans / gross loans outstanding (%)
2.6
2.8
1.6
Impaired loans / gross loans outstanding (%)
5.4
5.6
3.4
Average VaR (10-day 99%)
252
242
213
4
Additional information
% change from
As at
31.12.01
31.12.00
31.12.99
31.12.00
Client assets (CHF billion)
108
Regulatory equity used (average)
9,900
10,000
10,050
(1
)
Headcount (full time equivalents)
15,562
15,262
12,694
2
1
Excludes Significant Financial Events: Income, CHF 200 million for the sale
of the international Global Trade Finance business.
2
In management accounts, statistically derived adjusted expected loss rather than the net IAS
actual credit loss is reported in the business units (see Note 2 of the
Financial Statements).
3
Includes retention payments in respect of the
PaineWebber acquisition. 2001: CHF 46 million. 2000: CHF 11 million.
4
Excludes Significant Financial Events: Personnel expenses, CHF 86 million,
General and administrative expenses, CHF 13 million and Depreciation, CHF 7
million, for the PaineWebber integration.
5
Excludes the amortization of
goodwill and other intangible assets.
6
Personnel expenses / operating income before credit loss expense.
7
Operating expenses / operating income before credit loss expense.
58
Table of Contents
Components of Operating Income
The Corporate and Institutional Clients unit generates operating income from:
–
commissions on agency transactions and spreads or markups on principal transactions;
–
fees from debt and equity capital markets transactions, leveraged finance, and the structuring of derivatives and complex
transactions;
–
mergers and acquisitions and other advisory fees;
–
interest income on principal transactions and from the loan portfolio; and
–
gains and losses on market making, proprietary, and arbitrage positions.
As a result, Corporate and Institutional Clients' operating income is affected
by movements in market conditions, interest rate swings, the level of trading
activity in primary and secondary markets and the extent of merger and
acquisition activity. These and other factors have had, and may in the future
have, a significant impact on results of operations from year to year.
Significant financial events
PaineWebber integration costs were treated as a significant financial event in
2000, and are not reflected in the figures shown in the table. The amounts
involved were: personnel expenses CHF 86 million, general and administrative
expenses CHF 13 million and depreciation CHF 7 million.
In addition, a CHF 200 million gain on the sale of UBS's international
Global Trade Finance business in 1999 was treated as a significant financial
event and is not reflected in the operating income shown in the table.
There were no significant financial events that affected this business
unit in 2001.
2001
Key performance indicators
UBS Warburg measures its expense base primarily in terms of percentage of
revenues, looking at both personnel costs and non-personnel costs on this
basis.
We continue to maintain a tight focus on cost management in light of the
current operating environment, and achieved a pre-goodwill cost/income ratio of
72% in 2001, up slightly from 70% in 2000, as a result of the reduced revenues
in difficult market conditions. The ratio of personnel costs to income was 52%
in 2001, only a slight increase on the 51% recorded in 2000, and favorably
comparable with our peer group.
Average Value at Risk (VaR) for Corporate and Institutional Clients
increased only slightly from CHF 242 million in 2000 to CHF 252 million in 2001
and, in general, market risk exposures have stayed within the normal ranges.
There was, however, a short term but significant increase in VaR in December
2001 resulting from sizeable client-driven equity transactions. The need for a
temporary increase in limits was anticipated and pre-approved by the Group
59
Table of Contents
Review of Business Group Performance
UBS Warburg
Executive Board. The trades were successfully executed and the risk reduced to
normal levels.
Total loans decreased by 17% from CHF 73.8 billion at 31 December 2000 to
CHF 61.2 billion at 31 December 2001, due to a reduction in Japanese government
exposures, and repayments from European multinationals, reflecting the
continued reduction of our commercial lending risk profile.
Continued successful recovery efforts led the ratio of impaired loans to
total loans to fall from 5.6% at 31 December 2000 to 5.4% at the end of 2001.
The non-performing loans to total loans ratio declined from 2.8% to 2.6% over
the same period.
Results
We recorded a strong performance in 2001, relative to the much weaker markets
this year. Pre-tax profit in 2001 was CHF 4,256 million, a decline of 15% over
2000, our best year ever. Equities and corporate finance both suffered from the
economic downturn and the consequent weakness in their global markets, while
the fixed income and foreign exchange business delivered record results, driven
by interest rate reductions and increased volatility, and supported by the expansion of businesses acquired from PaineWebber. In corporate
finance we continued to outperform 2000 in terms of market share, with full year analysis
showing us with a 4.5% share of fees, compared to 3.6% in 2000. Costs fell
sharply to their lowest ever total.
Operating income
Operating income of CHF 15,899 million in 2001 was 11% lower than in 2000.
Corporate finance
revenues were CHF 2,544 million in 2001, 6% lower than
in 2000, as our improved share of fees this year was more than offset by the
general contraction experienced in corporate finance in 2001.
Equities
revenues for 2001 were also lower than in 2000, down 36% from CHF
10,429 million to CHF 6,655 million in 2000. This decline principally reflects
reduced trading revenues, driven by the lack of mergers and acquisitions
activity and increased volatility, together with a cautious approach to risk in
difficult market conditions. Commission revenues have been broadly consistent
with levels in 2000, reflecting the breadth and depth of our client franchise.
Fixed income and foreign exchange
performed very strongly in 2001, with
revenues up 41% from 2000, at CHF 6,536 million. This reflects the effect of
interest rate reductions during the year, which led to increased issuance and
higher volatility, and the inclusion of businesses taken over from PaineWebber.
Non core
revenues in 2001 were 2% lower than in 2000, at CHF 276 million.
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Table of Contents
Operating expenses
Personnel expenses declined 10%, from CHF 9,284 million in 2000 to CHF 8,339
million in 2001, driven by reductions in incentive compensation in line with
labor market conditions and full year results.
General and administrative expenses in 2001 were 3% lower than in 2000, at
CHF 2,705 million, reflecting the impact of cost control measures put in place
during 2001. (Fourth quarter 2001 general and administrative expenses were 25%
lower than in fourth quarter 2000.)
Depreciation fell 18% from 2000 to CHF 454 million in 2001, driven by
reductions in IT expenditure as a result of cost control initiatives.
Amortization of goodwill and other intangibles was almost unchanged at CHF
145 million in 2001, just CHF 4 million lower than in 2000.
Headcount
Headcount at 31 December 2001 remained little changed, at 15,562 compared to
15,262 at the end of 2000. We have not engaged in widespread headcount
reductions that might have long-term detrimental impact on our client
franchises, but are upgrading staff quality in selected areas.
2000
The results for Corporate and Institutional Clients include the costs and
revenues for November and December 2000 of the former PaineWebber capital
markets businesses, which were integrated into this business unit from the
completion of the merger on 3 November 2000.
Key performance indicators
Continued strong revenue performance in 2000 and active cost management led to
a pre-goodwill cost / income ratio of 70%, down from 79% in the previous year,
representing the result of significant cost management efforts on both
personnel and non-personnel expenses.
Corporate and Institutional Clients' ratio of personnel cost to income
fell to 51% in 2000, from 55% in 1999. UBS Warburg continues to invest in top
quality professionals to help expand its capabilities and client reach and aims
to compensate its employees at similar levels to its global competitors.
Changes in non-personnel costs are less directly related to changes in
income than personnel costs. As a percentage of income, non-personnel costs
decreased to 19% in 2000, from 25% in 1999. Improvements in overall cost
management were offset by increased expenditure on technology and professional
fees and the incremental costs of the PaineWebber capital markets business.
Corporate and Institutional Clients' non-performing loans rose CHF 905
million, or 78%, from CHF 1,163 million at 31 December 1999 to CHF 2,068
million at 31 December 2000, reflecting the weaker credit environment in the
US. At the same time, the gross loans outstanding rose from CHF 72,717 million
at 31 December 1999 to CHF 73,761 million at 31 December 2000. As a result, the
ratio of non-performing loans to total loans increased to 2.8% at the end of
2000 from 1.6% at the end of 1999.
Market risk utilization, as measured by average VaR, continued to remain
well within the limit of CHF 450 million, although increasing from an average
of CHF 213 million in 1999 to an average of CHF 242 million in 2000, reflecting
the exceptional trading opportunities in the early part of 2000.
Results
UBS Warburg's Corporate and Institutional Clients business unit delivered
record financial results in 2000, with each quarter performing significantly
above the levels in the comparable quarter of 1999. Pre-tax profit of CHF 5,023
million was more than double the CHF 2,146 million achieved in 1999, itself a
good year.
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Review of Business Group Performance
UBS Warburg
Operating income
Corporate and Institutional Clients generated revenues of CHF 18,033 million in
2000, an increase of 44% over 1999.
Equities
revenues during 2000 were CHF 10,429 million, or 82% higher than
1999's revenues of CHF 5,724 million reflecting the strength of UBS Warburg's
global client franchise and increased market share in significantly stronger
secondary markets, and strong market-making and trading revenues. UBS Warburg's
secondary equity sales business continues to be ranked as one of the global
leaders, and the leading non-US equities house.
Fixed Income and Foreign Exchange
experienced a strong 2000, driven by
active fixed income markets, significant principal finance activity and a good
performance by the government bond and derivatives business, contributing to
overall revenues for the year 2000 of CHF 4,622 million, an improvement of 8%,
or CHF 353 million over 1999's revenues of CHF 4,269 million. Revenues for 1999
also included revenues relating to exchange-traded derivatives and alternative
asset management, which were transferred to the Equities business area in 2000.
Market conditions for mergers and acquisitions, advisory work and primary
underwriting continued to be strong, driving
Corporate Finance's
excellent
performance. UBS Warburg's corporate client franchise continued to develop,
with strong performance in critical sectors in 2000, particularly
Telecommunications and Consumer Goods. Productivity per head also increased in
comparison to prior years. Overall, 2000 was a year of very strong growth in
this area for UBS Warburg, with revenues of CHF 2,701 million, 31% ahead of
1999.
The Corporate Finance business area within Corporate and Institutional
Clients provides both advisory services and financing services. Financing
services include both equity and fixed-income offerings undertaken in
cooperation with the Equities and Fixed income business areas. Accordingly, a
portion of operating income associated with these services is allocated to
those areas.
Non core income
In October and November 1998, UBS's Board of Directors mandated and undertook a
review of UBS's risk profile and risk management and of UBS's control processes
and procedures. Corporate and Institutional Clients used the review to define
its core and non-core business areas, and decided to wind down over time the
identified non-core businesses, and the associated loan portfolio. In 2000,
non-core revenues fell 42% compared to 1999, to CHF 281 million.
UBS's non-core loan portfolio decreased approximately CHF 65 billion, or
61%, from approximately CHF 106 billion as of 31 December 1998 to CHF 41
billion as of 31 December 1999. It has further reduced since, to CHF 23 billion
at 31 December 2000 and CHF 10 billion at 31 December 2001.
Operating expenses
Corporate and Institutional Clients continues to carefully manage its cost
base, with the pre-goodwill cost/income ratio remaining well below 1999 levels
at 70%. Personnel expenses increased 35% from 1999, to CHF 9,284 million,
reflecting increased headcount and growth in performance-related compensation
in line with the excellent results. Personnel expenses include CHF 11 million
of retention payments made to former PaineWebber staff.
General and administrative expenses increased 14% compared to 1999, as a
result of increased expenditure on technology outsourcing, professional fees
and the incremental costs of the PaineWebber capital markets business.
Overall costs grew at a significantly slower rate than revenues,
delivering continued strong pre-tax profit growth.
Headcount
Corporate and Institutional Clients headcount rose 20% during the year, to
15,262, mainly due to business growth in the Corporate Finance and Equities
areas, including the impact of the integration of 1,628 staff from the
PaineWebber capital markets businesses.
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UBS Capital
Business Unit Reporting
CHF million, except where indicated
% change from
For the year ended
31.12.01
31.12.00
31.12.99
31.12.00
Total operating income / (loss)
(868
)
368
315
Personnel expenses
96
142
105
(32
)
General and administrative expenses
66
49
46
35
Depreciation
2
2
2
0
Amortization of goodwill and other intangible assets
0
2
5
(100
)
Total operating expenses
164
195
158
(16
)
Business unit performance before tax
(1,032
)
173
157
Business unit performance before tax and
goodwill
1
(1,032
)
175
162
KPI's
Value creation (CHF billion)
(1.4
)
0.6
0.6
% change from
As at
31.12.01
31.12.00
31.12.99
31.12.00
Investment (CHF billion)
2
5.0
5.5
3.0
(9
)
Additional information
Portfolio fair value (CHF billion)
5.6
6.9
4.2
(19
)
Invested assets (CHF billion)
1
1
0
Regulatory equity used (average)
800
600
340
33
Headcount (full time equivalents)
128
129
116
(1
)
1
Excludes the amortization of goodwill and other intangible assets.
2
Historic cost of investments made, less divestments and permanent impairments.
Components of Operating Income
UBS Capital's primary source of operating income is capital gains from the
disposal or sale of its investments, which are recorded at the time of ultimate
divestment. As a result, appreciation in fair market value is recognized as
operating income only at the time of sale. The level of annual operating income
from UBS Capital is directly affected by the level of investment disposals that
take place during the year. Similarly, depreciation in fair market value is
only recognized against operating income if an investment becomes permanently
impaired and has to be written-down. Write-downs of the value of its
investments can negatively affect UBS Capital's operating income.
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Review of Business Group Performance
UBS Warburg
Significant financial events
There were no significant financial events that affected this business unit in
2001, 2000 or 1999.
2001
Full year results for UBS Capital reflect the very challenging market in 2001,
with few opportunities for divestments, and write-downs of several investments
as a result of the problems caused for some of our investee companies by the
deteriorating economic conditions. Pre-tax losses for 2001 of CHF 1,032
million, compared to pre-tax profits of CHF 173 million in 2000.
Following a strategic review of the business, UBS will in future be
focused on private equity asset management, with a restricted level of direct
investments through UBS Capital, limited to those sectors and regions with a
strong performance track record. We expect results in 2002 to show continued
volatility, and net losses, unless there is a material improvement in economic
conditions.
Key performance indicators
UBS Capital's private equity investments have decreased to CHF 5.0 billion at
31 December 2001, from CHF 5.5 billion at the end of 2000, with the decline due
to write-downs on the book value of investments, as well as a small number of
divestments during the year, which more than offset the draw-down of previously
committed investments and the small level of other new investments during the
year.
The fair value of the portfolio at the end of December 2001 was CHF 5.6
billion, down 19% from CHF 6.9 billion at 31 December 2000. The fair value
included net unrealized gains of CHF 0.6 billion. Value reduction during 2001,
was CHF 1.4 billion, compared to value creation of CHF 0.6 billion in 2000.
Results
UBS Capital recorded an operating loss of CHF 868 million in 2001, compared to
income of CHF 368 million in 2000. Challenging markets and the continued
slow-down in corporate activity meant that there were few opportunities for
significant divestments in 2001, while weak economic conditions led to
deteriorating valuations across a range of industry sectors resulting in a high
level of write-downs of investments in the portfolio.
Personnel expenses were CHF 96 million in 2001, down from CHF 142 million
in 2000, reflecting lower incentive compensation which is driven by realized
gains on divestments.
General and administrative expenses were CHF 66 million, up from CHF 49
million in 2000 due principally to professional fees relating to our strategic
review of the business.
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2000
Key performance indicators
The book value of UBS Capital's private equity investments grew from CHF 3.0
billion at the end of 1999 to CHF 5.5 billion at 31 December 2000. New
investments of CHF 2.1 billion were made during the full year, including new
shareholdings across a diverse range of sectors. In addition, CHF 0.8 billion
of investments made by PaineWebber were added to UBS Capital's private equity
portfolio in December 2000. The portfolio value was reduced by certain
write-downs in investments in second and fourth quarters 2000.
Until the introduction in 2001 of IAS 39, UBS Capital accounted for its
private equity investments at cost less permanent impairments. Our regular
portfolio review and valuation at 31 December 2000 resulted in an approximate
current fair value of CHF 6.9 billion, compared to CHF 4.2 billion at 31
December 1999. This equated to unrealized gains of approximately CHF 1.4
billion at 31 December 2000, compared to CHF 1.2 billion at year-end 1999. The
value creation during the year 2000, including realized gains since 1 January
2000, and the increase in the portfolio's unrealized gains, was approximately
CHF 0.6 billion.
Results
In 2000, net profit was CHF 173 million, up CHF 16 million or 10% from CHF 157
million in 1999.
Operating income
Operating income increased 17% to CHF 368 million in 2000, from CHF 315 million
in 1999. This reflects the realized gains from sales of investments in the
year, partially offset by write-downs of the value of several under-performing
companies in different sectors of the portfolio.
Operating expenses
Personnel, general and administrative expenses were CHF 191 million in 2000, an
increase from the previous year of CHF 40 million, or 26%, driven mainly by
bonus expenses. Bonuses are accrued when an investment is successfully exited,
so personnel expenses move in line with successful divestments.
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Review of Business Group Performance
UBS Warburg
Private Clients
Business Unit Reporting
CHF million, except where indicated
% change from
For the year ended
31.12.01
2
31.12.00
1, 2
31.12.99
1
31.12.00
Income
6,969
1,321
74
428
Credit loss expense
3
(18
)
(3
)
(3
)
500
Total operating income
6,951
1,318
71
427
Personnel expenses
4
5,080
1,106
121
359
General and administrative expenses
1,489
355
63
319
Depreciation
124
42
13
195
Amortization of goodwill and other intangible assets
0
1
0
(100
)
Total operating expenses
6,693
1,504
197
345
Business unit performance before tax
258
(186
)
(126
)
Business unit performance before tax and
goodwill
5
258
(185
)
(126
)
KPI's
Invested assets (CHF billion)
782
773
25
6
1
Net new money (CHF billion)
7
36.0
15.2
6
2.0
6
Gross margin on invested assets (bps)
8
90
72
35
25
Cost / income ratio (%)
9
96
114
266
Cost / income ratio before goodwill
(%)
5, 9
96
114
266
Cost / income ratio before goodwill
and retention payments (%)
5, 9
90
105
Recurring fees
10
2,277
430
430
Financial advisors (full time equivalents)
8,870
8,871
0
Additional information
% change from
As at
31.12.01
31.12.00
31.12.99
31.12.00
Client assets (CHF billion)
854
Regulatory equity used (average)
1,750
2,750
200
(36
)
Headcount (full time equivalents)
20,678
21,814
581
(5
)
1
The 2000 and 1999 figures have been restated to reflect the restructuring of
the Group on 1 January 2001.
2
Private Clients results include PaineWebber for 2001 and for 2000 from the date of acquisition, 3 November 2000.
3
In management accounts, statistically derived adjusted expected loss rather than
the net IAS actual credit loss is reported in the business units (see Note 2 of
the Financial Statements).
4
Includes retention payments in respect of the
PaineWebber acquisition. 2001: CHF 436 million. 2000: CHF 117 million.
5
Excludes the amortization of goodwill and other intangible assets.
6
Calculated using the former definition of assets under management.
7
Excludes interest and dividend income.
8
Income / average invested assets.
9
Operating expenses / operating income before credit loss expense.
10
Asset based and advisory revenues including fees from mutual funds, wrap fee
products and insurance products.
Components of Operating Income
The Private Clients business unit principally derives its operating income from:
–
fees for financial planning and wealth management services;
–
fees for discretionary management services; and
–
transaction-related fees.
These fees are based on the market value of invested assets and the level of
transaction-related activity. As a result, operating income is affected by such
factors as fluctuations in invested assets, changes in market conditions,
investment performance and inflows and outflows of client funds.
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Table of Contents
Significant financial events
There were no significant financial events that affected this business unit in
2001, 2000 or 1999.
PaineWebber
The Private Clients business unit primarily consists of UBS PaineWebber, the
fourth largest private client business in the US, which became part of UBS
following the merger between UBS and Paine Webber Group, Inc., which was
completed on 3 November 2000.
The merger was accounted for using purchase accounting, so the results
shown for Private Clients for 2000 reflect the inclusion of the PaineWebber
businesses only for the period from 3 November 2000 until 31 December 2000.
Results for 1999 do not include any contribution from UBS PaineWebber, while
results for 2001 reflect a full year's contribution.
2001
Comparisons of full year results reflect the very different scale of the UBS
Warburg Private Clients business prior to the acquisition of PaineWebber in
November 2000.
Key performance indicators
At the end of 2001, Private Clients had CHF 782 billion of invested assets,
compared to CHF 773 billion at 31 December 2000, a change of 1%, with negative
market performance during the year more than offset by strong net new money
flows.
Net new money for the year was CHF 36.0 billion, compared to CHF 15.2
billion in 2000, more than half of which was earned in the last quarter of 2000
after the integration of PaineWebber. Private Clients' ability to continue to
generate high levels of net new money despite the uncertain markets in 2001
reflects the strength of its client franchise amongst high net worth
individuals in the US.
Gross Margin on invested assets increased to 90 basis points, from 72
basis points in 2000, reflecting the addition of UBS PaineWebber. Gross margin
in the pre-existing business for the 9 months to 30 September 2000, before the
addition of UBS PaineWebber was 36 basis points. The gross margin fell slightly
during 2001, reflecting the effect of uncertain markets on transaction volumes.
The cost / income ratio before goodwill and retention payments was 90% in
2001 compared to 105% in 2000. Until the addition of UBS PaineWebber, the
pre-existing business was loss making, reflecting the relatively early stage of
its business development. Cost control has remained a strong focus during the
year, with the cost income ratio in fourth quarter 2001 only one percentage
point higher than in fourth quarter 2000.
Recurring fees were CHF 2,277 million in 2001. This metric was not tracked
prior to the
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Review of Business Group Performance
UBS Warburg
integration of UBS PaineWebber in November 2000. During 2001, recurring
fees declined 6% to CHF 545 million in fourth quarter 2001 compared to CHF 580
in first quarter 2001, due to the effects of market depreciation on client
assets – recurring fees are priced based on the asset level at the end of the
prior quarter.
At the end of December 2001, Private Clients had 8,870 financial advisors,
unchanged from a year before. Although we have continued to recruit and train
new financial advisors during the year, the difficult market conditions have
led to higher turnover amongst the least productive advisors.
Results
Pre-tax profits were CHF 258 million, a strong result relative to our peers,
achieved against a particularly poor market environment, with two successive
years of market declines in the US for the first time since the late 1970s
leading to much lower transaction volumes. In 2000, Private Clients incurred a
loss of CHF 186 million.
Operating income
Operating income for the year was CHF 6,951 million, compared to CHF 1,318
million in 2000. Revenues were resilient during 2001, declining just 11% from
first quarter to fourth quarter, despite recession and market uncertainty in
the US.
Operating expenses
Total operating expenses were CHF 6,693 million in 2001 compared to CHF 1,504
million in 2000, reflecting the addition of UBS PaineWebber.
Private Clients implemented a number of cost control initiatives during
the year, aimed at reducing discretionary expenditure and support costs, while
protecting the business's ability to serve its clients to the highest
standards.
Personnel expenses were CHF 5,080 million in 2001, compared to CHF 1,106
million in 2000, reflecting the completely different scale of the business.
Expenses in 2001 included CHF 436 million of retention payments for key UBS
PaineWebber staff, compared to CHF 117 million in 2000. Through 2001 personnel
expenses reduced, from CHF 1,311 million in first quarter to CHF 1,216 million
in fourth quarter, reflecting lower performance related and variable
compensation and a reduction of support headcount.
General and administrative expenses were CHF 1,489 million in 2001,
compared to CHF
68
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355 million in 2000, reflecting the addition of UBS PaineWebber. Cost control
efforts drove expenses down during 2001, with fourth quarter general and
administrative expenses 4% lower than in first quarter.
Depreciation expenses were CHF 124 million in 2001, compared to CHF 42
million in 2000, reflecting the addition of UBS PaineWebber.
Headcount
Headcount decreased 5% during the year from 21,814 at 31 December 2000 to
20,678 at 31 December 2001. We continue to monitor market conditions, but
prudent cost control in previous years means that we have not needed to make
franchise threatening cuts to our headcount. Financial advisor headcount is
almost unchanged over the year, but we continue to implement efficiency
measures to help manage support headcount downwards.
2000
Results for 2000 reflect the inclusion of UBS PaineWebber only for the period
from the merger, on 3 November 2000, until 31 December 2000.
Key performance indicators
At 31 December 2000, Private Clients had CHF 773 billion of invested assets.
Net new money for the year was significant, at CHF 15.2 billion. Private
Clients' asset gathering continued successfully after the merger, with net new
money flows averaging CHF 202.3 million per day in November and December 2000,
and totaling CHF 8.3 billion between the merger and the end of the quarter.
This compared very favorably to the average pre-merger rate in the third
quarter of 2000 of CHF 172.5 million per day, despite the effects of the
holiday season.
Results
Private Clients recorded a net loss for 2000 of CHF 186 million, compared to a
net loss in 1999 of CHF 126 million. Adjusting for the addition of UBS
PaineWebber, the previously existing businesses made a loss of CHF 167 million
in 2000, partly due to restructuring costs incurred in first quarter 2000.
Operating income
Operating income was CHF 1,318 million in 2000, an increase of CHF 1,247
million from the CHF 71 million achieved in 1999. This change was mainly due to
CHF 1,225 million income of UBS PaineWebber in November and December 2000.
Operating expenses
Operating expenses were CHF 1,504 million in 2000, up from CHF 197 in 1999
including CHF 1,244 million at UBS PaineWebber in November and December.
Personnel expenses in 2000 were CHF 1,106 million, an increase of CHF 985
million from 1999. CHF 955 million of this increase resulted from UBS
PaineWebber, and included CHF 117 million of retention payments to staff under
the terms of the PaineWebber merger agreement.
General and administrative expenses in 2000 were CHF 355 million, an
increase of CHF 292 million from 1999, including CHF 258 million from UBS
PaineWebber.
Headcount
Total headcount at 31 December 2000 was 21,814, up from 581 at 31 December
1999, with the vast majority of the change due to the addition of UBS
PaineWebber.
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Review of Business Group Performance
Corporate Center
Corporate Center
Business Group Reporting
CHF million, except where indicated
% change from
For the year ended
31.12.01
31.12.00
31.12.99
31.12.00
Income
678
358
2,010
89
Credit loss recovery
1
236
1,161
448
(80
)
Total operating income
914
1,519
2,458
(40
)
Personnel expenses
546
522
92
5
General and administrative expenses
207
431
839
(52
)
Depreciation
372
320
366
16
Amortization of goodwill and other intangible assets
25
44
50
(43
)
Total operating expenses
1,150
1,317
1,347
(13
)
Business Group performance before tax
(236
)
202
1,111
Business Group performance before tax and
goodwill
2
(211
)
246
1,161
Additional information
% change from
As at
31.12.01
31.12.00
31.12.99
31.12.00
Regulatory equity used (average)
6,200
8,450
7,850
(27
)
Headcount (full time equivalents)
1,132
986
862
15
Business Group Reporting Adjusted for Significant Financial Events
3
CHF million, except where indicated
% change from
For the year ended
31.12.01
31.12.00
31.12.99
31.12.00
Income
678
358
372
89
Credit loss recovery
1
236
1,161
448
(80
)
Total operating income
914
1,519
820
(40
)
Personnel expenses
546
490
548
11
General and administrative expenses
207
281
385
(26
)
Depreciation
372
320
366
16
Amortization of goodwill and other intangible assets
25
44
50
(43
)
Total operating expenses
1,150
1,135
1,349
1
Business Group performance before tax
(236
)
384
(529
)
Business Group performance before tax and
goodwill
2
(211
)
428
(479
)
1
In order to show the relevant Business Group performance over time, adjusted
expected loss figures rather than the net IAS actual credit loss expenses are
reported for all business units. The statistically derived adjusted expected
losses reflect the inherent counterparty and country risks in the respective
portfolios. The difference between the statistically derived adjusted expected
loss figures and the net IAS actual credit loss expenses recorded at Group
level is reported in the Corporate Center (see Note 2 to the Financial
Statements).
2
Excludes the amortization of goodwill and other intangible
assets.
3
Excludes Significant Financial Events: Income, year ended 31
December 1999, CHF 38 million from the Long Term Capital Management (LTCM)
fund, CHF 1,490 million for the sale of our 25% stake in Swiss Life /
Rentenanstalt and CHF 110 million for the sale of Julius Baer registered
shares. Personnel expenses, year ended 31 December 2000, CHF 32 million for the
PaineWebber integration. General and administrative expenses, year ended 31
December 2000, CHF 150 million net additional provision relating to the US
Global Settlement. Personnel expenses, year ended 31 December 1999, CHF 456
million for the Pension Fund Accounting Credit. General and administrative
expenses, year ended 31 December 1999, CHF 300 million for the UBS / SBC
Restructuring Provision and CHF 154 million for the increase in the provision
for the US Global Settlement.
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Significant financial events
There were no significant financial events in Corporate Center in 2001.
Significant financial events booked in Corporate Center in 2000 and 1999 were:
–
Personnel expenses of CHF 32 million relating to the integration of PaineWebber into UBS in 2000.
–
Costs of CHF 154 million in 1999 and CHF 150 million in 2000 in General and administrative
expenses in connection with the US Global Settlement of World War II related claims.
–
Operating income of CHF 1,490 million from the sale of UBS's 25% stake in Swiss
Life/Rentenanstalt, CHF 110 million from the sale of Julius Baer registered shares, and CHF 38
million from UBS's residual holding in Long Term Capital Management L.P., all in 1999.
–
A credit to Personnel expenses in 1999 of CHF 456 million in connection with excess pension fund
employer pre-payments.
–
Costs of CHF 300 million in General and administrative expenses in 1999 in respect of an
additional restructuring charge relating to the 1998 merger between UBS and SBC.
2001
Results
Corporate Center recorded a pre-tax loss of CHF 236 million in 2001, compared
to a pre-tax profit of CHF 384 million in 2000, adjusted for significant
financial events.
Operating income
The credit loss expense or recovery booked in Corporate Center represents the
difference between the adjusted statistically expected losses charged to the
business units and the actual credit loss recognized in the Group income
statement. UBS Group's credit loss expense increased to CHF 498 million in
2001, compared to a recovery of CHF 130 million in 2000. For both 2000 and
2001, actual credit loss was less than the charge to the business units,
resulting in a credit loss recovery in Corporate Center of CHF 236 million in
2001, compared to a recovery of CHF 1,161 million in 2000.
Operating income decreased by CHF 605 million from 2000 to CHF 914 million
in 2001, principally reflecting the swing in the credit loss results, offset by
higher income from treasury activities.
Operating expenses
Total operating expenses were CHF 1,150 million in 2001, 1% higher than in
2000.
General and administrative expenses for 2001 were CHF 74 million lower
than in 2000, at CHF 207 million. This was due to lower corporate real estate
costs and lower professional fees connected to the US global settlement of
World War II related claims, offset by higher IT costs and one-off charges
relating to the bankruptcy of SAir Group.
In 2001 personnel expenses were CHF 546 million, an increase of 11%
compared to 2000, driven by severance payments and the full year cost of senior
management and other additional personnel added through the PaineWebber merger.
Headcount
Headcount increased 15% during 2001 to 1,132 at 31 December 2001, driven by the
transfer of International Mobility Program participants to Corporate Center
headcount and the transfer of human resources staff from UBS Warburg. The
International Mobility Program provides outstanding young employees of UBS with
opportunities for work experience overseas.
2000
Results
Operating income
Adjusted for significant financial events, operating income before credit loss
expense decreased CHF 14 million, or 4%, from CHF 372 million in 1999 to CHF
358 million in 2000. Gains and losses attributable to Corporate Center arise
from funding, capital and balance sheet management, the management of corporate
real estate and the management of foreign currency activities.
Credit loss expense in Corporate Center reconciles the difference between
management accounting and financial accounting, that is between the adjusted
statistically calculated expected losses charged to the business units and the
actual credit loss expense recognized in the Group income statement. The Swiss
econ-
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Review of Business Group Performance
Corporate Center
omy was strong in 2000, leading to credit loss expenses below the statistically
calculated expected level, and to a net write back of credit loss provisions of
CHF 695 million, resulting in a credit of CHF 130 million at the Group level.
Corporate Center's credit loss recovery of CHF 1,161 million reflects the
balancing item between this amount and the CHF 1,031 million expected loss
charged to the business units.
Operating expenses
Operating expenses decreased from CHF 1,349 million in 1999 to CHF 1,135
million in 2000.
Headcount
Headcount in Corporate Center increased 124 during 2000, reflecting the
addition of staff from PaineWebber.
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UBS Group Financial Statements
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Financial Statements
Table of Contents
Financial Statements
78
UBS Group Income Statement
78
UBS Group Balance Sheet
79
UBS Group Statement of Changes in Equity
80
UBS Group Statement of Cash Flows
82
Notes to the Financial Statements
83
1
Summary of Significant Accounting Policies
83
2a
Segment Reporting by Business Group
92
2b
Segment Reporting by Geographic Location
95
Income Statement
96
3
Net Interest Income
96
4
Net Fee and Commission Income
96
5
Net Trading Income
97
6
Other Income
97
7
Personnel Expenses
97
8
General and Administrative Expenses
98
9
Earnings per Share (EPS) and Outstanding Shares
98
Balance Sheet: Assets
99
10a
Due from Banks and Loans to Customers
99
10b
Allowances and Provisions for Credit Losses
100
10c
Impaired Loans
100
10d
Non-Performing Loans
101
11
Securities Borrowing, Securities Lending, Repurchase and Reverse Repurchase Agreements and Other Collateralized Transactions
102
12
Trading Portfolio
103
13
Financial Investments
104
14
Investments in Associates
106
15
Property and Equipment
106
16
Goodwill and Other Intangible Assets
107
17
Other Assets
107
Balance Sheet: Liabilities
108
18
Due to Banks and Customers
108
19
Debt Issued
108
20
Other Liabilities
114
21
Provisions, including Restructuring Provision
114
22
Income Taxes
116
23
Minority Interests
118
24
Derivative Instruments
118
76
Table of Contents
Off-Balance Sheet and other Information
123
25
Pledged Assets
123
26
Fiduciary Transactions
123
27
Commitments and Contingent Liabilities
124
28
Operating Lease Commitments
125
29
Litigation
126
30
Financial Instruments Risk Position
127
a)     Interest Rate Risk
127
b)     Credit Risk
129
(b)(i)     On-balance sheet assets
129
(b)(ii)    Off-balance sheet financial instruments
130
(b)(iii)   Credit risk mitigation techniques
130
c)     Currency Risk
131
d)     Liquidity Risk
132
e)     Capital Adequacy
133
31
Fair Value of Financial Instruments
135
32
Retirement Benefit Plans and Other Employee Benefits
137
33
Equity Participation Plans
141
a)     Equity Participation Plans Offered
141
b)     UBS Share Awards
143
c)     UBS Option Awards
144
d)     Compensation Expense
145
e)     Pro-Forma Net Income
145
34
Related Parties
146
35
Post–Balance Sheet Events
147
36
Significant Subsidiaries and Associates
147
37
Acquisition of Paine Webber Group, Inc.
151
38
Currency Translation Rates
151
39
Swiss Banking Law Requirements
151
40
Reconciliation to US GAAP
154
41
Additional Disclosures Required under US GAAP and SEC Rules
164
Report of the Group Auditors
169
77
Table of Contents
UBS Group Financial Statements
Financial Statements
Financial Statements
UBS Group Income Statement
CHF million, except per share
data
% change from
For the year ended
Note
31.12.01
31.12.00
31.12.99
31.12.00
Operating income
Interest income
3
52,277
51,745
35,604
1
Interest expense
3
(44,236
)
(43,615
)
(29,695
)
1
Net interest income
8,041
8,130
5,909
(1
)
Credit loss expense / recovery
(498
)
130
(956
)
Net interest income after
credit loss expense / recovery
7,543
8,260
4,953
(9
)
Net fee and commission income
4
20,211
16,703
12,607
21
Net trading income
5
8,802
9,953
7,719
(12
)
Other income
6
558
1,486
3,146
(62
)
Total operating income
37,114
36,402
28,425
2
Operating expenses
Personnel expenses
7
19,828
17,163
12,577
16
General and administrative expenses
8
7,631
6,765
6,098
13
Depreciation of property and equipment
15
1,614
1,608
1,517
0
Amortization of goodwill and
other intangible assets
16
1,323
667
340
98
Total operating expenses
30,396
26,203
20,532
16
Operating profit before tax and
minority interests
6,718
10,199
7,893
(34
)
Tax expense
22
1,401
2,320
1,686
(40
)
Net profit before minority interests
5,317
7,879
6,207
(33
)
Minority interests
23
(344
)
(87
)
(54
)
295
Net profit
4,973
7,792
6,153
(36
)
Basic earnings per share (CHF)
1
9
3.93
6.44
5.07
(39
)
Basic earnings per share before
goodwill (CHF)
1, 2
9
4.97
7.00
5.35
(29
)
Diluted earnings per share (CHF)
1
9
3.78
6.35
5.02
(40
)
Diluted earnings per share before
goodwill (CHF)
1, 2
9
4.81
6.89
5.30
(30
)
1
All earnings per share figures have been restated for the 3 for 1 share split
which took place on 16 July 2001.
2
Excludes the amortization of goodwill
and other intangible assets.
78
Table of Contents
UBS Group Balance Sheet
% change from
CHF million
Note
31.12.01
31.12.00
1
31.12.00
Assets
Cash and balances with central banks
20,990
2,979
605
Due from banks
10
27,526
29,147
(6
)
Cash collateral on securities borrowed
11
162,938
177,857
(8
)
Reverse repurchase agreements
11
269,256
193,801
39
Trading portfolio assets
12
397,886
315,588
26
Positive replacement values
24
73,447
57,875
27
Loans, net of allowance for credit losses
10
226,545
244,842
(7
)
Financial investments
13
28,803
19,583
47
Accrued income and prepaid expenses
7,554
7,062
7
Investments in associates
14
697
880
(21
)
Property and equipment
15
8,695
8,910
(2
)
Goodwill and other intangible assets
16
19,085
19,537
(2
)
Other assets
17,22
9,875
9,491
4
Total assets
1,253,297
1,087,552
15
Total subordinated assets
407
475
(14
)
Liabilities
Due to banks
18
106,531
82,240
30
Cash collateral on securities lent
11
30,317
23,418
29
Repurchase agreements
11
368,620
295,513
25
Trading portfolio liabilities
12
105,798
82,632
28
Negative replacement values
24
71,443
75,923
(6
)
Due to customers
18
333,781
310,679
7
Accrued expenses and deferred income
17,289
21,038
(18
)
Debt issued
19
156,218
129,635
21
Other liabilities
20,21,22
15,658
18,756
(17
)
Total liabilities
1,205,655
1,039,834
16
Minority interests
23
4,112
2,885
43
Shareholders' equity
Share capital
3,589
4,444
(19
)
Share premium account
14,408
20,885
(31
)
Gains / (losses) not recognized in the income statement
(193
)
(687
)
(72
)
Retained earnings
29,103
24,191
20
Treasury shares
(3,377
)
(4,000
)
(16
)
Total shareholders' equity
43,530
44,833
(3
)
Total liabilities, minority interests and shareholders' equity
1,253,297
1,087,552
15
Total subordinated liabilities
13,818
13,996
(1
)
1
Changes have been made to prior year to conform to the current presentation
(see Note 1: Summary of Significant Accounting Policies).
79
Table of Contents
UBS Group Financial Statements
Financial Statements
UBS Group Statement of Changes in
Equity
CHF million
For the year ended
31.12.01
31.12.00
31.12.99
Issued and paid up share capital
Balance at the beginning of the year
4,444
4,309
4,300
Issue of share capital
12
135
9
Capital repayment by par value reduction
3
(683
)
Cancellation of second trading line treasury shares (2000 Program)
(184
)
Balance at the end of the year
3,589
4,444
4,309
Share premium
Balance at the beginning of the year
20,885
14,437
13,617
Premium on shares issued and warrants exercised
80
139
45
Net premium / (discount) on treasury share and
own equity derivative activity
(239
)
(391
)
775
Share premium increase due to PaineWebber acquisition
4,198
Borrow of own shares to be delivered
5,895
Settlement of own shares to be delivered
(2,502
)
(3,393
)
Cancellation of second trading line treasury shares (2000 Program)
(3,816
)
Balance at the end of the year
14,408
20,885
14,437
Gains
/ (losses) not recognized in the income statement
Foreign currency translation
Balance at the beginning of the year
(687
)
(442
)
(456
)
Movements during the year
(82
)
(245
)
14
Subtotal – balance at the end of the year
(769
)
(687
)
(442
)
Unrealized gains / (losses) on available for sale investments, net of taxes
Balance at the beginning of the year
0
Change in accounting policy
1
1,577
Net unrealized gains / (losses) on available for sale investments
(92
)
Gains reclassified to the income statement
(461
)
Losses reclassified to the income statement
11
Subtotal – balance at the end of the year
1,035
Change in fair value of derivative instruments designated as cash flow hedges, net of taxes
Balance at the beginning of the year
0
Change in accounting policy
1
(380
)
Net unrealized gains / (losses) on the revaluation of cash flow hedges
(316
)
Net losses reclassified to the income statement
237
Subtotal – balance at the end of the year
(459
)
Balance at the end of the year
(193
)
(687
)
(442
)
Retained earnings
Balance at the beginning of the year
24,191
20,327
16,224
Change in accounting policy
1
(61
)
Balance at the beginning of the year (restated)
24,130
20,327
16,224
Net profit for the year
4,973
7,792
6,153
Dividends paid
2, 3
(3,928
)
(2,050
)
Balance at the end of the year
29,103
24,191
20,327
Treasury shares, at cost
Balance at the beginning of the year
(4,000
)
(8,023
)
(4,891
)
Acquisitions
(13,506
)
(16,330
)
(6,595
)
Disposals
10,129
20,353
3,463
Cancellation of second trading line treasury shares (2000 Program)
4,000
Balance at the end of the year
(3,377
)
(4,000
)
(8,023
)
Total shareholders' equity
43,530
44,833
30,608
1
Opening adjustments to reflect the adoption of IAS 39 (see Note 1: Summary of
Significant Accounting Policies).
2
Dividends declared per share were CHF 1.50
in 2000 and CHF 1.83 in 1999, both paid in the year 2000.
3
On 16 July 2001,
UBS made a distribution to shareholders of CHF 1.60 per share, paid in the form
of a reduction in the par value of its shares, from CHF 10.00 to CHF 8.40. At
the same time, UBS split its share 3 for 1, resulting in a new par value of CHF
2.80 per share.
80
Table of Contents
UBS Group Statement of Changes in Equity (continued)
Shares issued
Number of shares
% change from
For the year
ended
31.12.01
31.12.00
31.12.99
31.12.00
Balance at the beginning of the year
1,333,139,187
1,292,679,486
1,289,857,836
3
Issue of share capital
3,843,661
4,459,701
2,821,650
(14
)
Issue
of share capital due to
PaineWebber acquisition
36,000,000
Cancellation
of second trading line
treasury shares (2000 Program)
(55,265,349
)
Balance at the end of the year
1,281,717,499
1,333,139,187
1,292,679,486
(4
)
Treasury shares
Number of shares
% change from
For the year
ended
31.12.01
31.12.00
31.12.99
31.12.00
Balance at the beginning of the year
55,265,349
110,621,142
73,370,094
(50
)
Acquisitions
162,818,045
16,824,039
87,659,019
868
Disposals
(121,563,094
)
(72,179,832
)
(50,407,971
)
68
Cancellation of second trading line
treasury shares (2000 Program)
(55,265,349
)
Balance at the end of the year
41,254,951
55,265,349
110,621,142
(25
)
During the year a total of 55,265,349 shares acquired under the second trading
line buyback program 2000 were cancelled. At 31 December 2001, a maximum of
13,017,716 shares can be issued against the excercise of options from former
PaineWebber employee option plans. Out of the total number of 41,254,951
treasury shares, 23,064,356 shares (CHF 1,834 million) were acquired under the
second trading line buyback program 2001 and are earmarked for cancellation.
The Board of Directors will propose to the Annual General Meeting on 18 April
2002 to reduce the outstanding number of shares and the share capital by the
number of shares purchased for cancellation.
81
Table of Contents
UBS Group Financial Statements
Financial Statements
UBS Group Statement of Cash Flows
CHF million
For the year ended
31.12.01
31.12.00
31.12.99
Cash flow from / (used in) operating activities
Net profit
4,973
7,792
6,153
Adjustments to reconcile net profit to cash flow from /
(used in) operating activities
Non-cash items included in net profit and other adjustments:
Depreciation of property and equipment
1,614
1,608
1,517
Amortization of goodwill and other intangible assets
1,323
667
340
Credit loss expense / (recovery)
498
(130
)
956
Equity in income of associates
(72
)
(58
)
(211
)
Deferred tax expense
292
544
479
Net loss / (gain) from investing activities
513
(730
)
(2,282
)
Net (increase) / decrease in operating assets:
Net due from / to banks
27,306
(915
)
(5,298
)
Reverse repurchase agreements,
cash collateral on securities borrowed
(60,536
)
(81,054
)
(12,656
)
Trading portfolio including net replacement values
and securities pledged as collateral
(78,456
)
11,553
(49,956
)
Loans / due to customers
42,813
12,381
17,222
Accrued income, prepaid expenses and other assets
(424
)
6,923
2,545
Net increase / (decrease) in operating liabilities:
Repurchase agreements, cash collateral on securities lent
80,006
50,762
52,958
Accrued expenses and other liabilities
(5,235
)
3,313
(7,366
)
Income taxes paid
(1,742
)
(959
)
(1,063
)
Net cash flow from / (used in) operating activities
12,873
11,697
3,338
Cash flow from / (used in) investing activities
Investments in subsidiaries and associates
(467
)
(9,729
)
(1,720
)
Disposal of subsidiaries and associates
95
669
3,782
Purchase of property and equipment
(2,021
)
(1,640
)
(2,820
)
Disposal of property and equipment
380
335
1,880
Net (investment) / divestment in financial investments
(5,770
)
(8,770
)
356
Net cash flow from / (used in) investing activities
(7,783
)
(19,135
)
1,478
Cash flow from / (used in) financing activities
Net money market paper issued
24,226
10,125
13,128
Net movements in treasury shares and
treasury share contract activity
(6,038
)
(647
)
(2,312
)
Capital issuance
12
15
9
Capital repayment by par value reduction
(683
)
Dividends paid
(3,928
)
(2,050
)
Issuance of long-term debt
18,233
14,884
12,661
Repayment of long-term debt
(18,477
)
(24,640
)
(7,112
)
Issuance of trust preferred securities
1,291
2,683
Dividend payments to / and purchase from minority interests
(461
)
(73
)
(689
)
Net cash flow from / (used in) financing activities
18,103
(1,581
)
13,635
Effects of exchange rate differences
(304
)
112
148
Net increase / (decrease) in cash equivalents
22,889
(8,907
)
18,599
Cash and cash equivalents, beginning of the year
93,370
102,277
83,678
Cash and cash equivalents, end of the year
116,259
93,370
102,277
Cash and cash equivalents comprise:
Cash and balances with central banks
20,990
2,979
5,073
Money market paper
1
69,938
66,454
69,717
Due from banks maturing in less than three months
25,331
23,937
27,487
Total
116,259
93,370
102,277
1
Money market paper is included in the Balance sheet under Trading portfolio
assets and Financial investments.
82
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Notes to the Financial Statements
Note 1 Summary of Significant Accounting Policies
a) Basis of accounting
UBS AG and subsidiaries ("UBS" or the "Group") provide a broad range of
financial services including advisory services, underwriting, financing, market
making, asset management, brokerage, and retail banking on a global level. The
Group was formed on 29 June 1998 when Swiss Bank Corporation and Union Bank of
Switzerland merged. The merger was accounted for using the uniting of interests
method of accounting.
The consolidated financial statements of the Group (the "Financial
Statements") are prepared in accordance with International Accounting Standards
and stated in Swiss francs (CHF), the currency of the country in which UBS AG
is incorporated. On 12 February 2002 the Board of Directors approved them for
issue.
b) Use of estimates in the preparation of Financial Statements
In preparing the Financial Statements, management is required to make estimates
and assumptions that affect reported income, expenses, assets, liabilities and
disclosure of contingent assets and liabilities. Use of available information
and application of judgement are inherent in the formation of estimates. Actual
results in the future could differ from such estimates and the differences may
be material to the Financial Statements.
c) Consolidation
The Financial Statements comprise those of the parent company (UBS AG), its
subsidiaries and certain special purpose entities, presented as a single
economic entity. The effects of intra-group transactions are eliminated in
preparing the Financial Statements. Subsidiaries and special purpose entities
which are directly or indirectly controlled by the Group are consolidated.
Subsidiaries acquired are consolidated from the date control is transferred to
the Group. Subsidiaries to be divested are consolidated up to the date of
disposal. Temporarily controlled entities that are acquired and held with a
view to their subsequent disposal, are recorded as Financial investments.
Assets held in an agency or fiduciary capacity are not assets of the Group
and are not reported in the Financial Statements.
Equity and net income attributable to minority interests are shown
separately in the Balance sheet and Income statement, respectively.
Investments in associates in which the Group has a significant influence
are accounted for under the equity method of accounting. Significant influence
is normally evidenced when UBS owns 20% or more of a company's voting rights.
Investments in associates are initially recorded at cost and the carrying
amount is increased or decreased to recognize the Group's share of the
investee's profits or losses after the date of acquisition.
The Group sponsors the formation of companies, which may or may not be
directly or indirectly owned subsidiaries, for the purpose of asset
securitization transactions and to accomplish certain narrow and well defined
objectives. These companies may acquire assets directly or indirectly from UBS
or its affiliates. Some of these companies are bankruptcy-remote entities whose
assets are not available to satisfy the claims of creditors of the Group or any
of its subsidiaries. Such companies are consolidated in the Group's Financial
Statements when the substance of the relationship between the Group and the
company indicate that the company is controlled by the Group. Certain
transactions of consolidated entities meet the criteria for derecognition of
financial assets. Derecognition of a financial asset takes place when the Group
loses control of the contractual rights that comprise the financial asset.
These transactions do not affect the consolidation status of an entity.
83
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
d) Foreign currency translation
Foreign currency transactions are recorded at the rate of exchange on the date
of the transaction. At the balance sheet date, monetary assets and liabilities
denominated in foreign currencies are reported using the closing exchange rate.
Exchange differences arising on the settlement of transactions at rates
different from those at the date of the transaction, and unrealized foreign
exchange differences on unsettled foreign currency monetary assets and
liabilities, are recognized in the income statement.
Exchange differences on non-monetary financial assets are a component of
the change in their fair value. Depending on the classification of a
non-monetary financial asset, exchange differences are either recognized in the
income statement (applicable for example for equity securities held for
trading), or within Shareholder's equity if non-monetary financial assets are
classified as available-for-sale financial investments.
Assets and liabilities of foreign entities are translated at the exchange
rates at the balance sheet date, while income statement items and cash flows
are translated at average rates over the year. Differences resulting from the
use of these different exchange rates are recognized directly in Foreign
currency translation within Shareholders' equity.
e) Business and geographical segments
The Group is organized on a worldwide basis into Business Groups and the
Corporate Center. This organizational structure is the basis upon which the
Group reports its primary segment information.
Segment income, segment expenses and segment performance include transfers
between business segments and between geographical segments. Such transfers are
accounted for at prices in line with charges to unaffiliated customers for
similar services.
f) Cash and cash equivalents
Cash and cash equivalents consist of Cash and balances with central banks,
balances included in Due from banks that mature in less than three months, and
Money market paper included in Trading portfolio assets and Financial
investments.
g) Fee income
Brokerage fees earned from executing securities transactions are recorded when
the service has been provided. Portfolio and other management, advisory and
other service fees are recognized based on the terms of the applicable service
contracts. Asset management fees related to investment funds are recognized
ratably over the period the service is provided. The same principle is applied
for fees earned for wealth management, financial planning and custody services
that are continuously provided over an extended period of time.
Transaction-related fees earned from merger and acquisition and other advisory
services, securities underwriting, fund raising, and from other investment
banking and similar services that have a non-recurring character, are
recognized at the time the service has been completed.
h) Securities borrowing and lending
Securities borrowed and securities lent are recorded at the amount of cash
collateral advanced or received. The Group monitors the market value of the
securities borrowed and lent on a daily basis and calls for additional
collateral when appropriate.
Fees and interest received or paid are recorded as interest income or
interest expense, on an accrual basis.
i) Repurchase and reverse repurchase transactions
Securities purchased under agreements to resell (reverse repurchase agreements)
and securities sold under agreements to repurchase (repurchase agreements) are
generally treated as collateralized financing transactions and are carried at
the amounts at which the securities were acquired or sold, plus accrued
interest. The Group monitors the market value of the underlying securities,
(which collateralize the related receivables) on a daily basis and requests
additional collateral when appropriate.
Interest earned on reverse repurchase agreements and interest incurred on
repurchase agreements is recognized as interest income and interest expense,
over the life of each agreement.
The Group offsets reverse repurchase agreements and repurchase agreements
with the same counterparty for transactions covered by legally enforceable
master netting agreements when net or simultaneous settlement is intended.
j) Trading portfolio
Trading portfolio assets consist of money market paper, other debt instruments
and equity instru-
84
Table of Contents
ments as well as traded loans and precious metals which are owned by the Group
("long" positions). Obligations to deliver trading securities sold but not yet
purchased are reported as Trading portfolio liabilities. Trading portfolio
liabilities consist of money market paper, other debt instruments and equity
instruments which the Group has sold to third parties but does not own ("short"
positions).
The trading portfolio is carried at fair value, which includes valuation
allowances for instruments, for which liquid markets do not exist, to adjust
primarily for credit and settlement risks. Gains and losses realized on
disposal or redemption and unrealized gains and losses from changes in the fair
value of trading portfolio assets or liabilities are reported as Net trading
income. Interest and dividend income and expense on trading portfolio assets or
liabilities are included in Interest and dividend income or Interest and
dividend expense, respectively.
When the Group becomes party to a contract classified in its trading
portfolio, it recognizes from that date (trade date) in the income statement
any unrealized profits and losses arising from revaluing that contract to fair
value. On a date subsequent to the trade date, the terms of spot and forward
trading transactions are fulfilled (settlement date) and a resulting financial
asset or liability is recognized on the balance sheet at the fair value of the
consideration given or received plus the change in fair value of the contract
since the trade date.
The determination of fair values of trading portfolio assets or
liabilities is based on quoted market prices in active markets or dealer price
quotations, pricing models (using assumptions based on market and economic
conditions), or management's estimates, as applicable.
k) Loans originated by the Group
Loans originated by the Group include loans where money is provided directly to
the borrower, other than those that are originated with the intent to be sold
immediately or in the short term, which are recorded as Trading portfolio
assets. A participation in a loan from another lender is considered to be
originated by the Group, provided it is funded on the date the loan is
originated by the lender. Purchased loans are either classified as Financial
investments available-for-sale, or as Trading portfolio assets, as appropriate.
Loans originated by the Group are recognized when cash is advanced to
borrowers. They are initially recorded at cost, which is the fair value of the
cash given to originate the loan, including any transaction costs, and are
subsequently measured at amortized cost using the effective interest rate
method.
l) Allowance and provision for credit losses
An allowance for credit losses is established if there is objective evidence
that the Group will
be unable to collect all amounts due. The allowance and provision for credit
losses represents management's estimate of probable losses inherent in the loan
portfolio and other lending-related commitments. Such commitments normally
include letters of credit, guarantees and commitments to extend credit.
However, credit risk exposures are also inherent in other instruments.
The allowance for credit losses is reported as a reduction of loans
whereas the provision for credit losses for lending related commitments is
reported in Other liabilities. Additions to the allowances and provisions for
credit losses are made through the credit loss expense account. Allowance and
provision for credit exposures are evaluated at a counterparty-specific and/or
country-specific level based on following principles:
Counterparty-specific: Individual credit exposures are evaluated based
upon the borrower's character, overall financial condition, resources and
payment record; the prospects for support from any financially responsible
guarantors; and, if appropriate, the realizable value of any collateral.
Impairment is measured and allowances for credit losses are established for the
difference between the carrying amount and its estimated recoverable amount.
A loan is considered impaired when management determines that it is
probable that the Group will not be able to collect all amounts due according
to the original contractual terms, unless such loans are secured, in process of
collection, or other factors exist which make the Group expect that all future
cash flows according to the original terms of the contract will be received. An
impaired loan is classified as non-performing when the contractual payments of
principal and/or interest are in arrears for 90 days or more.
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UBS Group Financial Statements
Notes to the Financial Statements
When a loan has been identified as impaired, the carrying amount of the loan is
reduced by recording specific allowances for credit losses to its estimated
recoverable amount, which is the present value of expected future cash flows
discounted at the original effective interest rate of the loan. Upon impairment
the accrual of interest income based on the original terms of the loan is
discontinued. The increase of the present value of impaired loans due to the
passage of time is reported as interest income.
All impaired loans are reviewed and analyzed at least annually. Any
subsequent changes to the amounts and timing of the expected future cash flows
compared to the prior estimates will result in a change in the allowance for
credit losses and be charged to credit loss expense. If there are indications
of significant probable losses in the portfolio that have not been specifically
identified, allowances for credit losses would also be provided for on a
portfolio basis.
An allowance for an impairment is reversed only when the credit quality
has improved such that there is reasonable assurance of timely collection of
principal and interest in accordance with the original contractual terms of the
loan agreement.
A write-off is made when all or part of a loan is deemed uncollectible or
in the case of debt forgiveness. Write-offs are charged against previously
established allowances for credit losses and reduce the principal amount of a
loan. Recoveries in part or in full of amounts previously written off are
credited to credit loss expense.
Country-specific: Probable losses resulting from exposures in countries
experiencing political and transfer risk, countrywide economic distress, or
problems regarding the legal enforceability of contracts are assessed using
country specific scenarios and taking into consideration the nature of the
individual exposures. Specific country allowances are established based on this
assessment, and exclude exposures addressed in counterparty-specific
allowances.
m) Securitizations
The Group securitizes various consumer and commercial financial assets, which
generally results in the sale of these assets to special-purpose vehicles
which, in turn issue securities to investors. Financial assets are partially or
wholly derecognized when the Group gives up control of the contractual rights
that comprise the financial asset.
Interests in the securitized financial assets may be retained in the form
of senior or subordinated tranches, interest-only strips or other residual
interests ("retained interests"). Retained interests are primarily recorded in
Trading portfolio assets and carried at fair value. The determination of fair
values of retained interest is generally based on listed market prices or by
determining the present value of expected future cash flows using pricing
models that incorporate management's best estimates of critical assumptions
which may include credit losses, discount rates, yield curves and other
factors.
Gains or losses on securitization depend in part on the carrying amount of
the transferred financial assets, allocated between the financial assets
derecognized and the retained interests based on their relative fair values at
the date of the transfer. Gains or losses on securitization are recorded in Net
trading income.
n) Financial investments
Financial investments are classified as available-for-sale and recorded on a
settlement date basis. Management determines the appropriate classification of
its investments at the time of the purchase. Financial investments consist of
money market paper, other debt instruments and equity instruments, including
private equity investments.
Available-for-sale financial investments may be sold in response to needs
for liquidity or changes in interest rates, foreign exchange rates or equity
prices.
Available-for-sale financial investments are carried at fair value.
Unrealized gains or losses on available-for-sale investments are reported in
Shareholders' equity, net of applicable taxes, until such investment is sold,
collected or otherwise disposed of, or until such investment is determined to
be impaired. If an available-for-sale investment is determined to be impaired,
the cumulative unrealized gain or loss previously recognized in Shareholders'
equity is included in net profit or loss for the period and reported in Other
income. A financial investment is considered impaired if its carrying value
exceeds the recoverable amount. For non-quoted investments, the recoverable
amount is determined by applying recognized valuation techniques. Quoted
financial investments are considered impaired
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if the decline in market price below cost is of such a magnitude that recovery
of the cost value cannot be reasonably expected within the foreseeable future.
On disposal of an available-for-sale investment, the accumulated
unrealized gain or loss included in Shareholders' equity is transferred to net
profit or loss for the period and reported in Other income. Gains and losses on
disposal are determined using the average cost method.
The determination of fair values of available-for-sale financial
investments is generally based on quoted market prices in active markets,
dealer price quotations, discounted expected cash flows using market rates
commensurate with the credit quality and maturity of the investment or based
upon review of the investee's financial results, condition and prospects
including comparisons to similar companies for which quoted market prices are
available.
Interest and dividend income on available-for-sale financial investments
is included in Interest and dividend income from financial investments.
o) Property and equipment
Property and equipment includes bank occupied properties, investment
properties, software, IT and communication and other machines and equipment.
Bank-occupied property is defined as property held by the Group for use in
the supply of services or for administrative purposes whereas investment
property is defined as property held by the Group to earn rentals and/or for
capital appreciation. If a property of the Group includes a portion that is
bank occupied and another portion that is held to earn rentals or for capital
appreciation, the classification is based on whether or not these portions can
be sold separately. If both portions of the property can be sold separately
these portions are accounted for as bank-occupied property and investment
property, respectively. If the portions can not be sold separately, the whole
property is classified as bank-occupied property unless the portion used by the
bank is minor. The classification of property is reviewed on a regular basis to
account for major changes in its usage. In 2001, investment properties with a
carrying value of CHF 350 million (cost CHF 447 million less accumulated
depreciation of CHF 97 million) have been reclassified to Bank occupied
property. Assets with a value of CHF 144 million related to the PaineWebber
acquisition were transferred from Other machines and equipment to IT, software
and communication, and CHF 30 million for leasehold improvements were
reclassified from Investment properties to Other machines and equipment.
Software development costs are capitalized when they meet certain criteria
relating to identifiability, it is probable that future economic benefits will
flow to the enterprise, and the cost can be measured reliably. Internally
developed software meeting these criteria is classified in Property and
equipment on the balance sheet.
Property and equipment is carried at cost less accumulated depreciation
and accumulated impairment losses. Property and equipment is periodically
reviewed for impairment.
Property and equipment is depreciated on a straight-line basis over its
estimated useful life as follows:
Properties
Not exceeding 50 years
Other machines and equipment
Not exceeding 10 years
IT, software and communication
Not exceeding 3 years
Property formerly bank-occupied or leased to third parties under an
operating lease, which the Group has decided to dispose of and foreclosed
property are defined as Properties held for resale and disclosed in Other
assets. They are carried at the lower of cost or recoverable value. During
2001, properties with a carrying value of CHF 293 million (cost CHF 482 million
less accumulated depreciation of CHF 189 million) have been reclassified from
Investment property to Property held for resale.
p) Goodwill and other intangible assets
Goodwill represents the excess of the cost of an acquisition over the fair
value of the Group's share of net identifiable assets of the acquired entity at
the date of acquisition.
Other intangible assets are comprised of separately identifiable
intangible items arising from acquisitions and certain purchased trademarks and
similar items.
Goodwill and other intangible assets are recognized as assets and are
amortized using the straight-line basis over their estimated useful economic
life, not exceeding 20 years. At each balance sheet date, goodwill and other
intangible assets are reviewed for indications of impair-
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UBS Group Financial Statements
Notes to the Financial Statements
ment. If such indications exist an analysis is performed to assess whether the
carrying amount of goodwill or other intangible assets is fully recoverable. A
write-down is made if the carrying amount exceeds the recoverable amount.
q) Income taxes
Income tax payable on profits, based on the applicable tax laws in each
jurisdiction, is recognized as an expense in the period in which profits arise.
The tax effects of income tax losses available for carry-forward are recognized
as an asset when it is probable that future taxable profit will be available
against which those losses can be utilized.
Deferred tax liabilities are recognized for temporary differences between
the carrying amounts of assets and liabilities in the Group balance sheet and
their amounts as measured for tax purposes, which will result in taxable
amounts in future periods. Deferred tax assets are recognized for temporary
differences which will result in deductible amounts in future periods, but only
to the extent it is probable that sufficient taxable profits will be available
against which these differences can be utilized.
Deferred tax assets and liabilities are measured at the tax rates that are
expected to apply in the period in which the asset will be realized or the
liability will be settled based on enacted rates.
Current and deferred tax assets and liabilities are offset when they arise
from the same tax reporting group and relate to the same tax authority and when
the legal right to offset exists.
Current and deferred taxes are recognized as income tax benefit or expense
except for deferred taxes recognized or disposed of upon the acquisition or
disposal of a subsidiary.
r) Debt issued
Debt issued is initially measured at cost, which is the fair value of the
consideration received, net of transaction costs incurred. Subsequent
measurement is at amortized cost, using the effective interest rate method to
amortize cost at inception to the redemption value over the life of the debt.
Combined debt instruments that are related to non-UBS AG equity
instruments, foreign exchange or credit instruments or indices are considered
structured instruments. The embedded derivative is separated from the host
contract and accounted for as a stand alone derivative if the criteria for
separation are met. The host contract is subsequently measured at amortized
cost.
Debt instruments with embedded derivatives that are related to UBS AG
shares or to a derivative instrument that has UBS AG shares as underlying are
separated into a liability and an equity component at issue date, if they will
be physically settled. Initially, a portion of the net proceeds from issuing
the combined debt instrument are allocated to the equity component based on its
fair value and reported in Share premium account. The determination of fair
values is generally based on listed market prices or option pricing models.
Subsequent changes in fair value of the separated equity component are not
recognized. The remaining amount is allocated to the liability component and
reported as Debt issued. The liability component is subsequently measured at
amortized cost.
However, if the combined instrument or the embedded derivative related to
UBS AG shares is cash settled or the holder of the hybrid instrument has the
right to require cash settlement, then the separated derivative is accounted
for as a trading instrument with changes in fair value recorded in income.
It is the Group's policy to hedge the fixed interest rate risk on debt
issues (except for certain subordinated long-term notes issues, see Note 30a)
and apply fair value hedge accounting. The effect is such that when hedge
accounting is applied to fixed rate debt instruments, the carrying value of
debt issues are adjusted for changes in fair value related to the hedged
exposure rather than carried at amortized cost. See v) Derivative instruments
for further discussion.
Interest expense on debt instruments is included in Interest on debt
issued.
s) Treasury shares
UBS AG shares held by the Group are classified in Shareholders' equity as
Treasury shares and accounted for at weighted average cost. The difference
between the proceeds from sales of treasury shares and their cost (net of tax,
if any) is classified as Share premium.
Contracts that require physical settlement or net share settlement in UBS
AG shares or provide the Group with a choice to physically settle are
classified as Shareholders' equity and reported as Share premium. Upon
settlement of such con-
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tracts the proceeds received less cost (net of tax, if any), are reported as
Share premium.
t) Retirement benefits
The Group sponsors a number of retirement benefit plans for its employees
worldwide. These plans include both defined benefit and defined contribution
plans and various other retirement benefits such as post-employment medical
benefits. Group contributions to defined contribution plans are expensed when
employees have rendered services in exchange for such contributions, generally
in the year of contribution.
The Group uses the projected unit credit actuarial method to determine the
present value of its defined benefit obligations and the related current
service cost and, where applicable, past service cost.
The principal actuarial assumptions used by the actuary are set out in
Note 32.
The Group recognizes a portion of its actuarial gains and losses as income
or expenses if the net cumulative unrecognized actuarial gains and losses at
the end of the previous reporting period exceeded the greater of:
a)
10% of present value of the defined benefit obligation at that date
(before deducting plan assets); and
b)
10% of the fair value of any plan assets at that date.
The unrecognized actuarial gains and losses exceeding the greater of the
two values are recognized in the income statement over the expected average
remaining working lives of the employees participating in the plans.
u) Equity participation plans
The Group provides various equity participation plans in the form of stock
plans and stock option plans. UBS generally uses the intrinsic value based
method of accounting for such awards. Consequently, compensation expense is
measured as the difference between the quoted market price of the stock at the
measurement date less the amount, if any, that the employee is required to pay,
or by the excess of stock price over option strike price, if any. The Group's
policy is to recognize compensation expense for equity awards at the date of
grant.
v) Derivative instruments
All derivative instruments of the Group are carried at fair value on the
balance sheet and are reported as Positive or Negative replacement values. Fair
values are obtained from quoted market prices, dealer price quotations,
discounted cash flow models and option pricing models, which consider current
market and contractual prices for the underlying instrument, as well as time
value of money, yield curve and volatility of the underlying. The Group offsets
positive and negative replacement values with the same counterparty for
transactions covered by legally enforceable master netting agreements.
Where the Group enters into derivatives for trading purposes, realized and
unrealized gains and losses are recognized in Net trading income.
The Group also uses derivative instruments as part of its asset and
liability management activities to manage exposures to interest rate risks,
credit risks and foreign currency risks. The Group applies either fair value or
cash flow hedge accounting when it meets the specified criteria to obtain hedge
accounting treatment. Derivative instruments not qualifying for hedge
accounting are treated as derivative instruments used for trading purposes. The
Group has entered into economic hedges of credit risk within the loan portfolio
using credit default swaps to which it does not apply hedge accounting.
However, in the event the Group recognizes an impairment on a loan that is
economically hedged in this way, the gain on the credit default swap is offset
against Credit loss expense/recovery. See Note 24 for additional information.
In a qualifying hedge of exposures to changes in fair value, the change in
fair value of the hedging derivative is recognized in net profit and loss. The
change in fair value of the hedged item attributable to the hedged risks
adjusts the carrying value of the hedged item and is also recognized in net
profit or loss. If the hedge relationship is terminated, the unamortized fair
value adjustment of the hedged item is amortized to net profit or loss over the
original hedge term or recognized in income if the hedged item is derecognized.
In a qualifying cash flow hedge, the effective portion of the gain or loss on
the hedging derivative is recognized in Shareholders' equity while the
ineffective portion is reported in net profit or loss. When the hedged firm
commitment or forecasted transaction results in income or expense, then the
associated gain or loss on the hedging derivative is removed from Shareholders'
equity and included in net profit
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UBS Group Financial Statements
Notes to the Financial Statements
or loss in the same period during which the forecasted transaction affects net
profit or loss. If the forecasted transaction is no longer expected to occur,
the cumulative gain or loss on the hedging derivative is recognized immediately
in net profit or loss. If the hedge relationship is terminated, the cumulative
gain or loss on the hedging derivative that initially had been reported in
Shareholders' equity when the hedge was effective, remains in Shareholders'
equity until the committed or forecasted transaction occurs, at which point it
is reported in net profit or loss.
In some cases, a derivative may be part of a hybrid instrument that
includes both a derivative and a host contract. This is known as an embedded
derivative. An embedded derivative is separated from the host contract and
accounted for as a stand alone derivative instrument if and only if the
following conditions are met: the economic characteristics and risks of the
embedded derivative are not closely related to the economic characteristics and
risks of the host contract, the host contract is not carried at fair value with
changes in fair value reported in net profit or loss, and the embedded
derivative meets the definition of a derivative.
w) Comparability
Certain amounts have been reclassified from previous years to conform to the
2001 presentation.
The Group adopted the following revised or new International Accounting
Standards and Interpretations of the Standing Interpretation Committee (SIC) in
2001:
IAS 12 (Revised)
Income Taxes
IAS 39
Financial Instruments: Recognition
and Measurement
IAS 40
Investment Property
Interpretation SIC 17
Equity – Costs of an
Equity Transaction
Interpretation SIC 18
Consistency – Alternative Methods
Interpretation SIC 19
Reporting Currency –
Measurement and Presentation of
Financial Statements under
IAS 21 and IAS 29
Interpretation SIC 22
Business Combinations –
Subsequent Adjustment of
Fair Values and
Goodwill Initially Reported
Interpretation SIC 24
Earnings Per Share – Financial
Instruments and Other Contracts
that May Be Settled in Shares
Additional SIC interpretations became effective during 2001, which are not
applicable to the Group. The implementation of the above standards and
interpretations had no material impact on the Group's Financial Statements in
2001 except for the following:
IAS 39, Recognition and measurement of financial instruments
The Group adopted IAS 39 prospectively as at 1 January 2001. The Standard
provides comprehensive guidance on accounting for financial instruments.
Upon adoption, the Group decided to record unrealized gains and losses
arising from changes in the fair value of available-for-sale financial
investments directly in Shareholders' equity until such investment is disposed
of or until such investment is determined to be impaired.
As a result of the adoption of IAS 39, the following adjustments or
changes in classification occurred:
Gains/losses not recognized in the income statement is a new component of
Shareholders' equity as at 1 January 2001. It includes unrealized gains and
losses on available for sale financial investments and on derivatives
designated as cash flow hedges as well as Foreign currency translation. The
opening adjustment as at 1 January 2001 to financial investments recorded as
available for sale was a net unrealized gain of CHF 1,769 million (CHF 1,577
million net of taxes), and for derivatives designated as cash flow hedges an
unrealized net loss of CHF 506 million (CHF 380 million net of taxes).
Available-for-sale financial investments were previously carried at the
lower of cost or market value and private equity investments were carried at
cost less write-downs for impairments in value. Reductions of the carrying
amount of available-for-sale financial investments and private equity
investments and reversals of such reductions as well as gains and losses on
disposal are included in Other income. As at 1 January 2001 these financial
investments are now classified as available-for-sale financial investments and
carried at fair value. Changes in fair value are reported in Gains/losses not
recognized in the income statement within Shareholders' equity until these
investments are disposed of. At the time an available-for-sale financial
investment is
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determined to be impaired, the cumulative unrealized loss previously recognized
in Shareholders' equity is included in net profit or loss for the period.
The opening adjustment to Retained earnings, a net debit of CHF 61 million
as at 1 January 2001, consisted of CHF 19 million reflecting the impact of
adopting the new hedge accounting rules and CHF 42 million reflecting the
impact of remeasuring assets to either amortized cost or fair value as required
under the Standard.
Properties held for resale include properties formerly bank-occupied or
leased to third parties under an operating lease, which the Group has decided
to dispose of, and foreclosed properties which the Group received in
satisfaction of a secured loan and which it does not intend to occupy. As at 1
January 2001, Properties held for resale in the amount of CHF 984 million were
reclassified from Financial investments to Other assets. Comparative amounts
have been reclassified accordingly.
Money market paper and Money market paper issued
Money market paper held for trading is now disclosed within Trading portfolio
assets and Money market paper held as available-for-sale is now disclosed
within Financial investments. Money market paper issued is disclosed within
Debt issued. Interest income on Money market paper held as available-for-sale
is disclosed as Interest and dividend income from financial investments. These
changes became effective as at 1 January 2001 and all prior periods presented
have been reclassified.
The reclassification of Money market paper in the amount of CHF 66,454
million as at 31 December 2000 resulted in an increase of Trading portfolio
assets by CHF 62,292 million and Financial investments by CHF 4,162 million for
the year ended 31 December 2000. Money market paper issued in the amount of CHF
74,780 million as at 31 December 2000 was reclassified to Debt issued.
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UBS Group Financial Statements
Notes to the Financial Statements
Note 2a Segment Reporting by Business Group
UBS is organized into three Business Groups: UBS Switzerland, UBS Warburg and
UBS Asset Management, and our Corporate Center.
UBS Switzerland
UBS Switzerland is the leading bank in Switzerland. It is made up of two
business units.
The Private Banking business unit offers a comprehensive range of products
and services individually tailored for wealthy clients, from offices around the
world. It is the world's largest private banking business.
Within Switzerland, the Private and Corporate Clients business unit
provides a complete set of banking and securities services for individual and
corporate clients, focused foremost on customer service excellence,
profitability and growth via multi-channel distribution.
The two business units share technological and physical infrastructure,
and have joint departments supporting major functions such as e-commerce,
financial planning and wealth management, and investment policy and strategy.
UBS Asset Management
UBS Asset Management is a leading institutional asset manager and mutual fund
provider, offering a broad range of asset management services and products for
institutional and individual clients across the world.
UBS Warburg
UBS Warburg operates globally as a client-driven securities, investment banking
and wealth management firm. It is made up of three business units.
Corporate and Institutional Clients provides innovative products,
top-quality research and advice, and comprehensive access to the world's
capital markets, for both its own corporate and institutional clients and for
the other parts of the UBS Group.
UBS Capital is the private equity business unit of UBS Warburg, investing UBS
and third party funds, primarily in unlisted companies.
UBS PaineWebber, one of the top US wealth managers, became part of UBS
Warburg in November 2000. On 1 January 2002, UBS PaineWebber was separated from
UBS Warburg and in future years will be reported as a separate Business Group
within UBS.
Corporate Center
UBS's Business Groups are accountable for their results and enjoy considerable
autonomy in pursuing their business objectives. The Corporate Center ensures
that the Business Groups operate as a coherent and effective whole with a
common set of values and principles. Corporate Center's remit covers areas such
as risk management, financial reporting, marketing and communications, funding,
capital and balance sheet management and management of foreign currency
earnings.
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Table of Contents
Note 2a Segment Reporting by Business Group (continued)
The Business Group results are presented on a management reporting basis.
Consequently, internal charges and transfer pricing adjustments have been
reflected in the performance of each business. Revenue sharing agreements are
used to allocate external customer revenues to a Business Group on a reasonable
basis. Transactions between Business Groups are conducted at arm's length. The
segment reporting for all periods presented reflects the changes in business
unit structure implemented
1 January 2001.
For the year ended 31 December 2001
UBS
UBS Asset
UBS
Corporate
CHF million
Switzerland
Management
Warburg
Center
UBS Group
Income
13,475
2,110
21,349
678
37,612
Credit loss expense
1
(604
)
0
(130
)
236
(498
)
Total operating income
12,871
2,110
21,219
914
37,114
Personnel expenses
4,764
1,003
13,515
546
19,828
General and administrative expenses
2,600
564
4,260
207
7,631
Depreciation
616
46
580
372
1,614
Amortization of goodwill
and other intangible assets
41
266
991
25
1,323
Total operating expenses
8,021
1,879
19,346
1,150
30,396
Business Group performance
before tax
4,850
231
1,873
(236
)
6,718
Tax expense
1,401
Net profit before minority interests
5,317
Minority interests
(344
)
Net profit
4,973
Other information as at 31 December 2001
2
Total assets
313,389
5,988
1,045,297
(111,377
)
1,253,297
Total liabilities and minority interests
304,875
4,638
1,022,907
(122,653
)
1,209,767
Capital expenditure
540
37
633
811
2,021
1
In order to show the relevant Business Group performance over time, adjusted
expected loss figures rather than the IAS actual net credit loss expense are
reported for each Business Group. The statistically derived adjusted expected
losses reflect the inherent counterparty and country risks in the respective
portfolios. The difference between the statistically derived adjusted expected
loss figures and the IAS actual net credit loss expense recorded at Group
level for financial reporting purposes is reported in the Corporate Center. The
Business Group breakdown of the net credit loss expense for financial reporting
purposes of CHF 498 million for the year ended 31 December 2001 is as follows:
UBS Switzerland CHF 123 million, UBS Warburg CHF 375 million.
2
The funding
surplus or requirement is reflected in each Business Group and adjusted in
Corporate Center.
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UBS Group Financial Statements
Notes to the Financial Statements
Note 2a Segment Reporting by
Business Group (continued)
For the year ended
31 December 2000
UBS
UBS Asset
UBS
Corporate
CHF million
Switzerland
Management
Warburg
Center
UBS Group
Income
14,371
1,953
19,590
358
36,272
Credit loss recovery
1
(785
)
0
(246
)
1,161
130
Total operating income
13,586
1,953
19,344
1,519
36,402
Personnel expenses
5,143
880
10,618
522
17,163
General and administrative expenses
2,699
439
3,196
431
6,765
Depreciation
633
49
606
320
1,608
Amortization of goodwill
and other intangible assets
70
263
290
44
667
Total operating expenses
8,545
1,631
14,710
1,317
26,203
Business Group performance
before tax
5,041
322
4,634
202
10,199
Tax expense
2,320
Net profit before minority interests
7,879
Minority interests
(87
)
Net profit
7,792
Other information as at 31 December 2000
2
Total assets
281,780
6,727
870,608
(71,563
)
1,087,552
Total liabilities and minority interests
272,134
5,513
846,451
(81,379
)
1,042,719
1
In order to show the relevant Business Group performance over time, adjusted
expected loss figures rather than the IAS actual net credit loss expense are
reported for each Business Group. The statistically derived adjusted expected
losses reflect the inherent counterparty and country risks in the respective
portfolios. The difference between the statistically derived adjusted expected
loss figures and the IAS actual net credit loss expense recorded at Group level
for financial reporting purposes is reported in the Corporate Center. The
Business Group breakdown of the net credit loss recovery for financial
reporting purposes of CHF 130 million for the year ended 31 December 2000 is as
follows: UBS Switzerland CHF 695 million recovery, UBS Warburg CHF 565 million
expense.
2
The funding surplus or requirement is reflected in each Business
Group and adjusted in Corporate Center.
For the year ended 31 December 1999
UBS
UBS Asset
UBS
Corporate
CHF million
Switzerland
Management
Warburg
Center
UBS Group
Income
12,884
1,369
13,118
2,010
29,381
Credit loss expense
1
(1,071
)
0
(333
)
448
(956
)
Total operating income
11,813
1,369
12,785
2,458
28,425
Personnel expenses
4,882
516
7,087
92
12,577
General and administrative expenses
2,450
271
2,538
839
6,098
Depreciation
475
32
644
366
1,517
Amortization of goodwill
and other intangible assets
38
113
139
50
340
Total operating expenses
7,845
932
10,408
1,347
20,532
Business Group performance
before tax
3,968
437
2,377
1,111
7,893
Tax expense
1,686
Net profit before minority interests
6,207
Minority interests
(54
)
Net profit
6,153
Other information as at 31 December 1999
2
Total assets
254,577
10,451
719,568
(88,040
)
896,556
Total liabilities and minority interests
270,137
4,614
693,633
(102,436
)
865,948
1
In order to show the relevant Business Group performance over time, adjusted
expected loss figures rather than the IAS actual net credit loss expense are
reported for each Business Group. The statistically derived adjusted expected
losses reflect
the inherent counterparty and country risks in the respective portfolios. The
difference between the statistically derived adjusted expected loss figures and
the IAS actual net credit loss expense recorded at Group level for financial
reporting purposes is reported in the Corporate Center. The Business Group
breakdown of the net credit loss expense for financial reporting purposes of
CHF 956 million for the year ended 31 December 1999 is as follows: UBS
Switzerland
CHF 965 million expense and Corporate Center CHF 9 million
recovery.
2
The
funding surplus or requirement is reflected in each Business Group and adjusted
in Corporate Center.
94
Table of Contents
Note 2b Segment Reporting by Geographic Location
The geographic analysis of total assets is based on customer domicile whereas
operating income and capital expenditure is based on the location of the office
in which the transactions and assets are recorded. Because of the global nature
of financial markets the Group's business is managed on an integrated basis
worldwide, with a view to profitability by product line. The geographical
analysis of operating income, total assets, and capital expenditure is provided
in order to comply with International Accounting Standards, and does not
reflect the way the Group is managed. Management believes that analysis by
Business Group, as shown in Note 2a to these Financial Statements, is a more
meaningful representation of the way in which the Group is managed.
For the year ended 31 December 2001
Total operating income
Total assets
Capital expenditure
CHF million
Share %
CHF million
Share %
CHF million
Share %
Switzerland
14,223
38
195,321
16
1,039
52
Rest of Europe
7,411
20
236,775
19
303
15
Americas
13,587
37
691,157
55
630
31
Asia / Pacific
1,859
5
126,725
10
48
2
Africa / Middle East
34
0
3,319
0
1
0
Total
37,114
100
1,253,297
100
2,021
100
For the year ended 31 December 2000
Total operating income
Total assets
Capital expenditure
CHF million
Share %
CHF million
Share %
CHF million
Share %
Switzerland
15,836
44
211,851
19
1,135
43
Rest of Europe
10,907
30
305,342
28
311
12
Americas
6,976
19
474,617
44
1,169
44
Asia / Pacific
2,626
7
87,831
8
36
1
Africa / Middle East
57
0
7,911
1
8
0
Total
36,402
100
1,087,552
100
2,659
100
For the year ended 31 December 1999
Total operating income
Total assets
Capital expenditure
CHF million
Share %
CHF million
Share %
CHF million
Share %
Switzerland
14,976
52
207,702
23
1,990
70
Rest of Europe
7,626
27
303,365
34
356
13
Americas
3,861
14
281,974
31
386
14
Asia / Pacific
1,945
7
96,469
11
87
3
Africa / Middle East
17
0
7,046
1
1
0
Total
28,425
100
896,556
100
2,820
100
95
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Income Statement
Note 3 Net Interest Income
CHF million
% change from
For the year ended
31.12.01
31.12.00
31.12.99
31.12.00
Interest income
Interest earned on loans and advances
1
16,955
20,413
18,340
(17
)
Interest earned on securities borrowed and
reverse repurchase agreements
18,337
19,088
11,422
(4
)
Interest and dividend income from financial
investments
2
453
402
244
13
Interest and dividend income from trading portfolio
16,532
11,842
5,598
40
Total
52,277
51,745
35,604
1
Interest expense
Interest on amounts due to banks and customers
14,088
15,660
13,845
(10
)
Interest on securities lent and repurchase agreements
14,517
14,915
8,446
(3
)
Interest and dividend expense from trading portfolio
7,815
5,309
2,070
47
Interest on debt issued
7,816
7,731
5,334
1
Total
44,236
43,615
29,695
1
Net interest income
8,041
8,130
5,909
(1
)
1
Includes interest income from finance leasing and other interest income. All
prior year figures have been restated accordingly.
2
Includes interest
income from money market paper available for sale which was previously
disclosed as other interest income. All prior year figures have been restated
accordingly.
Note 4 Net Fee and Commission Income
CHF million
% change from
For the year ended
31.12.01
31.12.00
31.12.99
31.12.00
Underwriting fees
2,158
1,434
905
50
Corporate finance fees
1,339
1,772
1,298
(24
)
Brokerage fees
1
6,445
5,742
3,934
12
Investment fund fees
4,276
2,821
1,915
52
Fiduciary fees
355
351
317
1
Custodian fees
1,356
1,439
1,583
(6
)
Portfolio and other management and
advisory fees
1
4,650
3,666
2,612
27
Insurance-related and other fees
1
538
111
57
385
Total Security trading and investment activity fees
21,117
17,336
12,621
22
Credit-related fees and commissions
307
310
372
(1
)
Commission income from other services
946
802
765
18
Total fee and commission income
22,370
18,448
13,758
21
Brokerage fees paid
1,281
1,084
795
18
Other
878
661
356
33
Total fee and commission expense
2,159
1,745
1,151
24
Net fee and commission income
20,211
16,703
12,607
21
1
Fee and commission income from insurance products now reported in
Insurance-related and other fees was previously reported in Brokerage fees and
in Portfolio and other management and advisory fees. All prior year figures
have been restated accordingly.
96
Table of Contents
Note 5 Net Trading Income
Foreign exchange net trading income include gains and losses from spot and
forward contracts, options, futures, and translation of foreign currency assets
and liabilities, bank notes, precious metals, and commodities. Fixed income net
trading income includes the results of making markets in instruments of both
developed and emerging countries in government securities, corporate debt
securities, money market instruments, interest rate and currency swaps,
options, and other derivatives. Equities net trading income includes the
results of making markets globally in equity securities and equity derivatives
such as swaps, options, futures, and forward contracts.
CHF million
% change from
For the year ended
31.12.01
31.12.00
31.12.99
31.12.00
Foreign
exchange
1
2,045
1,287
1,108
59
Fixed income
2,731
912
2,603
199
Equities
4,026
7,754
4,008
(48
)
Net trading income
8,802
9,953
7,719
(12
)
1
Includes other trading income such as banknotes, precious metals and
commodities.
Note 6 Other Income
CHF million
% change from
For the year ended
31.12.01
31.12.00
31.12.99
31.12.00
Gains / losses from disposal of associates and subsidiaries
Net gain from disposal of:
Consolidated subsidiaries
3
57
8
(95
)
Investments in associates
0
26
1,813
(100
)
Total
3
83
1,821
(96
)
Financial Investments available for sale
Net gain from disposal of:
Private equity investments
454
919
374
(51
)
Other financial investments
256
162
180
58
Impairment charges on private equity investments
and other financial investments
(1,294
)
(507
)
(102
)
155
Total
(584
)
574
452
Net income from investments in property
68
96
(20
)
(29
)
Equity in income of associates
72
58
211
24
Other
1
999
675
682
48
Total other income
558
1,486
3,146
(62
)
1
Includes income from properties held for disposal.
Note 7 Personnel Expenses
CHF million
% change from
For the year ended
31.12.01
31.12.00
31.12.99
31.12.00
Salaries and bonuses
15,238
13,523
9,872
13
Contractors
729
725
886
1
Insurance and social contributions
984
959
717
3
Contribution to retirement plans
603
475
8
27
Employee share plans
103
97
151
6
Other personnel expenses
2,171
1,384
943
57
Total personnel expenses
19,828
17,163
12,577
16
97
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 8 General and Administrative Expenses
CHF million
% change from
For the year ended
31.12.01
31.12.00
31.12.99
31.12.00
Occupancy
1,314
979
847
34
Rent and maintenance of machines and equipment
632
520
410
22
Telecommunications and postage
1,213
914
756
33
Administration
906
750
784
21
Marketing and public relations
574
480
335
20
Travel and entertainment
700
656
552
7
Professional fees
667
660
526
1
IT and other outsourcing
1,224
1,246
1,289
(2
)
Other
401
560
599
(28
)
Total general and administrative expenses
7,631
6,765
6,098
13
Note 9 Earnings per Share (EPS) and Outstanding Shares
CHF million
% change from
For the year ended
31.12.01
31.12.00
31.12.99
31.12.00
Earnings (CHF million)
Net profit
4,973
7,792
6,153
(36
)
Net profit before goodwill amortization
1
6,296
8,459
6,493
(26
)
Net profit for diluted EPS
4,874
2
7,778
2
6,153
(37
)
Net profit before goodwill amortization for
diluted EPS
1
6,197
2
8,445
2
6,493
(27
)
Weighted average shares outstanding
Weighted average shares outstanding
1,266,038,193
1,209,087,927
1,214,227,446
5
Potentially dilutive ordinary shares resulting from
outstanding options, warrants and convertible
debt securities
3
22,539,745
16,489,773
10,898,010
37
Weighted average shares outstanding for
diluted EPS
1,288,577,938
1,225,577,700
1,225,125,456
5
Earnings per share (CHF)
Basic EPS
3.93
6.44
5.07
(39
)
Basic EPS before goodwill amortization
1
4.97
7.00
5.35
(29
)
Diluted EPS
3.78
6.35
5.02
(40
)
Diluted EPS before goodwill amortization
1
4.81
6.89
5.30
(30
)
1
Excludes amortization of goodwill and other intangible assets.
2
Net
profit has been adjusted for the dilutive impact of own equity derivative
activity.
3
Total equivalent shares outstanding on options that were not
dilutive for the respective periods but could potentially dilute earnings per
share in the future were 28,741,886, 27,524,280 and 72,135,783 for the years
ended 31 December 2001, 31 December 2000 and 31 December 1999,
respectively.
Shares outstanding
% change from
As at
31.12.01
31.12.00
31.12.99
31.12.00
Total ordinary shares issued
1,281,717,499
1,333,139,187
1,292,679,486
(4
)
Own shares to be delivered
28,444,788
Second trading line treasury shares
(2000 program)
55,265,349
(2001 program)
23,064,356
Other treasury shares
18,190,595
0
110,621,142
Total treasury shares
41,254,951
55,265,349
110,621,142
(25
)
Outstanding shares
1,240,462,548
1,306,318,626
1,182,058,344
(5
)
All shares and earnings per share figures have been restated for the 3 for 1
share split which took place on 16 July 2001.
98
Table of Contents
Balance Sheet: Assets
Note 10a Due from Banks and Loans to Customers
By type of exposure
CHF
million
31.12.01
31.12.00
Banks
28,261
30,064
Allowance for credit losses
(735
)
(917
)
Net due from banks
27,526
29,147
Loans to customers
Mortgages
126,211
120,554
Other loans
107,512
133,898
Subtotal
233,723
254,452
Allowance for credit losses
(7,178
)
(9,610
)
Net loans to customers
226,545
244,842
Net due from banks and loans to customers
254,071
273,989
thereof subordinated
249
393
By geographical region
(based on the location of the borrower)
CHF million
31.12.01
31.12.00
Switzerland
158,996
164,645
Rest of Europe
42,279
46,882
Americas
42,809
52,939
Asia / Pacific
15,986
16,504
Africa / Middle East
1,914
3,546
Subtotal
261,984
284,516
Allowance for credit losses
(7,913
)
(10,527
)
Net due from banks and loans to customers
254,071
273,989
By type of collateral
CHF million
31.12.01
31.12.00
Secured by real estate
128,259
122,898
Collateralized by securities
30,635
37,714
Guarantees and other collateral
20,217
28,373
Unsecured
82,873
95,531
Subtotal
261,984
284,516
Allowance for credit losses
(7,913
)
(10,527
)
Net due from banks and loans to customers
254,071
273,989
99
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 10b Allowances and Provisions for Credit Losses
Country risk
Specific
allowances
Total
Total
CHF million
allowances
and provisions
31.12.01
31.12.00
Balance at the beginning of the year
9,289
1,292
10,581
13,398
Write-offs
(2,967
)
(41
)
(3,008
)
(2,995
)
Recoveries
81
0
81
163
Increase / (decrease) in credit loss allowance and provision
756
(258
)
498
(130
)
Foreign currency translation and other adjustments
53
13
66
145
Balance at the end of the year
7,212
1,006
8,218
10,581
CHF million
31.12.01
31.12.00
As a reduction of Due from banks
735
917
As a reduction of Loans to customers
7,178
9,610
Subtotal
7,913
10,527
Included in other liabilities related to commitments
and contingent liabilities
305
54
Total allowances and provisions for credit losses
8,218
10,581
Note 10c Impaired Loans
A loan is classified as impaired if the book value of the claim exceeds the
present value of the cash flows actually expected in future periods – interest
payments, scheduled principal repayments and including liquidation of
collateral. Impaired obligations are thus obligations where losses are probable
and estimable. A provision is then made with respect to the loan in question.
CHF million
31.12.01
31.12.00
Impaired loans
1, 2
14,629
18,494
Amount of allowance for credit losses related to impaired loans
7,294
9,685
Average
impaired loans
3
16,555
20,804
1
All impaired loans have a specific allowance for credit losses.
2
Interest income on impaired loans was CHF 504 million for 2001.
3
Average balances
were calculated from quarterly data.
100
Table of Contents
Note 10d Non-Performing Loans
When principal, interest or commission are overdue by 90 days, loans are
classified as non-performing, the recognition of interest or commission income
ceases according to the original terms of the loan agreement. Allowances are
provided for non-performing loans to reflect their net estimated recoverable
amount.
CHF million
31.12.01
31.12.00
Non-performing loans
8,639
10,452
Amount of allowance for credit losses related to
non-performing loans
5,374
6,329
1
Average non-performing loans
2
9,648
11,884
1
31 December 2000 figure has been restated to account for an overallocation of
allowances to non-performing loans.
2
Average balances are calculated from
quarterly data.
CHF million
31.12.01
31.12.00
Non-performing loans at beginning of year
10,452
13,073
Net additions / (reductions)
1,111
(290
)
Write-offs and disposals
(2,924
)
(2,331
)
Non-performing loans at the end of the year
8,639
10,452
By type of exposure
CHF million
31.12.01
31.12.00
Banks
386
172
Loans to customers
Mortgages
2,659
4,586
Other
5,594
5,694
Total loans to customers
8,253
10,280
Total non-performing loans
8,639
10,452
By geographical region
(based on the location of the borrower)
CHF million
31.12.01
31.12.00
Switzerland
6,531
7,588
Rest of Europe
466
342
Americas
737
1,865
Asia / Pacific
653
307
Africa / Middle East
252
350
Total non-performing loans
8,639
10,452
101
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 11 Securities Borrowing, Securities Lending, Repurchase and Reverse
Repurchase Agreements and Other Collateralized Transactions
The Group enters into collateralized reverse repurchase and repurchase
agreements and securities borrowing and securities lending transactions that
may result in credit exposure in the event that the counterparty to the
transaction is unable to fulfill its contractual obligations. The Group
minimizes credit risk associated with these activities by monitoring
counterparty credit exposure and collateral values on a daily basis and
requiring additional collateral to be deposited with or returned to the Group
when deemed necessary.
Securities
Securities
Securities
Securities
borrowed
lent
borrowed
lent
CHF million
31.12.01
31.12.01
31.12.00
31.12.00
Cash collateral by counterparty
Banks
155,214
27,640
159,619
18,291
Customers
7,724
2,677
18,238
5,127
Total cash collateral on
securities borrowed and lent
162,938
30,317
177,857
23,418
Reverse
Reverse
repurchase
Repurchase
repurchase
Repurchase
agreements
agreements
agreements
agreements
CHF million
31.12.01
31.12.01
31.12.00
31.12.00
Agreements by counterparty
Banks
197,902
213,942
144,505
175,421
Customers
71,354
154,678
49,296
120,092
Total repurchase and
reverse repurchase agreements
269,256
368,620
193,801
295,513
Under reverse repurchase, securities borrowing, and other collateralized
arrangements, the Group obtains securities on terms which permit it to repledge
or resell the securities to others. At 31 December 2001, the Group held CHF 593
billion (CHF 478 billion at 31 December 2000) of securities on such terms, CHF
475 billion (CHF 407 billion at 31 December 2000) of which have been either
pledged or otherwise transferred to others in connection with its financing
activities or to satisfy its commitments under short sale transactions.
102
Table of Contents
Note 12 Trading Portfolio
CHF million
31.12.01
31.12.00
Trading portfolio assets
Money market paper
1
63,164
62,292
Debt instruments
Swiss government and government agencies
1,246
1,104
US Treasury and government agencies
95,203
19,769
Other government
18,811
33,222
Corporate listed instruments
108,114
64,514
Other unlisted instruments
2
32,781
26,583
Total
256,155
145,192
thereof pledged as collateral
153,464
63,071
thereof can be repledged or resold by the counterparty
101,517
49,687
Equity instruments
Listed instruments
67,772
102,571
Unlisted instruments
6,367
2,320
thereof pledged as collateral
21,264
8,683
thereof can be repledged or resold by the counterparty
19,939
9,761
Total
74,139
104,891
Precious metals
4,428
3,213
Total trading portfolio assets
397,886
315,588
Trading portfolio liabilities
Debt instruments
Swiss government and government agencies
565
439
US Treasury and government agencies
25,117
13,645
Other government
12,187
5,070
Corporate listed instruments
10,868
31,905
Other unlisted instruments
30,793
192
Total
79,530
51,251
Equity instruments
26,268
31,381
Total trading portfolio liabilities
105,798
82,632
1
CHF 29,895 million is pledged with central banks (CHF 28,395 million at 31
December 2000).
2
Includes CHF 6,139 million of traded loans reclassified to
trading portfolio assets at 31 December 2001, upon the adoption of IAS 39. The
amounts at 31 December 2000
have not been
restated.
The Group trades money market paper, debt, equity, precious metals, foreign
currency and derivatives to meet the financial needs of its customers and to
generate revenue through its trading activities. Note 24 provides a description
of the various classes of derivatives together with the related notional
amounts, whereas Note11 provides further details about cash collateral on
securities borrowed and lent and repurchase and reverse repurchase agreements.
103
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 13 Financial Investments
Due to the adoption of IAS 39, Financial investments, available for sale, are
reported at fair value from 1 January 2001. 31 December 2000 amounts have not
been restated.
CHF million
31.12.01
31.12.00
Money market paper
6,774
4,162
Debt instruments
Listed
1,194
1,403
Unlisted
10,348
4,803
Total
11,542
6,206
Equity investments
Listed
1,949
1,119
Unlisted
1,819
1,438
Total
3,768
2,557
Private equity investments
6,719
6,658
Total financial investments
28,803
19,583
thereof eligible for discount at central banks
10,370
381
The following table gives additional disclosure in respect of the valuation
methods used in 2000.
Book Value
Fair Value
CHF million
31.12.00
31.12.00
1
Valued at fair value
Money market paper
4,162
4,162
Valued at amortized cost
Debt instruments
5,851
5,853
Valued at the lower of cost or market value
Debt instruments
355
367
Equity instruments
2,557
3,031
Total
2,912
3,398
Valued at cost less adjustments for impairments
Private equity investments
6,658
7,940
Total financial investments
19,583
21,353
1
This column is presented for comparison purposes only and does not reflect
amounts recorded in the Financial Statements.
104
Table of Contents
Note 13 Financial Investments (continued)
Unrealized gains
Unrealized losses
not recognized
not recognized
in the income statement
in the income statement
CHF million
Fair value
Gross
Tax effect
Net
Gross
Tax effect
Net
31 December 2001
Money market paper
6,774
1
0
1
0
0
0
Debt securities issued by the Swiss national
government and agencies
36
1
0
1
0
0
0
Debt securities issued by Swiss local governments
45
1
0
1
0
0
0
Debt securities issued by US Treasury and agencies
32
2
1
1
0
0
0
Debt securities issued by foreign governments and
official institutions
10,089
31
11
20
1
0
1
Corporate debt securities
1,218
4
1
3
2
1
1
Mortgage-backed securities
5
0
0
0
0
0
0
Other debt securities
117
0
0
0
0
0
0
Equity securities
3,768
627
206
421
65
19
46
Private equity investments
6,719
1,189
28
1,161
539
13
526
Total
28,803
1,856
247
1,609
607
33
574
Contractual maturities of the investments in debt instruments
Within 1 year
1–5 years
5–10 years
Over 10 years
CHF million, except percentages
Amount
Yield (%)
Amount
Yield (%)
Amount
Yield (%)
Amount
Yield (%)
31 December 2001
Swiss national government and agencies
9
5.26
10
4.50
16
3.43
1
4.00
Swiss local governments
3
4.36
38
3.90
4
3.59
0
0.00
US Treasury and agencies
0
0.00
24
4.38
8
5.15
0
0.00
Foreign governments and
official institutions
5,014
0.97
5,048
1.01
27
2.88
0
0.00
Corporate debt securities
63
4.53
1,102
4.59
30
3.22
23
15.37
1
Mortgage-backed securities
0
0.00
5
5.41
0
0.00
0
0.00
Other debt securities
2
4.77
87
3.91
28
3.56
0
0.00
Total fair value
5,091
6,314
113
24
1
The yield presented is the current contractual yield based on current market
rates at 31 December 2001, but may not represent the yield through maturity
since this is a floating rate debt instrument.
Proceeds from sales and maturities of investment securities available for sale
during the year ended 31 December 2001 were CHF 27,910 million. Gross gains of
CHF 223 million and gross losses of CHF 28 million were realized on those sales
in 2001.
105
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 14 Investments in Associates
CHF million
31.12.01
31.12.00
Carrying amount at the beginning of the year
880
1,102
Additions
11
65
Disposals
(216
)
2
(287
)
1
Income
74
62
Write-offs
(2
)
(4
)
Change in equity
(50
)
(58
)
Carrying amount at the end of the year
697
880
1
Primarily consists of disposal of an investment in National Versicherung AG.
2
Includes a transfer of CHF 172 million to Financial Investments following a
review of the level of influence by the bank over certain investees. The impact
of this reclassification on net profit is immaterial.
Note 15 Property and Equipment
IT, soft-
Other
Bank
ware and
machines
occupied
Investment
communi-
and
CHF million
properties
properties5
cation
equipment
31.12.01
31.12.00
Historical cost
Balance at the beginning of the year
8,807
1,830
4,257
3,737
18,631
17,210
Additions
222
148
919
728
2,017
1,640
Additions from acquired companies
0
0
4
0
4
1,019
Disposals
1
(179
)
(132
)
(184
)
(220
)
(715
)
(769
)
Reclassifications
2
447
(959
)
144
(114
)
(482
)
(432
)
Foreign currency translation
0
6
6
12
24
(37
)
Balance at the end of the year
9,297
893
5,146
4,143
19,479
18,631
Accumulated depreciation
Balance at the beginning of the year
3,840
550
3,074
2,257
9,721
8,509
Depreciation
3
262
13
933
446
1,654
1,885
Disposals
1
(162
)
(40
)
(76
)
(125
)
(403
)
(453
)
Reclassifications
2
97
(286
)
0
0
(189
)
(176
)
Foreign currency translation
2
2
1
(4
)
1
(44
)
Balance at the end of the year
4,039
239
3,932
2,574
10,784
9,721
Net book value at the end of the
year
4
5,258
654
1,214
1,569
8,695
8,910
1
Includes write-offs of fully depreciated assets.
2
Properties held for
resale and foreclosed properties have been reclassified (see Note1: Summary of
significant accounting policies).
3
Depreciation of CHF 1,654 million at 31
December 2001 and CHF 1,885 million at 31 December 2000 includes CHF 40 million
in 2001 and CHF 277 million in 2000 which were charged against the UBS / SBC
restructuring provision.
4
Fire insurance value of property and equipment is
CHF 15,531 million (2000: CHF 14,570 million).
5
At 31 December 2001 the
fair value of Investment properties was CHF 990 million.
106
Table of Contents
Note 16 Goodwill and Other Intangible Assets
Other
intangible
CHF million
Goodwill
assets
31.12.01
31.12.00
Historical cost
Balance at the beginning of the year
16,272
4,894
21,166
4,534
Additions
454
2
456
17,841
Write-offs
1
(232
)
(15
)
(247
)
(16
)
Foreign currency translation
325
92
417
(1,193
)
Balance at the end of the year
16,819
4,973
21,792
21,166
Accumulated amortization
Balance at the beginning of the year
1,445
184
1,629
991
Amortization
1,025
298
1,323
667
Write-offs
1
(232
)
(15
)
(247
)
(16
)
Foreign currency translation
3
(1
)
2
(13
)
Balance at the end of the year
2,241
466
2,707
1,629
Net book value at the end of the year
14,578
4,507
19,085
19,537
1
Represents write-offs of fully amortized goodwill and other intangible
assets.
A significant portion of the Goodwill and other intangible assets relates to
the acquisition of Paine Webber Group, Inc. For more information, please refer
to Note 37.
Note 17 Other Assets
CHF million
Note
31.12.01
31.12.00
Deferred tax assets
22
3,449
2,208
Settlement and clearing accounts
1,431
3,153
VAT and other tax receivables
452
419
Prepaid pension costs
567
405
Properties held for resale
844
984
Other receivables
3,132
2,322
Total other assets
9,875
9,491
107
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Balance Sheet: Liabilities
Note 18 Due to Banks and Customers
CHF million
31.12.01
31.12.00
Due to banks
106,531
82,240
Due to customers in savings and investment accounts
67,782
68,213
Other amounts due to customers
265,999
242,466
Total due to customers
333,781
310,679
Total due to banks and customers
440,312
392,919
Note 19 Debt Issued
The Group issues both CHF and non-CHF denominated fixed and floating rate debt.
Floating rate debt pays interest based on the three-month or six-month London
Interbank Offered Rate (LIBOR).
Subordinated debt securities are unsecured obligations of the Group and
are subordinated in right of payment to all present and future senior
indebtedness and certain other obligations of the Group. At 31 December 2001
and 31 December 2000, the Group had CHF 14,598 million and CHF 14,233 million,
respectively, in subordinated debt. Subordinated debt usually pays interest
annually and provides for single principal payments upon maturity. At 31
December 2001 and 31 December 2000, the Group had CHF 42,613 million and CHF
40,622 million, respectively, in unsubordinated debt (excluding money market
paper).
The Group issues debt with returns linked to equity, foreign exchange and
credit instruments or indices. As described in Note 1r), derivatives embedded
in these instruments are separated from the host debt contract and reported as
stand alone derivatives. The amount recorded within Debt issued represents the
host contract after the separation of the embedded derivative. At 31 December
2001 and 31 December 2000, the Group had CHF 1,397 million and CHF 1,380
million, respectively, in convertible and exchangeable debt on UBS shares and
notes with warrants attached on UBS shares outstanding.
In addition the Group uses interest rate and foreign exchange derivatives
to manage the risk inherent in certain debt issues. In the case of interest
rate risk management, the Group applies hedge accounting as discussed in Note 1
– Summary of Significant Accounting Policies and Note 24 – Derivative
Instruments. As a result of applying hedge accounting, the carrying value of
Debt issued has increased by CHF 220 million to reflect changes in fair value
due to interest rate risk.
CHF million
31.12.01
31.12.00
Money market paper issued
99,006
74,780
Total bond issues
51,061
48,179
Shares in bond issues of the Swiss Regional or
Cantonal Banks' Central Bond Institutions
934
1,305
Medium-term notes
5,217
5,371
Total debt issued
156,218
129,635
108
Table of Contents
Note 19 Debt Issued (continued)
Contractual maturity date
UBS AG (Parent Bank)
Subsidiaries
Fixed
Floating
Fixed
Floating
Total
CHF million
rate
rate
rate
rate
31.12.01
2002
64,596
1,503
48,161
1,779
116,039
2003
6,287
887
1,461
125
8,760
2004
2,661
778
1,451
1,164
6,054
2005
3,119
1,041
700
227
5,087
2006
3,343
1,833
1,242
635
7,053
2007–2009
2,930
592
2,353
1,708
7,583
Thereafter
2,581
984
1,387
690
5,642
Total
85,517
7,618
56,755
6,328
156,218
The table above shows the split between fixed and floating rate debt issues
based on the contractual terms. However, it should be noted that the Group uses
interest rate swaps to hedge many of the fixed rate debt issues, which changes
their re-pricing characteristics into that of floating rate debt.
The table below shows the notional amount and stated interest rate on the
Group's publicly placed bonds prior to the separation of any embedded
derivatives or the application of hedge accounting. As a result, the notional
amount shown does not necessarily correspond to the carrying amount of the debt
and the stated interest rate on the debt does not necessarily refelect the
effective interest rate the Group is paying to service its debt after the
separation of embedded derivatives and the application of hedge accounting.
Publicly placed bond issues of UBS AG (Parent Bank) outstanding as at 31.12.2001
1
Notional
amount
Early
in millions
Year of
Interest
redemption
in local
issue
rate in %
Remarks
Maturity
option
Currency
currency
1992
7.250
10.01.2002
CHF
150
2000
13.250
GOAL on Carrefour shares
18.01.2002
EUR
45
2000
12.500
GOAL on Bayer shares
18.01.2002
EUR
85
2000
0.100
Convertible into Nikkei 225 Index
28.01.2002
JPY
13,000
1992
7.000
subordinated
06.02.2002
CHF
200
2001
FRN
Resettable Daily Accrual Note
08.02.2002
USD
200
1986
5.000
10.02.2002
CHF
250
2000
3.300
12.02.2002
JPY
3,807
2001
1.980
28.02.2002
USD
130
2001
16.000
GOAL on JP Morgan Chase shares
01.03.2002
USD
30
2001
20.750
GOAL on Nokia shares
01.03.2002
EUR
135
GOAL on
2001
11.250
Royal Dutch Petroleum shares
08.03.2002
EUR
85
2001
11.250
GOAL on Allianz shares
08.03.2002
EUR
50
2000
9.010
GOAL on ABB shares
14.03.2002
CHF
366
1998
5.750
18.03.2002
USD
250
2001
18.000
GOAL on Alcatel shares
22.03.2002
EUR
75
2000
10.010
GOAL on UBS shares
10.04.2002
CHF
100
1996
4.000
18.04.2002
CHF
200
2000
18.500
GOAL on Motorola shares
28.05.2002
USD
75
2001
23.125
GOAL on EMC Corp shares
31.05.2002
USD
45
1990
7.500
subordinated
07.06.2002
CHF
300
PIP
Protected Index Participation
PEP
Protected Equity Participation
GOAL
Geld- oder Aktien-Lieferung (cash or share delivery)
BULS
Bullish Underlying Linked Securities
GROI
Guaranteed Return On Investment
FRN
Floating Rate Note
109
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 19 Debt Issued (continued)
Publicly placed bond issues of UBS AG (Parent Bank) outstanding as at 31.12.2001
1
Notional
amount
Early
in millions
Year of
Interest
redemption
in local
issue
rate in %
Remarks
Maturity
option
Currency
currency
2000
18.250
GOAL on Intel shares
27.06.2002
USD
50
1997
6.500
08.07.2002
USD
300
2001
19.500
GOAL on Deutsche Telecom shares
08.07.2002
EUR
45
1992
7.500
subordinated
10.07.2002
CHF
200
2001
19.250
GOAL on SAP shares
15.07.2002
EUR
45
2001
19.500
GOAL on Cisco Systems shares
23.07.2002
USD
60
2001
8.000
GOAL on Nestlé shares
25.07.2002
CHF
325
2001
12.250
GOAL on Deutsche Post shares
25.07.2002
EUR
45
2001
18.250
GOAL on UBS shares
31.07.2002
USD
45
2000
8.375
GOAL on DaimlerChrysler shares
07.08.2002
EUR
70
2001
14.125
GOAL on Home Depot shares
15.08.2002
USD
30
2001
14.000
GOAL on Deutsche Bank shares
19.08.2002
EUR
70
1996
2.002
23.08.2002
CHF
299
2001
26.000
GOAL on Uniphase Corporaton shares
12.09.2002
USD
51
2000
9.000
GOAL on UBS shares
02.10.2002
CHF
345
1992
7.000
subordinated
16.10.2002
CHF
200
1996
6.750
18.10.2002
USD
250
2001
12.500
GOAL on AOL Time Warner shares
01.11.2002
USD
48
1995
4.375
07.11.2002
CHF
250
2001
10.000
GOAL on Credit Suisse shares
15.11.2002
CHF
325
2001
7.375
GOAL on Novartis shares
22.11.2002
CHF
100
2001
8.125
GOAL on Roche shares
06.12.2002
CHF
325
1996
3.250
20.12.2002
CHF
350
2001
8.000
GOAL on UBS shares
26.02.2003
CHF
220
1993
4.875
subordinated
03.03.2003
CHF
200
2001
8.750
GOAL on General Electric shares
07.03.2003
USD
105
1997
1.500
Indexed to UBS Currency Portfolio
14.03.2003
EUR
51
Convertible into
1998
1.000
UBS Dutch Corporate Basket
20.03.2003
EUR
57
2001
8.500
GOAL on PepsiCo shares
28.03.2003
USD
30
1993
3.500
subordinated
31.03.2003
CHF
200
1993
4.000
subordinated
31.03.2003
CHF
200
2001
FRN
BULS on technology stock basket
10.04.2003
USD
80
2001
0.000
BULS on Celestica and others
28.04.2003
USD
40
2001
0.000
BULS on Biotech shares
16.05.2003
USD
32
2001
7.250
GOAL on Aventis shares
05.06.2003
EUR
55
1995
FRN
subordinated
20.06.2003
CHF
200
2001
8.250
GOAL on Pfizer shares
16.07.2003
USD
45
1993
3.000
26.11.2003
CHF
200
1994
FRN
subordinated
06.01.2004
USD
300
2000
0.500
Convertible into NTT shares
10.02.2004
USD
40
2001
0.000
14.04.2004
USD
46
2001
0.000
Cliquet GROI on NASDAQ 100 Index
27.05.2004
USD
40
1991
4.250
subordinated
25.06.2004
CHF
300
1999
3.500
01.07.2004
EUR
250
2001
1.750
Exchangeable bonds on Yukos
31.08.2004
USD
310
1997
7.375
subordinated
26.11.2004
GBP
265
1993
4.750
subordinated
08.01.2005
08.01.2003
CHF
200
1995
4.000
subordinated
07.02.2005
CHF
150
1995
5.500
10.02.2005
CHF
150
2000
1.000
Convertible into Nasdaq 100 Index
18.02.2005
USD
50
2000
1.000
Convertible into STOXX 50 Index
21.03.2005
EUR
50
PIP
Protected Index Participation
PEP
Protected Equity Participation
GOAL
Geld- oder Aktien-Lieferung (cash or share delivery)
BULS
Bullish Underlying Linked Securities
GROI
Guaranteed Return On Investment
FRN
Floating Rate Note
110
Table of Contents
Note 19 Debt Issued (continued)
Publicly placed bond issues of UBS
AG (Parent Bank) outstanding as at 31.12.2001
1
Notional
amount
Early
in millions
Year of
Interest
redemption
in local
issue
rate in %
Remarks
Maturity
option
Currency
currency
1995
5.625
subordinated
15.04.2005
CHF
150
2000
0.000
Convertible into Nikkei 225 Index
31.05.2005
JPY
5,000
1995
FRN
subordinated
20.06.2005
GBP
249
1995
6.750
subordinated
15.07.2005
USD
200
1995
5.250
subordinated
18.07.2005
CHF
200
1995
5.000
subordinated
24.08.2005
CHF
250
2001
0.000
18.10.2005
USD
288
1995
4.500
21.11.2005
CHF
300
1999
0.000
PEP on Internet Perf. Basket
08.12.2005
USD
50
1999
3.500
26.01.2006
EUR
650
Equity Exchangeables into
2001
1.000
Euro. Insurance Basket
01.02.2006
EUR
100
1996
4.250
subordinated
06.02.2006
CHF
250
1996
4.000
14.02.2006
CHF
200
2000
2.500
29.03.2006
CHF
250
Bermuda Callable
2001
FRN
Daily Accrual Range Note
29.06.2006
USD
98
1996
7.250
subordinated
17.07.2006
USD
500
2001
7.500
Bermuda Callable Daily Accrual Note
26.07.2006
USD
39
2001
FRN
Callable Reverse Floater
17.08.2006
USD
30
1996
7.250
subordinated
01.09.2006
USD
150
2001
0.000
BULS on S&P 500
01.09.2006
USD
54
2001
5.500
GOAL on UBS shares
02.10.2006
CHF
66
1995
5.000
subordinated
07.11.2006
CHF
250
1996
FRN
subordinated
06.12.2006
EUR
254
2001
0.000
Zero-rate Note O'Connor Fund
29.12.2006
EUR
40
1997
8.000
subordinated
08.01.2007
GBP
237
1997
8.000
subordinated
08.01.2007
GBP
296
1997
5.750
subordinated
12.03.2007
EUR
197
2001
FRN
Fixed/Reverse Floating Note
02.11.2007
USD
59
2001
1.000
Notes on World Index Basket
11.12.2007
EUR
50
1998
3.500
27.08.2008
CHF
300
1997
5.875
subordinated
18.08.2009
EUR
329
1995
7.375
subordinated
15.07.2015
USD
150
1995
7.000
subordinated
15.10.2015
USD
300
1997
7.375
subordinated
15.06.2017
USD
300
1995
7.500
subordinated
15.07.2025
USD
350
1995
FRN
subordinated
18.12.2025
GBP
149
1996
7.750
subordinated
01.09.2026
USD
300
PIP
Protected Index Participation
PEP
Protected Equity Participation
GOAL
Geld- oder Aktien-Lieferung (cash or share delivery)
BULS
Bullish Underlying Linked Securities
GROI
Guaranteed Return On Investment
FRN
Floating Rate Note
111
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 19 Debt Issued (continued)
Publicly placed bond issues of UBS
subsidiaries outstanding as at 31.12.2001
1
Notional
amount
Early
in millions
Year of
Interest
redemption
in local
issue
rate in %
Remarks
Maturity
option
Currency
currency
Brooklands Euro Referenced
Linked Notes 2001-1 Ltd
2001
FRN
20.12.2003
20.12.2003
EUR
50
2001
FRN
20.12.2013
20.12.2013
EUR
50
Alpine Partners L.P.
2000
FRN
08.10.2009
08.01.2003
USD
709
North Street
2000
FRN
28.04.2011
USD
31
2000
FRN
28.04.2011
USD
40
2000
FRN
28.04.2011
USD
36
2000
20.000
28.04.2011
USD
43
2000
9.490
30.10.2011
USD
36
2000
18.000
30.10.2011
USD
43
2000
FRN
30.10.2011
USD
61
2000
FRN
30.10.2011
USD
33
2001
FRN
30.04.2031
USD
100
2001
FRN
30.04.2031
USD
60
2001
FRN
30.07.2031
USD
100
2001
FRN
30.07.2031
USD
60
UBS Americas Inc.
(former PaineWebber)
1999
6.020
22.04.2002
USD
45
1995
8.250
01.05.2002
USD
125
2000
FRN
15.07.2002
USD
100
1992
7.750
02.09.2002
USD
175
1999
FRN
18.11.2002
USD
40
1993
7.875
17.02.2003
USD
100
2000
1.270
13.03.2003
JPY
9,000
1998
6.320
18.03.2003
USD
45
1993
6.785
01.07.2003
USD
30
1998
6.450
01.12.2003
USD
340
1999
FRN
11.05.2004
USD
45
1999
6.375
17.05.2004
USD
525
1999
2.580
13.10.2004
USD
30
1999
2.670
15.03.2005
USD
45
1995
8.875
15.03.2005
USD
125
1998
6.520
06.04.2005
USD
30
1993
6.500
01.11.2005
USD
200
1996
6.750
01.02.2006
USD
100
1998
6.720
01.04.2008
USD
35
1998
6.730
03.04.2008
USD
43
1998
6.550
15.04.2008
USD
250
1996
7.625
15.10.2008
USD
150
1999
7.625
01.12.2009
USD
275
1998
6.640
14.04.2010
USD
30
1994
7.625
17.02.2014
USD
200
1997
8.060
17.01.2017
USD
25
1997
8.080
subordinated
01.03.2037
01.03.2002
USD
199
UBS Principal Finance LLC
2000
8.670
20.01.2009
20.01.2002
USD
102
PIP
Protected Index Participation
PEP
Protected Equity Participation
GOAL
Geld- oder Aktien-Lieferung (cash or share delivery)
BULS
Bullish Underlying Linked Securities
GROI
Guaranteed Return On Investment
FRN
Floating Rate Note
112
Table of Contents
Note 19 Debt Issued (continued)
Publicly placed bond issues of UBS subsidiaries outstanding as at 31.12.2001
1
Notional
amount
Early
in millions
Year of
Interest
redemption
in local
issue
rate in %
Remarks
Maturity
option
Currency
currency
Eisberg Finance
Ltd.
1998
FRN
15.06.2004
10.10.2003
USD
41
1998
FRN
15.06.2004
10.10.2003
USD
65
1998
FRN
15.06.2004
10.10.2003
USD
83
UBS Finance
N.V., Curaçao
1990
9.125
08.02.2002
USD
225
1992
FRN
13.11.2002
USD
250
1997
0.000
29.01.2027
EUR
210
1998
0.000
03.03.2028
03.03.2003
EUR
77
UBS Australia
Holdings Ltd.
1999
5.000
25.02.2002
AUD
104
1999
5.000
25.02.2004
AUD
104
SBC Glacier
Finance Ltd.
1997
FRN
10.09.2004
10.09.2002
USD
36
1997
FRN
10.09.2004
10.03.2002
USD
798
1997
FRN
10.09.2006
10.03.2002
USD
798
UBS Warburg AG
1998
0.000
19.12.2005
EUR
56
2001
0.000
30.06.2006
USD
202
2001
0.000
30.06.2006
EUR
505
2001
0.000
31.07.2006
EUR
500
2001
0.000
30.09.2006
CHF
200
2001
0.000
30.09.2006
USD
200
2001
0.000
02.01.2007
EUR
100
2001
0.000
02.01.2007
EUR
100
2001
0.000
02.01.2007
EUR
100
2001
0.000
30.09.2011
EUR
50
1
In this table only bonds with a carrying value exceeding CHF 50 million have
been disclosed. The total notional amount of the bonds disclosed in this table
is CHF 40,859 million. The total notional amount of publicly placed bonds of
UBS Group is CHF 48,646 million of the total bond issues.
PIP
Protected Index Participation
PEP
Protected Equity Participation
GOAL
Geld- oder Aktien-Lieferung (cash or share delivery)
BULS
Bullish Underlying Linked Securities
GROI
Guaranteed Return On Investment
FRN
Floating Rate Note
113
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 20 Other Liabilities
CHF million
Note
31.12.01
31.12.00
Provisions, including restructuring provision
21
1,748
3,024
Provision for commitments and contingent liabilities
10b
305
54
Current tax liabilities
1,799
2,423
Deferred tax liabilities
22
2,827
1,565
VAT and other tax payables
622
1,071
Settlement and clearing accounts
4,473
4,906
Other payables
3,884
5,713
Total other liabilities
15,658
18,756
Note 21 Provisions, including Restructuring Provision
Business risk provisions
CHF million
31.12.01
31.12.00
Balance at the beginning of the year
2,294
2,182
New provisions charged to income
384
746
Provisions applied
(1,020
)
(1,316
)
Recoveries and adjustments
90
682
Balance at the end of the year
1,748
2,294
CHF million
31.12.01
31.12.00
Litigation
712
598
Operational
240
374
Other
796
1,322
Total
1,748
2,294
UBS / SBC merger restructuring provision
CHF million
31.12.01
31.12.00
Balance at the beginning of the year
730
1,429
Addition
0
0
Applied
1
Personnel
(370
)
(188
)
IT
(23
)
(63
)
Premises
(302
)
(399
)
Other
(14
)
(49
)
Total utilized during the year
(709
)
(699
)
Released to the Income Statement
(21
)
0
Balance at the end of the year
0
730
Total provisions, including restructuring provision
1,748
3,024
1
The expense categories refer to the nature of the expense rather than the
income statement expense line.
114
Table of Contents
Note 21 Provisions, including Restructuring Provision (continued)
Cumulative utilization, since establishment of UBS/SBC merger restructuring
provision through 31 December 2001
CHF million
Personnel
IT
Premises
Other
Total
UBS Switzerland
837
1,109
219
220
2,385
Private and Corporate Clients
707
974
209
217
2,107
Private Banking
130
135
10
3
278
UBS Asset Management
34
9
0
3
46
UBS Warburg
1,983
373
1
413
2,770
Corporate Center
106
34
1,421
517
2,078
Group total
2,960
1,525
1,641
1,153
7,279
Released to the Income Statement
21
Total
7,300
At the announcement of the UBS / SBC merger in December 1997, it was
communicated that the merged firm's operations in various locations would be
combined, resulting in vacant properties, reductions in personnel, elimination
of redundancies in the information technology platforms, exit costs and other
costs. As a result, a restructuring provision of CHF 7,300 million (of which
CHF 7,000 million was recognized as a restructuring expense in 1997 and CHF 300
million was recognized as a component of general and administrative expense in
the fourth quarter of 1999) was established, to be used over a period of four
years.
The restructuring provision included approximately CHF 3,000 million for
employee termination benefits, CHF 1,500 million for sale and lease breakage
costs associated with the closure of premises, CHF 1,650 million for IT
integration projects and write-offs of equipment which management had committed
to dispose of and CHF 1,150 million for other costs classified as Personal
expenses, General and administrative expense or Other income.
The employee terminations affected all functional levels and all operating
Business Groups. CHF 2,000 million of the provision related to employee
termination benefits reflects the costs of eliminating approximately 7,800
positions, after considering attrition and redeployment within the Company. CHF
1,000 million of the provision related to payments to maintain stability in the
workforce during the integration period. As of 31 December 2001, approximately
7,100 employees had been made redundant or retired early.
At 31 December 2001, the restructuring plan was completed, substantially
in accordance with the above-mentioned plans. The remaining balance of the
restructuring provision of CHF 21 million was recognized in the income
statement.
115
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 22 Income Taxes
CHF million
For the year ended
31.12.01
31.12.00
31.12.99
Domestic
Current payable
563
1,325
849
Deferred
231
233
511
Foreign
Current payable
546
451
359
Deferred
61
311
(33
)
Total income tax expense
1,401
2,320
1,686
The Group made net tax payments, including domestic and foreign taxes, of CHF
1,742 million, CHF 959 million and CHF 1,063 million for the full years of
2001, 2000 and 1999, respectively.
The components of operating profit before tax, and the differences between
income tax expense reflected in the financial statements and the amounts
calculated at the Swiss statutory rate of 25% are as follows:
CHF
million
For the year ended
31.12.01
31.12.00
31.12.99
Operating profit before tax
6,718
10,199
7,893
Domestic
5,565
7,079
6,957
Foreign
1,153
3,120
936
Income taxes at Swiss statutory rate of 25%
1,680
2,550
1,973
Increase / (decrease) resulting from:
Applicable tax rates differing from Swiss statutory rate
(239
)
(336
)
55
Tax losses not recognized
77
164
39
Previously unrecorded tax losses now recognized
(630
)
(655
)
(215
)
Lower taxed income
(499
)
(401
)
(278
)
Non-deductible goodwill amortization
429
159
98
Other non-deductible expenses
134
432
34
Adjustments related to prior years
371
245
(112
)
Change in deferred tax valuation allowance
78
162
92
Income tax expense
1,401
2,320
1,686
116
Table of Contents
Note 22 Income Taxes (continued)
Significant components of the Group's deferred income tax
assets and liabilities (gross) are as follows:
CHF million
31.12.01
31.12.00
Deferred tax assets
Compensation and benefits
1,778
1,705
Restructuring provision
0
160
Allowance for credit losses
122
148
Net operating loss carry forwards
2,902
1,690
Trading assets
259
24
Other
1,365
1,045
Total
6,426
4,772
Valuation allowance
(2,977
)
(2,564
)
Net deferred tax assets
3,449
2,208
Deferred tax liabilities
Property and equipment
449
457
Investments
464
86
Other provisions
571
133
Trading assets
298
306
Other
1,045
583
Total deferred tax liabilities
2,827
1,565
The change in the balance of net deferred tax assets and deferred tax
liabilities does not equal the deferred tax expense in those years. This is due
to the effect of foreign currency rate changes on tax assets and liabilities
denominated in currencies other than CHF and also due to the acquisition of
PaineWebber.
Certain foreign branches and subsidiaries of the Group have deferred tax
assets related to net operating loss carry forwards and other items. Because
realization of these assets is uncertain, the Group has established valuation
allowances of CHF 2,977 million (CHF 2,564 million at 31 December 2000). For
companies that suffered tax losses in either the current or preceding year an
amount of CHF 965 million (CHF 59 million at 31 December 2000) has been
recognized as deferred tax assets based on expectations that sufficient taxable
income will be generated in future years to utilize the tax loss carry
forwards.
The company provides deferred income taxes on undistributed earnings of
non-Swiss subsidiaries except to the extent that such earnings are indefinitely
invested. In the event these earnings were distributed, additional taxes of
approximately CHF 22 million would be due.
At 31 December 2001 net operating loss carry forwards totaling CHF 7,462
million are available to reduce future taxable income of certain branches and
subsidiaries.
The carry forwards expire as follows:
31.12.01
Within 1 year
123
From 2 to 4 years
148
After 4 years
7,191
Total
7,462
117
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 23 Minority Interests
CHF million
31.12.01
31.12.00
Balance at the beginning of the year
2,885
434
Issuance of trust preferred securities
1,291
2,594
Increases
0
2
Decreases and dividend payments
(461
)
(73
)
Foreign currency translation
53
(159
)
Minority interest in net profit
344
87
Balance at the end of the year
4,112
2,885
Note 24 Derivative Instruments
Type of derivatives
The Group uses the following derivative financial instruments for both trading
and hedging purposes:
Swaps
Swaps are transactions in which two parties exchange cash flows on a specified
notional amount for a predetermined period. The major types of swaps
transactions undertaken by the Group are described below.
Interest rate swap contracts generally represent the contractual exchange
of fixed and floating rate payments of a single currency, based on a notional
amount and an interest reference rate.
Foreign currency swaps generally involve the exchange of two different
currency principal balances at inception and re-exchanged at an agreed upon
rate at a specified future date. In addition, foreign currency interest rate
swaps include the exchange of interest payments based on the two different
currency principal balances and interest reference rates.
Credit default swaps (CDS) are instruments where the seller of the CDS
promises to pay the buyer an amount equal to the loss that would be incurred on
holding an underlying reference asset as a result of a defined credit event.
The buyer is not required to hold the underlying reference asset. The buyer
pays the seller a credit protection fee expressed in basis points, the amount
of which is dependent on the credit spread of the reference asset.
Forwards and futures
Forwards and futures are contractual obligations to buy or sell a financial
instrument on a future date at a specified price. Forward contracts are
effectively tailor-made agreements that are transacted between counterparties
in the over-the-counter market (OTC), whereas futures are standardized
contracts that are transacted on regulated exchanges.
Options
Options are contractual agreements under which the seller (writer) grants the
purchaser the right, but not the obligation, either to buy (call option) or
sell (put option) by or at a set date, a specified amount of a financial
instrument at a predetermined price. The seller receives a premium from the
purchaser for this right.
Derivatives held or issued for trading purposes
Most of the Group's derivative transactions relate to sales and trading
activities. Sales activities include the structuring and marketing of
derivative products to customers at competitive prices to enable them to
transfer, modify or reduce current or expected risks. Trading involves
market-making, positioning and arbitrage activities. Market-making involves
quoting bid and offer prices to other market participants with the intention of
generating revenues based on spread and volume. Positioning involves managing
market risk positions with the expectation of profiting from favorable
movements in prices, rates or indices. Arbitrage activities involve identifying
and profiting from price differentials between markets and products.
Derivatives held or issued for hedging purposes
The Group enters into various derivative financial instruments which are
designated and qualify
118
Table of Contents
as either fair value or cash flow hedges. The Group also enters into derivative
transactions to hedge against economic risk exposures that do not receive hedge
accounting treatment. As stated in Note 1 Summary of Significant Accounting
Policies, the Group uses CDS to economically hedge credit risk exposures in the
loan portfolio to which it does not apply hedge accounting. Gains on CDS used
as economic hedges have been offset against Credit loss expense/recovery.
Derivatives designated and accounted for as hedging instruments
At inception of a hedge, the Group formally documents the relationship between
hedging instruments and hedged items. This includes its risk management
objectives and strategies for undertaking the hedge transaction, which are in
accordance with the Group's risk management policies, together with the methods
that will be used to assess the effectiveness of the hedging relationship. In
accordance with this, the Group formally assesses, both at the inception of the
hedge and on an ongoing basis, whether the derivatives used in its hedging
transactions have been highly effective in offsetting changes in the fair value
or cash flows of the hedged item. In the case of hedging a forecasted
transaction, the transaction must be highly probable and present an exposure to
variations in cash flows that could ultimately affect reported net profit or
loss. A hedge is normally regarded as highly effective if, at inception and
throughout the life of the hedge, the Group can expect changes in the fair
value or cash flows of the hedged item to be almost fully offset by the changes
in the fair value or cash flows of the hedging instrument, and actual results
are within a range of 80% to 125%. The Group discontinues hedge accounting when
it is determined that a derivative is not, or has ceased to be, highly
effective as a hedge, or if the derivative expires, or is sold, terminated, or
exercised.
A highly effective hedging relationship is one in which the Group achieves
offsetting changes in fair value or cash flows for the risk being hedged. Hedge
ineffectiveness (which represents the amount by which the changes in the fair
value of the derivative differ from changes in the fair value of the hedged
item or where changes in the cash flow of the derivative differ from expected
changes in the cash flow of the hedged item) and gains and losses on components
of a derivative that are excluded from assessing hedge effectiveness are
recorded in current period earnings.
Fair value hedges
The Group's fair value hedges principally consist of interest rate swaps that
are used to protect against changes in the fair value of fixed-rate long-term
debt due to changes in market interest rates.
For the year ended 31 December 2001, the Group recognized a net loss of
CHF 12 million (reported as Net trading income in the Financial Statements),
which represents the ineffective portion of fair value hedges. Foreign currency
interest rate swaps are also used as hedging instruments but only the interest
rate element is designated against the interest rate risk exposure of the
underlying hedged debt instruments. Therefore, when measuring hedge
effectiveness, we consider only changes in fair value due to market interest
rates. For the year ended 31 December 2001, CHF 275 million of foreign currency
transaction net gains associated with foreign currency interest rate swaps used
as fair value hedges were excluded from the assessment of hedge effectiveness.
These foreign currency transaction gains were recorded as Net trading income.
As of 31 December 2001, the fair values of outstanding derivatives designated
as fair value hedges was a CHF 895 million net unrealized gain.
Cash flow hedges of individual variable rate assets and liabilities
The Group also uses interest rate swaps to protect against changes in cash
flows of certain variable rate debt issues. For the year ended 31 December
2001, there has been no material gain or loss associated with ineffective
portions of cash flow hedges. Gains and losses on derivative contracts that are
reclassified from accumulated Gains/losses not recognized in the income
statement to current period earnings are included in Net interest income. As of
31 December 2001, CHF 14 million of the deferred net gains on derivative
instruments accumulated in shareholders' equity is expected to be reclassified
into earnings during the next twelve months at the time the hedged cash flows
occur. As of 31 December 2001, the
119
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 24 Derivative Instruments (continued)
fair value of outstanding derivatives designated as cash flow hedges was a CHF
16 million net unrealized gain recorded in shareholders' equity.
Cash flow hedges of forecasted transactions
The Group applies hedge accounting for its non-trading interest rate risk in
major currencies by analyzing expected cash flows on an enterprise basis. The
objective is to protect against changes in future interest cash flows relating
to the forecasted reinvestment or re-borrowing of cash flows due to changes in
market interest rates. The Group accumulates information about financial assets
and liabilities that it uses to estimate and aggregate cash flows and to
schedule such estimated cash flows into applicable future periods in which they
are expected to be paid or received. The forecasted cash flows include the
expected future reinvestment or re-borrowing of financial assets and
liabilities and are extended over a twenty-four year period. The Group has
hedges that extend over this twenty-four year period. These cash flows are
based on the contractual terms of the instruments and other factors, including
estimates of prepayments and defaults. The aggregate cash flows form the basis
for identifying the non-trading interest rate risk of the Group. Interest rate
swaps are designated as hedges of these forecasted cash inflows and outflows.
The schedule of forecasted cash flows as of 31 December 2001 is as
follows.
CHF million
<1 year
1–3 years
3–5 years
5–10 years
over 10 years
Cash in flows (Assets)
92,483
154,733
81,015
92,027
11,253
Cash out flows (Liabilities)
183,482
299,566
229,368
401,674
352,707
Net cash flows
(90,999
)
(144,833
)
(148,353
)
(309,647
)
(341,454
)
Gains and losses on derivative contracts that are reclassified from accumulated
Gains/losses not recognized in the income statement to current period earnings
are included in Net interest income. As of 31 December 2001, the fair value of
outstanding derivatives designated as cash flow hedges of forecasted
transactions was a CHF 554 million unrealized loss. Amounts reclassified from
Gains/losses not recognized in the income statement to the Income statement due
to discontinued hedges of forecasted transactions were immaterial.
Notional amounts and replacement values
The following table provides the notional amounts and the positive and negative
replacement values of the Group's derivative transactions.
The notional amount is the amount of a derivative's underlying asset,
reference rate or index and is the basis upon which changes in the value of
derivatives are measured. It provides an indication of the volume of business
transacted by the Group but does not provide any measure of risk.
Some derivatives are standardized in terms of their notional amounts and
settlement dates, and these are designed to be bought and sold in active
markets (exchange traded). Others are packaged specifically for individual
customers and are not exchange traded, although they may be bought and sold
between counterparties at negotiated prices (OTC instruments).
Positive replacement value represents the cost to the Group of replacing
all transactions with a receivable amount if all the Group's counterparties
were to default. This measure is the industry standard for the calculation of
current credit exposure. Negative replacement value is the cost to the Group's
counterparties of replacing all the Group's transactions with a commitment if
the Group were to default. The total positive and negative replacement values
are included in the balance sheet separately.
120
Table of Contents
Note 24 Derivative Instruments (continued)
As at 31 December 2001
Total
Term to maturity
notional
Within 3 months
3–12 months
1–5 years
over 5 years
Total
Total
amount
CHF million
PRV
1
NRV
2
PRV
NRV
PRV
NRV
PRV
NRV
PRV
NRV
CHF bn
Interest rate contracts
Over the counter (OTC) contracts
Forward contracts
2,844
3,260
114
530
108
245
48
134
3,114
4,169
1,768.7
Swaps
2,807
4,322
5,724
6,393
49,043
45,029
25,232
22,866
82,806
78,610
4,552.4
Options
388
950
670
2,095
3,037
4,048
2,830
3,336
6,925
10,429
784.9
Exchange-traded contracts
3
Futures
0
0
83.6
Options
3
24
3
24
63.2
Total
6,042
8,532
6,508
9,042
52,188
49,322
28,110
26,336
92,848
93,232
7,252.8
Credit derivative contracts
Over the counter (OTC) contracts
Credit default swaps
6
18
707
1,104
1,020
1,490
773
1,184
2,506
3,796
75.7
Total rate of return swaps
84
621
636
12
0
96
1,257
3.6
Total
6
18
791
1,725
1,020
2,126
785
1,184
2,602
5,053
79.3
Foreign exchange contracts
Over the counter (OTC) contracts
Forward contracts
3,615
3,163
1,639
1,899
755
428
20
6,029
5,490
279.7
Interest and currency swaps
19,344
11,224
8,991
7,763
7,463
7,673
3,465
2,312
39,263
28,972
1,699.3
Options
2,138
1,942
2,148
1,888
445
433
23
1
4,754
4,264
1,033.7
Exchange-traded contracts
3
Futures
0
0
0.0
Options
1
2
1
2
0.8
Total
25,097
16,329
12,779
11,552
8,663
8,534
3,508
2,313
50,047
38,728
3,013.5
Precious metals contracts
Over the counter (OTC) contracts
Forward contracts
242
223
210
198
195
179
6
653
600
17.0
Options
177
164
535
507
740
805
90
81
1,542
1,557
54.1
Exchange-traded contracts
3
Futures
0.0
Options
2
3
1
3
3
0.9
Total
419
389
748
706
935
984
96
81
2,198
2,160
72.0
Equity / Index contracts
Over the counter (OTC) contracts
Forward contracts
1,402
1,422
445
1,713
1,461
1,464
111
85
3,419
4,684
35.3
Options
6,140
6,222
4,294
5,105
4,076
6,991
1,087
2,844
15,597
21,162
238.0
Exchange-traded contracts
3
Futures
0
0
12.4
Options
1,497
1,080
1,187
1,431
601
463
21
14
3,306
2,988
440.3
Total
9,039
8,724
5,926
8,249
6,138
8,918
1,219
2,943
22,322
28,834
726.0
Commodity contracts
Over the counter (OTC) contracts
Forward contracts
8
14
1
1
9
15
6.4
Options
0
0
0.0
Total
8
14
1
1
0
0
0
0
9
15
6.4
Total derivative instruments
40,611
34,006
26,753
31,275
68,944
69,884
33,718
32,857
170,026
168,022
Replacement value netting
96,579
96,579
Replacement values after netting
73,447
71,443
1
PRV: Positive replacement value.
2
NRV: Negative replacement value.
3
Exchange-traded products include proprietary trades only.
121
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 24 Derivative Instruments (continued)
As at 31 December 2000
Total
Term to maturity
notional
Within 3 months
3–12 months
1–5 years
over 5 years
Total
Total
amount
CHF million
PRV
1
NRV
2
PRV
NRV
PRV
NRV
PRV
NRV
PRV
NRV
CHF bn
Interest rate contracts
Over the counter (OTC) contracts
Forward contracts
517
791
167
360
284
256
968
1,407
1,066.3
Swaps
1,566
4,231
5,398
1,694
15,759
7,793
27,892
20,872
50,615
34,590
3,030.2
Options
542
453
865
2,882
623
5,162
625
2,044
2,655
10,541
829.1
Exchange-traded contracts
3
Futures
0
0
454.6
Options
6
10
0
16
24.1
Total
2,625
5,481
6,430
4,946
16,666
13,211
28,517
22,916
54,238
46,554
5,404.3
Credit derivative contracts
Over the counter (OTC) contracts
Credit default swaps
88
87
889
1,700
76
2,497
965
4,372
35.5
Total rate of return swaps
313
91
1,087
1,453
356
121
1,756
1,665
3.0
Total
313
88
0
178
1,976
3,153
432
2,618
2,721
6,037
38.5
Foreign exchange contracts
Over the counter (OTC) contracts
Forward contracts
22,652
20,140
8,098
9,410
939
1,084
35
27
31,724
30,661
1,250.3
Interest and currency swaps
2,563
1,621
2,921
2,507
8,715
7,031
3,019
2,098
17,218
13,257
345.9
Options
2,958
2,726
2,896
3,031
821
438
28
35
6,703
6,230
786.8
Exchange-traded contracts
3
Futures
0
0
1.0
Options
4
1
21
4
25
5
1.2
Total
28,177
24,488
13,936
14,952
10,475
8,553
3,082
2,160
55,670
50,153
2,385.2
Precious metals contracts
Over the counter (OTC) contracts
Forward contracts
176
187
211
181
369
394
2
17
758
779
15.3
Options
128
80
206
201
934
936
85
119
1,353
1,336
75.2
Exchange-traded contracts
3
Futures
0.7
Options
1
2
6
12
7
14
1.3
Total
305
269
423
394
1,303
1,330
87
136
2,118
2,129
92.5
Equity / Index contracts
Over the counter (OTC) contracts
Forward contracts
1,417
3,186
1,170
2,271
2,424
3,019
1,715
2,948
6,726
11,424
32.2
Options
1,751
3,867
6,977
12,358
4,752
17,985
311
2,648
13,791
36,858
283.8
Exchange-traded contracts
3
Futures
0
0
15.3
Options
1,771
1,647
819
1,051
400
446
2
3
2,992
3,147
45.2
Total
4,939
8,700
8,966
15,680
7,576
21,450
2,028
5,599
23,509
51,429
376.5
Commodity contracts
Over the counter (OTC) contracts
Forward contracts
1
0
2
0.0
Options
1
3
3
3
4
4
0.0
Total
0
2
1
0
3
4
0
0
4
6
0.0
Total derivative instruments
36,359
39,028
29,756
36,150
37,999
47,701
34,146
33,429
138,260
156,308
Replacement value netting
80,385
80,385
Replacement values after netting
57,875
75,923
1
PRV: Positive replacement value.
2
NRV: Negative replacement value.
3
Exchange-traded products include proprietary trades only.
122
Table of Contents
Off-Balance Sheet and other Information
Note 25 Pledged Assets
Assets pledged or assigned as security for
liabilities and assets subject to reservation of title
Carrying
Related
Carrying
Related
amount
liability
amount
liability
CHF million
31.12.01
31.12.01
31.12.00
31.12.00
Mortgage loans
1,311
873
1,639
1,121
Securities
1
204,623
163,134
116,266
62,616
Property and equipment
160
89
137
66
Other
2
0
1
0
Total pledged assets
206,096
164,096
118,043
63,803
1     Includes securities pledged in respect of securities lending and repurchase agreements.
Assets are pledged as collateral for collateralized credit lines with central banks, loans from central
mortgage institutions, deposit guarantees for savings banks, security deposits relating to stock
exchange membership and mortgages on the Group's property.
Note 26 Fiduciary Transactions
CHF million
31.12.01
31.12.00
Placements with third parties
58,466
69,300
Fiduciary credits and other fiduciary financial transactions
1,136
1,234
Total fiduciary transactions
59,602
70,534
Fiduciary placement represents funds which customers have instructed the Group to place in foreign
banks. The Group is not liable to the customer for any default by the foreign bank nor do creditors
of the Group have a claim on the assets placed.
123
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 27 Commitments and Contingent Liabilities
The Group utilizes various lending-related financial instruments in order to meet the financial needs
of its customers. The Group issues commitments to extend credit, standby and other letters of credit,
guarantees, commitments to enter into repurchase agreements, note issuance facilities and revolving
underwriting facilities. Guarantees represent irrevocable assurances, subject to the satisfaction of certain
conditions, that the Group will make payment in the event that the customer fails to fulfill its
obligation to third parties. The Group also enters into commitments to extend credit in the form of
credit lines which are available to secure the liquidity needs of our customers, but not yet drawn
upon by them, the majority of which range in maturity from 1 month to 5 years.
The contractual amount of these instruments is the maximum amount at risk for the Group if the
customer fails to meet its obligations. The risk is similar to the risk involved in extending loan facilities
and is monitored with the same risk control processes and specific credit risk policies. For the
years ended 31 December 2001, 2000 and 1999 the Group recognized expense in the income
statement related to obligations incurred for contingencies and commitments of CHF 25 million,
CHF 1 million and CHF 2 million, respectively.
The Group generally enters into sub-participations to mitigate the risks from the Group's commitments
and contingencies. A sub-participation is an agreement with another party to fund a portion
of the credit facility and to take a share of the loss in the event that the borrower fails to fulfill
its obligations. The Group retains the contractual relationship with the borrower and the sub-participant
has only an indirect relationship with the borrower. The Group will only enter into sub-participation
agreements with banks whose rating is at least equal to or higher than that of the borrower.
CHF million
31.12.01
31.12.00
Contingent liabilities
Credit guarantees and similar instruments
1
18,566
18,651
Sub-participations
(4,944
)
(5,669
)
Total
13,622
12,982
Performance guarantees and similar instruments
2
4,865
6,337
Sub-participations
(4
)
(62
)
Total
4,861
6,275
Irrevocable commitments under documentary credits
2,056
2,798
Sub-participations
0
0
Total
2,056
2,798
Gross contingent liabilities
25,487
27,786
Sub-participations
(4,948
)
(5,731
)
Net contingent liabilities
20,539
22,055
Irrevocable commitments
Undrawn irrevocable credit facilities
50,608
53,510
Sub-participations
(532
)
(788
)
Total
50,076
52,722
Liabilities for calls on shares and other equities
98
133
Gross irrevocable commitments
50,706
53,643
Sub-participations
(532
)
(788
)
Net irrevocable commitments
50,174
52,855
Gross commitments and contingent liabilities
76,193
81,429
Sub-participations
(5,480
)
(6,519
)
Net commitments and contingent liabilities
70,713
74,910
1
Credit guarantees in the form of bill of exchange and other guarantees, including guarantees in the form of irrevocable letters of credit,
endorsement liabilities from bills rediscounted, advance payment
guarantees and similar facilities.
2
Bid bonds, performance bonds, builders'
guarantees, letters of indemnity, other performance guarantees in the
form of irrevocable letters of credit and similar
facilities.
124
Table of Contents
Note 27 Commitments and Contingent Liabilities (continued)
Mortgage
Other
CHF million
collateral
collateral
Unsecured
Total
Overview of collateral
Gross contingent liabilities
293
14,243
10,951
25,487
Gross irrevocable commitments
1,418
11,382
37,808
50,608
Liabilities for calls on shares and other equities
98
98
Total 31.12.2001
1,711
25,625
48,857
76,193
Total 31.12.2000
1,278
20,158
59,993
81,429
Other commitments
The Group enters into commitments to fund external private equity funds and investments, which
typically expire within five years. These commitments do not involve credit or market risk as the
funds purchase investments at market value at the time the commitments are drawn. The maximum
amount available to fund these investments at 31 December 2001 and 31 December 2000 was CHF
3,548 million and CHF 3,276 million, respectively.
Note 28 Operating Lease Commitments
Our minimum commitments for non-cancellable leases of premises and equipment are presented as
follows:
CHF million
31.12.01
Operating leases due
2002
1,200
2003
1,081
2004
965
2005
823
2006
742
2007 and thereafter
5,953
Total commitments for minimum payments under operating leases
10,764
Operating expenses include CHF 1,092 million, CHF 816 million and CHF 742 million in respect
of operating lease rentals for the year ended 31 December 2001, 31 December 2000 and 31 December 1999, respectively.
125
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 29 Litigation
In the United States, several class actions in relation to the business
activities of Swiss Companies during World War II, have been brought against
the bank (as legal successor to Swiss Bank Corporation and Union Bank of
Switzerland) in the United States District Court for the Eastern District of
New York (Brooklyn). These lawsuits were initially filed in October 1996.
Another Swiss bank was designated as a defendant alongside us. On 12 August
1998, however, a settlement was reached between the parties. This settlement
provides for a payment by the defendant banks to the plaintiffs, under certain
terms and conditions, of an aggregate amount of USD 1.25 billion. UBS agreed to
contribute up to two-thirds of this amount. As a result of contributions by
Swiss industrial companies to the settlement, UBS' share was reduced by CHF 50
million. A number of persons have elected to opt out of the settlement and not
to participate in the class action. The settlement agreement was approved by
the court on 26 July 2000, and on 22 November 2000 the distribution plan has
been approved. By 23 November 2000 the banks have transferred the last
instalment of the settlement amount to the court for distribution.
The approval of the Settlement became final by 30 May 2001. There is one appeal
by the banks regarding the interpretation of the Settlement Agreement which has
yet to be decided. However, this appeal is without financial impact to the
bank.
In addition, the bank and other companies within the UBS Group are subject
to various claims, disputes and legal proceedings, as part of the normal course
of business. The Group makes provision for such matters when, in the opinion of
management and its professional advisors, it is probable that a payment will be
made by the Group, and the amount can be reasonably estimated. All litigation
provisions are included within Business risk provisions.
In respect of the further claims asserted against the Group of which
management is aware (and which, according to the principles outlined above,
have not been provided for), it is the opinion of management that such claims
are either without merit, can be successfully defended or will result in
exposure to the Group which is immaterial to both financial position and
results of operations.
126
Table of Contents
Note 30 Financial Instruments Risk Position
Overall risk position
The Group manages risk in a number of ways, including the use of a
Value-at-Risk (VaR) model combined with a system of trading limits.
This section presents information about Group's exposure to and its
management of the risks associated with the use of financial instruments.
a) Interest Rate Risk
Interest rate risk is the potential impact from changes in market interest
rates on the fair values of assets and liabilities on the balance sheet and on
the annual interest income and expense in the income statement.
Interest rate sensitivity
One commonly used method to present the potential impact of the market
movements is to show the effect of a one basis point (0.01%) change in interest
rates on the fair values of assets and liabilities, analyzed by time bands
within which the Group is committed. This type of presentation, described as a
sensitivity analysis, is set out below. Interest rate sensitivity is one of the
inputs to the VaR model used by the Group to manage its overall market risk, of
which interest rate risk is a part.
The following table sets out the extent to which the Group was exposed to
interest rate risk at 31 December 2001 and 2000. The table shows the potential
net impact of a one basis point (0.01%) increase in market interest rates on
the fair values of both assets and liabilities that are subject to fixed
interest rates. The impact of such
an increase in rates depends on the net asset or net liability position of the
Group in each category, currency and time band in the table. A negative amount
in the table reflects a potential loss to the Group due to the changes in fair
values as a result of an increase in interest rates. A positive amount reflects
a potential gain as a result of an increase in interest rates. Both primary and
derivative instruments in trading and non-trading activities, as well as
off-balance-sheet commitments are included in the table.
The information presented below distinguishes between trading and
non-trading portfolios. This distinction follows the classification used by the
business for VaR purposes, which differs somewhat from the accounting
classification of trading and non-trading assets and liabilities. For purposes
of this table, trading includes all assets and liabilities that are kept in the
Group's trading book and which receive a valuation-at-risk treatment for
capital adequacy purposes. Non-trading includes all other assets and
liabilities that are kept on the banking book including derivatives designated
as hedging instruments for hedge accounting purposes.
127
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 30 Financial Instruments Risk Position (continued)
a) Interest Rate Risk (continued)
Interest rate sensitivity position
Interest sensitivity by time bands as of 31.12.2001
CHF thousand
Within 1
1 to 3
3 to 12
1 to 5
Over 5
per basis point increase
month
months
months
years
years
Total
CHF
Trading
22
(121
)
(35
)
(297
)
(314
)
(745
)
Non-trading
3
(24
)
(366
)
(7,656
)
(6,030
)
(14,073
)
USD
Trading
(299
)
35
96
(960
)
(2,115
)
(3,243
)
Non-trading
35
(113
)
(157
)
(274
)
(15
)
(524
)
EUR
Trading
(129
)
73
(269
)
(308
)
(806
)
(1,439
)
Non-trading
(2
)
(6
)
(38
)
182
0
136
GBP
Trading
(89
)
27
(520
)
65
172
(345
)
Non-trading
0
(7
)
(57
)
175
624
735
JPY
Trading
175
695
(98
)
(1,386
)
246
(368
)
Non-trading
1
0
(3
)
1
(4
)
(5
)
Others
Trading
(51
)
167
126
(404
)
369
207
Non-trading
0
(1
)
0
(1
)
(4
)
(6
)
Interest sensitivity by time bands as of 31.12.2000
CHF thousand
Within 1
1 to 3
3 to 12
1 to 5
Over 5
per basis point increase
month
months
months
years
years
Total
CHF
Trading
41
(471
)
854
63
(478
)
9
Non-trading
(39
)
49
(49
)
(6,802
)
(3,018
)
(9,859
)
USD
Trading
(493
)
2,007
293
(2,293
)
380
(106
)
Non-trading
13
58
11
(342
)
(183
)
(443
)
EUR
Trading
(82
)
(152
)
114
1,190
(1,801
)
(731
)
Non-trading
0
9
1
82
177
269
GBP
Trading
(227
)
152
145
(229
)
521
362
Non-trading
0
0
(36
)
270
585
819
JPY
Trading
293
(1,532
)
1,088
62
(450
)
(539
)
Non-trading
0
0
0
(1
)
(4
)
(5
)
Others
Trading
(2
)
(41
)
124
(50
)
(44
)
(13
)
Non-trading
0
0
0
0
0
0
Trading
The major part of the trading related interest
rate risk is generated in fixed income securities
trading, fixed income derivatives trading, trading
in currency forward contracts and money
market trading and is managed within the VaR
model. Interest rate sensitivity arising from trading
activities is quite sizeable in USD, EUR, GBP
and JPY as these
are still the
predominantly traded currencies in
the global interest
rate markets.
It should be noted
that it is
management's view
that an interest
sensitivity
analysis at a
particular
point in time has
limited relevance
with respect
to trading
positions, which
can vary
significantly
on a daily basis.
128
Table of Contents
Note 30 Financial Instruments Risk Position (continued)
a) Interest Rate Risk (continued)
Non-trading
The management of the non-trading interest rate risk is primarily done within
the Corporate Center. The interest rate risk of UBS Switzerland, related to
client business with undefined maturities and of CHF transactions with
maturities above 1 year, is transferred to the Corporate Center where the
strategic interest rate risk management of the overall balance sheet is
performed centrally.
The most significant part of the interest rate sensitivity of the CHF book
of CHF (14.1) million relates to the investment of the Group's equity. This is
invested – in line with the duration and
sensitivity targets set by the Board of Directors – in a portfolio of fixed rate
CHF loans with an average duration of 3.0 years (previously 2.5 years).
Investing in shorter-term or variable rate instruments would mean exposing the
earnings stream (interest income) to higher fluctuations. For the currencies
EUR and GBP the interest rate sensitivity arises mainly from subordinated notes
issues which are intentionally unhedged as they are regarded as constituting a
part of the Group's equity for asset and liability management purposes. The
interest rate sensitivity in USD can be attributed predominantly to the
short-term refinancing of financial investments.
b) Credit Risk
Credit risk represents the loss which the Group would suffer if a counterparty
or issuer failed to perform its contractual obligations in all forms. Credit
risk is inherent in traditional banking products – loans, commitments to lend,
and contracts to support counterparties' obligations to third parties such as
letters of credit – and in foreign exchange and derivatives contracts, such as
swaps and options ("traded products"). Positions in tradable assets such as
bonds and equities, including both direct holdings and synthetic positions
through derivatives, also carry credit risk.
This risk is managed primarily based on the review of the financial status
of each specific counterparty, which is rated on a 14 point rating scale, based
on probability of default for products other than tradeable assets.
Concentrations of credit risk exist if clients are engaged in similar
activities, or are located in the same geographic region or have comparable
economic characteristics such that their ability to meet contractual
obligations would be similarly affected by changes in economic, political or
other conditions.
(b)(i) On-balance sheet assets
As of 31 December 2001, due from banks and loans to customers amounted to CHF
262 billion. 60.7% of the loans were with clients domiciled in Switzerland.
Please refer to Note 10 for a breakdown by region.
The issuer default risk of securities positions reported at fair value in
the trading portfolio assets amounted to CHF 398 billion as of 31 December
2001. Please refer to Note 12 for a further breakdown by type of issuer.
Derivatives
Credit risk represents the current replacement value of all outstanding
derivative contracts in a gain position by taking into consideration legally
enforceable master netting agreements. Positive replacement values amounted to
CHF 73 billion as at 31 December 2001. Based on the location of the ultimate
counterparty, 10% of this credit risk amount related to Switzerland, 47% to
Europe (excluding Switzerland) and 29% to North America. 50% of the positive
replacement values are with other banks.
129
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 30 Financial Instruments Risk Position (continued)
b) Credit Risk (continued)
(b)(ii) Off-balance sheet financial instruments
Credit commitments and contingent liabilities
Of the CHF 76 billion in credit
commitment and contingent
liabilities as at 31 December
2001, 13% related to clients
domiciled in Switzerland, 24% in
Europe (excluding Switzerland)
and 55% in North America.
(b)(iii) Credit risk mitigation techniques
Credit risk associated with
derivative instruments is
mitigated by the use of master
netting agreements. A further
method of reducing credit
exposure arising from derivative
transactions is to use
collateralization arrangements.
Master netting agreements
eliminate risk to the extent that
only the net claim is due to be
settled in the case of a default
of the counterparty. The impact
of master netting agreements as
at 31 December 2001 is to
mitigate credit risk on
derivative instruments by
approximately CHF 97 billion. The
impact can change substantially
over short periods of time,
because the exposure is affected
by each transaction subject to
the arrangement.
The Group subjects its
derivative-related credit risks
to the same credit approval,
limit and monitoring standards
that it uses for managing other
transactions that create credit
exposure. This includes
evaluation of counterparties as
to creditworthiness and
suitability, and managing the
size, diversification and
maturity structure of the
portfolio. Credit utilization for
all products is compared against
established limits on a continual
basis and is subject to a
standard exception reporting
process.
130
Table of Contents
Note 30 Financial Instruments Risk Position (continued)
c) Currency Risk
The Swiss franc is the Group's reporting currency. Hedging transactions are used to manage foreign currency risks (see Note 24: Derivative Instruments).
Breakdown of assets and liabilities by currencies
31.12.01
31.12.00
CHF billion
CHF
USD
EUR
Other
CHF
USD
EUR
Other
Assets
Cash and balances with central banks
3.0
0.3
0.6
17.1
1.9
0.2
0.5
0.4
Due from banks
5.0
8.6
5.2
8.7
5.8
10.4
8.0
4.9
Cash collateral on securities borrowed
0.1
156.4
2.5
3.9
0.5
169.2
2.4
5.8
Reverse repurchase agreements
5.1
142.9
40.2
81.1
5.3
83.7
37.4
67.4
Trading portfolio assets
9.6
265.2
47.2
75.9
16.1
184.1
38.2
77.2
Positive replacement values
30.6
11.4
1.2
30.2
11.7
6.9
0.6
38.7
Loans, net of allowance for credit losses
151.4
43.1
11.9
20.1
154.2
52.3
7.1
31.2
Financial investments
2.9
7.4
1.5
17.0
6.5
8.3
0.9
3.9
Accrued income and prepaid expenses
0.7
4.9
0.8
1.2
1.6
4.4
0.2
0.9
Investments in associates
0.7
0.0
0.0
0.0
0.7
0.0
0.1
0.1
Property and equipment
6.3
1.5
0.1
0.8
6.9
1.4
0.0
0.6
Goodwill and other intangible assets
0.2
18.5
0.0
0.4
0.3
19.1
0.0
0.1
Other assets
2.1
5.6
0.8
1.4
3.2
3.3
0.6
2.4
Total assets
217.7
665.8
112.0
257.8
214.7
543.3
96.0
233.6
Liabilities
Due to banks
8.0
68.6
12.9
17.0
6.5
46.5
10.6
18.6
Cash collateral on securities lent
0.0
24.3
3.2
2.8
0.1
12.6
5.0
5.7
Repurchase agreements
12.8
271.1
30.7
54.0
10.0
194.6
16.1
74.9
Trading portfolio liabilities
2.8
65.2
12.5
25.3
2.0
52.4
11.4
16.8
Negative replacement values
25.7
6.5
1.6
37.7
8.6
6.3
2.0
59.0
Due to customers
123.3
138.8
41.5
30.2
118.8
129.7
29.9
32.4
Accrued expenses and deferred income
2.4
10.0
0.9
4.0
3.0
11.8
1.7
4.5
Debt issued
15.7
120.0
8.8
11.7
18.3
90.7
4.4
16.2
Other liabilities
7.2
6.1
0.9
1.5
9.9
3.6
2.5
2.8
Minority interests
0.1
3.9
0.0
0.1
0.2
2.5
0.1
0.1
Shareholders' equity
43.5
0.0
0.0
0.0
44.8
0.0
0.0
0.0
Total liabilities, minority interests
and shareholders' equity
241.5
714.5
113.0
184.3
222.2
550.7
83.7
231.0
131
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 30 Financial Instruments Risk Position (continued)
d) Liquidity Risk
Maturity analysis of assets and liabilities
Due
Due
Due
between
between
Due
On
Subject
within
3 and
1 and
after
CHF billion
demand
to notice
1
3 mths
12 mths
5 years
5 years
Total
Assets
Cash and balances with central banks
21.0
21.0
Due from banks
10.6
0.0
14.7
1.5
0.4
0.3
27.5
Cash collateral on securities borrowed
0.0
0.0
162.5
0.0
0.4
0.0
162.9
Reverse repurchase agreements
0.0
0.0
236.9
31.4
1.0
0.0
269.3
Trading portfolio assets
397.9
0.0
0.0
0.0
0.0
0.0
397.9
Positive replacement values
73.4
0.0
0.0
0.0
0.0
0.0
73.4
Loans, net of allowance for credit losses
0.0
29.7
96.0
36.5
54.7
9.6
226.5
Financial investments
9.3
0.3
3.3
4.8
7.1
4.0
28.8
Accrued income and prepaid expenses
7.6
0.0
0.0
0.0
0.0
0.0
7.6
Investments in associates
0.0
0.0
0.0
0.0
0.0
0.7
0.7
Property and equipment
0.0
0.0
0.0
0.0
0.0
8.7
8.7
Goodwill and other intangible assets
0.0
0.0
0.0
0.0
0.0
19.1
19.1
Other assets
9.9
0.0
0.0
0.0
0.0
0.0
9.9
Total 31.12.2001
529.7
30.0
513.4
74.2
63.6
42.4
1,253.3
Total 31.12.2000
351.8
38.8
502.3
87.3
60.8
46.6
1,087.6
Liabilities
Due to banks
11.1
2.7
87.9
4.2
0.5
0.1
106.5
Cash collateral on securities lent
0.0
0.0
30.3
0.0
0.0
0.0
30.3
Repurchase agreements
0.0
0.0
336.9
31.7
0.0
0.0
368.6
Trading portfolio liabilities
105.8
0.0
0.0
0.0
0.0
0.0
105.8
Negative replacement values
71.5
0.0
0.0
0.0
0.0
0.0
71.5
Due to customers
141.4
3.7
178.9
7.7
1.2
0.9
333.8
Accrued expenses and deferred income
17.3
0.0
0.0
0.0
0.0
0.0
17.3
Debt issued
0.0
0.0
66.0
50.3
27.6
12.3
156.2
Other liabilities
15.7
0.0
0.0
0.0
0.0
0.0
15.7
Total 31.12.2001
362.8
6.4
700.0
93.9
29.3
13.3
1,205.7
Total 31.12.2000
283.1
77.2
536.5
84.3
33.3
25.4
1,039.8
1
Deposits without a fixed term, on which notice of withdrawal or termination has not been given (such funds may be withdrawn by the
depositor
or repaid by the borrower subject to an agreed period of
notice).
132
Table of Contents
Note 30 Financial Instruments Risk Position (continued)
e) Capital Adequacy
Risk-weighted assets (BIS)
Balance
Balance
sheet /
Risk-
sheet /
Risk-
notional
weighted
notional
weighted
amount
amount
amount
1
amount
1
CHF million
31.12.01
31.12.01
31.12.00
31.12.00
Balance sheet assets
Due from banks and other collateralized lendings
380,641
7,640
333,270
7,409
Net positions on securities
2
29,500
10,992
20,463
10,979
Positive replacement values
73,447
19,556
57,875
18,763
Loans, net of allowances for credit losses
and other collateralized lendings
305,624
154,908
312,376
162,539
Accrued income and prepaid expenses
7,554
3,679
7,062
4,653
Property and equipment
13,202
13,202
13,620
13,620
Other assets
9,875
4,504
9,491
5,565
Off-balance sheet and other positions
Contingent liabilities
25,487
9,868
27,786
12,548
Irrevocable commitments
50,705
5,034
53,643
12,599
Forward and swap contracts
3
8,362,374
9,256
5,743,239
10,933
Purchased options
3
365,100
1,777
380,411
2,922
Market risk positions
4
13,319
10,760
Total risk-weighted assets
253,735
273,290
1
Changes have been made to prior year to conform to the current presentation
(see Note 1: Summary of Significant Accounting Policies).
2
Excluding positions in the trading book, these are included in market risk
positions.
3
The risk-weighted amount corresponds to the security margin
(add-on) of the contracts.
4
Value at Risk according to the internal model
multiplied by a factor of 12.5 to create the risk-weighted amount of the market
risk positions in the trading book.
BIS capital ratios
Capital
Ratio
Capital
Ratio
CHF million
%
CHF million
%
31.12.01
31.12.01
31.12.00
31.12.00
Tier 1
29,322
11.6
31,892
11.7
of which hybrid Tier 1
3,638
1.4
2,456
0.9
Tier 2
8,149
3.2
10,968
4.0
Total BIS
37,471
14.8
42,860
15.7
The Tier 1 capital includes CHF 3,638 million (USD 2,175 million) trust
preferred securities at 31 December 2001 and CHF 2,456 million (USD 1,500
million) at 31 December 2000.
Among other measures the Group monitors the adequacy of its capital using
ratios established by the Bank for International Settlements (BIS). The BIS
ratio is required to be at least 8%. The Group has complied with all BIS and
Swiss capital adequacy rules for all periods presented. These ratios measure
capital adequacy by comparing the Group's eligible capital with its risk
weighted positions which include balance sheet assets, net positions in
securities not held in the trading book, off-balance sheet transactions
converted into their credit equivalents and market risk positions at a weighted
amount to reflect their relative risk.
The capital adequacy rules require a minimum amount of capital to cover
credit and market risk exposures. For the calculation of the capital required
for credit risk the balance sheet assets are weighted according to broad
categories of notional credit risk, being assigned a
133
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 30 Financial Instruments Risk Position (continued)
e) Capital Adequacy (continued)
risk weighting according to the amount of capital deemed to be necessary to
support them. Four categories of risk weights (0%, 20%, 50%, 100%) are applied;
for example cash, claims collateralized by cash or claims collateralized by
OECD central-government securities have a zero risk weighting which means that
no capital is required to be held in respect of these assets. Uncollateralized
loans granted to corporate or private customers carry a 100% risk weighting,
meaning that they must be supported by capital equal to 8% of the carrying
amount. Other asset categories have weightings of 20% or 50% which require 1.6%
or 4% capital.
The net positions in securities not held in the trading book reflect the
Group's exposure to an issuer of securities arising from its physical holdings
and other related transactions in that security.
For contingent liabilities and irrevocable facilities granted, the credit
equivalent is calculated by multiplying the nominal value of each transaction
by its corresponding credit conversion factor. The resulting amounts are then
weighted for credit risk using the same percentage as for balance sheet assets.
In the case of OTC forward contracts and purchased options, the credit
equivalent is computed on the basis of the current replacement value of the
respective contract plus a security margin (add-on) to cover the future
potential credit risk during the remaining duration of the contract.
The Group calculates its capital requirement for market risk positions,
which includes interest-rate instruments and equity securities in the trading
book as well as positions in foreign exchange throughout the Group, using an
internal Value-at-Risk (VaR) model. This approach was introduced in the BIS
1996 market risk amendment to the Basel Accord of July 1988 and incorporated in
the Swiss capital adequacy rules of the Swiss Banking Ordinance.
The BIS proposal requires that the regulators perform tests of the bank
internal models before giving permission for these models to be used to
calculate the market risk capital. Based on extensive checks, the use of the
Group internal models was accepted by the Swiss Federal Banking Commission in
July 1999.
Tier 1 capital consists of share capital, share premium, retained earnings
including current year profit, foreign currency translation and minority
interest less accrued dividends, net long positions in own shares and goodwill.
Tier 2 capital includes the Group's subordinated long-term debt.
134
Table of Contents
Note 31 Fair Value of Financial Instruments
The following table presents the fair value of financial instruments based on
the following valuation methods and assumptions. It is presented because not
all financial instruments are reflected in the financial statements at fair
value.
Fair value is the amount for which an asset could be exchanged, or a
liability settled, between knowledgeable, willing parties in an
arm's-length
transaction. We use market price to determine fair value, where an active
market (such as a recognized stock exchange) exists, as it is the best evidence
of the fair value of a financial instrument. However, market prices are not
available for a significant number of the financial assets and liabilities held
and issued by the Group. Therefore, for financial instruments where no market
price is available, the fair values presented in the following table have been
estimated using present value or other estimation and valuation techniques
based on market conditions existing at balance sheet dates.
The values derived from applying these techniques are significantly
affected by the underlying assumptions used concerning both the amounts and
timing of future cash flows and the discount rates. The following methods and
assumptions have been used:
(a)
trading assets, derivatives and other transactions undertaken for trading
purposes are measured at fair value by reference to quoted market prices
when available. If quoted market prices are not available, then fair
values are estimated on the basis of pricing models, or discounted cash
flows. Fair value is equal to the carrying amount for these items;
(b)
financial investments classified as available-for-sale are measured at
fair value by reference to quoted market prices when available. If quoted
market prices are not available, then fair values are estimated on the
basis of pricing models or other recognized valuation techniques. Prior to
the adoption of IAS 39 in 2001, financial investments were carried at cost
or if considered held for sale, at the lower of cost or market. Upon the
adoption of the standard, all financial investments are carried at fair
value. Unrealized gains and unrealized losses, excluding impairment
write-downs, are recorded in shareholders' equity until an asset is sold,
collected or otherwise disposed of;
(c)
the fair value of liquid assets and other assets maturing within 12
months is assumed to approximate their carrying amount. This assumption is
applied to liquid assets and the short-term elements of all other
financial assets and financial liabilities;
(d)
the fair value of demand deposits and savings accounts with no specific
maturity is assumed to be the amount payable on demand at the balance
sheet date;
(e)
the fair value of variable rate financial instruments is assumed to
approximate their carrying amounts;
(f)
the fair value of fixed rate loans and mortgages is estimated by
comparing market interest rates when the loans were granted with current
market rates offered on similar loans. Changes in the credit quality of
loans within the portfolio are not taken into account in determining gross
fair values as the impact of credit risk is recognized separately by
deducting the amount of the allowance for credit losses from both book and
fair values.
The assumptions and techniques have been developed to provide a consistent
measurement of fair value for the Group's assets and liabilities in the
following table. However, because other institutions may use different methods
and assumptions, such fair value disclosures in this note cannot necessarily be
compared from one financial institution to another.
135
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 31 Fair Value of Financial Instruments (continued)
Carrying
Fair
Unrealized
Carrying
Fair
Unrealized
value
value
gain / (loss)
value
value
gain / (loss)
CHF billion
31.12.01
31.12.01
31.12.01
31.12.00
31.12.00
31.12.00
Assets
Cash and balances with central banks
21.0
21.0
0.0
3.0
3.0
0.0
Due from banks
27.7
27.7
0.0
29.1
29.1
0.0
Cash collateral on securities borrowed
162.9
162.9
0.0
177.9
177.9
0.0
Reverse repurchase agreements
269.3
269.3
0.0
193.8
193.8
0.0
Trading portfolio assets
397.9
397.9
0.0
315.6
315.6
0.0
Positive replacement values
73.4
73.4
0.0
57.9
57.9
0.0
Loans, net of allowance for credit losses
226.7
227.0
0.3
245.1
244.9
(0.2
)
Financial investments
28.8
28.8
0.0
19.6
21.4
1.8
Liabilities
Due to banks
107.2
107.2
0.0
82.8
82.8
0.0
Cash collateral on securities lent
30.3
30.3
0.0
23.4
23.4
0.0
Repurchase agreements
368.6
368.6
0.0
295.5
295.5
0.0
Trading portfolio liabilities
105.8
105.8
0.0
82.6
82.6
0.0
Negative replacement values
71.4
71.4
0.0
75.9
75.9
0.0
Due to customers
334.0
334.0
0.0
311.2
311.2
0.0
Debt issued
157.5
158.6
(1.1
)
130.5
131.4
(0.9
)
Subtotal
(0.8
)
0.7
Unrealized gains and losses recorded
in shareholders' equity before tax on:
Financial investments
1.2
Derivative instruments designated
as cash flow hedges
(0.6
)
(0.5)
1
Net unrealized gains and losses
not recognized in the income statement
(0.2
)
0.2
1
Relates to the cash flow hedge opening adjustment for IAS 39 at 1 January
2001 (see Note1 Summary of Significant Accounting Policies for more information
on the adoption of IAS 39).
136
Table of Contents
Note 31 Fair Value of Financial Instruments (continued)
The table does not reflect the fair values of non-financial assets and
liabilities such as property, equipment, goodwill, prepayments and non-interest
accruals. The interest amounts accrued to date for respective financial
instruments are included, for purposes of the above fair value disclosure, in
the carrying value of the financial instruments.
Substantially
all of the Group's commitments to extend credit are at
variable rates. Accordingly, the Group has no significant exposure to fair
value fluctuations related to these commitments.
Changes in
the fair value of the Group's fixed rate loans, long- and
medium-term notes and bonds issued are predominantly hedged by derivative
instruments, mainly interest rate swaps. The interest rate risk inherent in the
balance sheet positions with no specific maturity is also hedged with
derivative instruments based on the management view on the economic maturity of
the products.
The hedging derivative instruments are carried at fair value on the
balance sheet and are part of the replacement values in the above table. When
fixed rate financial instruments are hedged with derivatives in a fair value
hedge, they are reflected in the above table at fair value related to the
hedged exposure with fair value changes recorded in net profit. When derivative
instruments are designated as cash flow hedges, the difference between the
total amount of valuation gains and losses and the amortized amount of the
derivatives is deferred and shown net in the table as unrealized gains and
losses on derivative instruments designated as cash flow hedges.
The decrease in the Net unrealized gains and losses during 2001 of CHF 0.4
billion is mainly attributable to the lower unrealized fair value gain from
financial investments (down CHF 0.6 billion to CHF 1.2 billion). The change in
the unrealized gains and losses of fixed rate long-term assets has increased by
CHF 0.5 billion from the prior year as a result of declining interest rates
during 2001. This was partially offset by an increase in fair value loss from
fixed rate long-term debt issues and from hedging derivatives.
Note 32 Retirement Benefit Plans and Other Employee Benefits
The Group has established various pension plans inside and outside of
Switzerland. The major plans are located in Switzerland, the UK, the US and
Germany. Independent actuarial valuations are performed for the plans in these
locations.
Swiss pension plans until 30 June 1999
The pension funds of the Group were set up as trusts, domiciled in Basel and
Zurich. All domestic employees were covered. The pension funds were defined
benefit plans. The pension plan benefits exceeded the minimum benefits required
under Swiss law.
Contributions were paid for by the Group and its employees. The employee
contributions were calculated as a percentage of the insured annual salary and
were deducted monthly. The percentages deducted from salary were dependent on
age and varied between 8% and 12%. The Group contributions were variable and
amount to 125% to 250% of the employees contributions depending on the
financial situation of the pension fund.
The pension plan formula was based on years of contributions and final
covered salary. The benefits covered included retirement benefits, disability,
death and survivor pension.
Swiss pension plans starting 1 July 1999
The pension plans of both former banks in Switzerland are in the process of
being liquidated and a new foundation with domicile in Zurich was created as of
21 January 1999. The new pension scheme became operational as of 1 July 1999.
As a result of the merger of the plans of the former banks in Switzerland,
on 1 July 1999 there was an increase of vested plan benefits for the
beneficiaries of such plans due to the allocation of the excess of the fair
value of plan assets over the benefit obligation. This had the effect of
increasing the Defined benefit obligation by
137
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 32 Retirement Benefit Plans and Other Employee Benefits (continued)
CHF 3,525 million. In accordance with IAS 19 (revised 2000) this resulted in a
one-time charge to income which was offset by the recognition of assets
previously unrecognized due to the paragraph 58 (b) limitation of IAS 19
(revised 2000) used to fund this increase in benefits.
The pension plan covers practically all employees in Switzerland and
exceeds the minimum benefit requirements under Swiss law. Contributions to the
pension plan are paid for by employees and the Group. The employee
contributions are calculated as a percentage of insured annual salary and are
deducted monthly. The percentages deducted from salary for full benefit
coverage (including risk benefits) depend on age and vary between 7% and 10%.
The Group pays a variable contribution that ranges between 150% and 220% of the
sum of employees' contributions.
The pension plan formula is based on years of contributions and final
covered salary. The benefits covered include retirement benefits, disability,
death and survivor pension.
In 1999, the Group recognized a prepaid pension asset of CHF 456 million
representing excess employer contributions. In 2000, CHF 100 million of this
asset was used to satisfy the benefit obligation. There was no asset used in
2001.
Foreign pension plans
The foreign locations of UBS operate various pension schemes in accordance with
local regulations and practices. Among these schemes are defined contribution
plans as well as defined benefit plans. The locations with defined benefit
plans of a material nature are in the UK, the US and Germany. These locations
together with Switzerland cover nearly 90% of the active workforce. Certain of
these schemes permit employees to make contributions and earn matching or other
contributions from the Group.
The retirement plans provide benefits in the event of retirement, death,
disability or employment termination. The plans' retirement benefits depend on
age, contributions and level of compensation. The principal plans are financed
in full by the Group. The funding policy for these plans is consistent with
local government and tax requirements.
The assumptions used in foreign plans take into account local economic
conditions.
The amounts shown for foreign plans reflect the net funded positions of
the major foreign plans.
Postretirement medical and life plans
In the US and the UK the Group offers retiree medical benefits that contribute
to the health care coverage of employees and beneficiaries after retirement. In
addition to retiree medical benefits, the Group in the US also provides retiree
life insurance benefits.
The benefit obligation in excess of plan assets for those plans amounts to
CHF 142 million as of 31 December 2001 (2000 CHF 111 million, 1999 CHF 113
million) and the total unfunded accrued postretirement liabilities to CHF 130
million as of 31 December 2001 (2000 CHF 108 million, 1999 CHF 83 million). The
actuarially determined net postretirement cost amounts to CHF 24 million as of
31 December 2001 (2000 CHF 22 million, 1999 CHF 17 million).
138
Table of Contents
Note 32 Retirement Benefit Plans and Other Employee Benefits (continued)
Swiss
Foreign
CHF million
31.12.01
31.12.00
31.12.99
31.12.01
31.12.00
31.12.99
Reconciliation of benefit obligation
Defined benefit obligation
at beginning of the year
(17,712
)
(17,011
)
(14,944
)
(3,406
)
(2,444
)
(2,009
)
Service cost
(541
)
(545
)
(464
)
(121
)
(165
)
(118
)
Interest cost
(674
)
(666
)
(636
)
(204
)
(162
)
(123
)
Plan amendments
(3,517
)
(1
)
(2
)
Special termination benefits
(262
)
(211
)
1,000
(3
)
Actuarial gain/(loss)
421
571
(345
)
(99
)
2
Benefits paid
889
721
979
107
84
133
Acquisition of PaineWebber
(740
)
Currency adjustment
(12
)
123
(269
)
Other
429
(58
)
Defined benefit obligation
at the end of the year
(17,879
)
(17,712
)
(17,011
)
(3,553
)
(3,406
)
(2,444
)
Reconciliation of fair value of plan assets
Fair value of plan assets
at the beginning of the year
19,074
18,565
17,885
3,378
2,880
2,173
Actual return on plan assets
(765
)
535
2,136
(220
)
352
Employer contributions
656
490
515
258
13
22
Plan participant contributions
213
205
180
23
15
Benefits paid
(889
)
(721
)
(979
)
(107
)
(84
)
(133
)
Special termination benefits
(1,172
)
Acquisition of PaineWebber
676
Currency adjustments
7
(130
)
333
Other
(429
)
118
Fair value of plan assets
at the end of the year
18,289
19,074
18,565
2,887
3,378
2,880
Funded status
Plan assets in excess of benefit obligation
410
1,362
1,554
(666
)
(28
)
436
Unrecognized net actuarial gains
961
(331
)
(724
)
673
(81
)
(474
)
Unrecognized transition amount
1
1
Unrecognized past service cost
2
2
2
Unrecognized assets
(1,015
)
(675
)
(374
)
(47
)
(28
)
(Unfunded accrued) / prepaid pension cost
356
356
456
9
(153
)
(63
)
Movement in the net (liability) or asset
(Unfunded accrued) / prepaid pension cost
at the beginning of the year
356
456
0
(153
)
(63
)
43
Net periodic pension cost
(656
)
(590
)
(59
)
(97
)
(55
)
(123
)
Employer contributions
656
490
515
258
13
22
Acquisition of PaineWebber
(63
)
Currency adjustments
1
15
(5
)
(Unfunded accrued) / prepaid pension cost
356
356
456
9
(153
)
(63
)
Amounts recognized in the balance sheet
Prepaid pension cost
356
356
456
185
53
49
Accrued pension liability
(176
)
(206
)
(112
)
(Unfunded accrued) / prepaid pension cost
356
356
456
9
(153
)
(63
)
139
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 32 Retirement Benefit Plans and Other Employee Benefits (continued)
Swiss
Foreign
CHF million
31.12.01
31.12.00
31.12.99
31.12.01
31.12.00
31.12.99
Amounts recognized
in the Income Statement
Current service cost
541
545
464
121
165
118
Interest cost
674
666
636
204
162
123
Expected return on plan assets
(947
)
(927
)
(883
)
(228
)
(243
)
(195
)
Adjustment to limit prepaid pension cost
339
300
(150
)
21
Amortization of unrecognized prior service costs
262
211
172
3
77
Amortization of unrecognized net (gains)/losses
(9
)
(6
)
Employee contributions
(213
)
(205
)
(180
)
(23
)
(15
)
Actuarially determined
net periodic pension cost
656
590
59
97
55
123
Actual return on plan assets (%)
(4.0
)
2.9
11.9
(7.3
)
(0.9
)
15.3
Principal actuarial assumptions used (%)
Discount rate
4.0
4.0
4.0
6.2
6.3
6.0
Expected rate of return on plan assets
5.0
5.0
5.0
7.9
8.1
8.1
Expected rate of salary increase
2.5
2.5
2.5
4.4
4.4
4.6
Rate of pension increase
1.5
1.5
1.5
1.5
1.6
2.2
Swiss
Additional details to fair value
of plan assets
31.12.01
31.12.00
31.12.99
Own financial instruments
781
1,211
846
Securities lent to UBS included in plan assets
824
3,432
5,939
Other assets used by UBS included in plan assets
104
179
187
140
Table of Contents
Note 32 Retirement Benefit Plans and Other Employee Benefits (continued)
Foreign post-retirement medical and life plans
CHF million
31.12.01
31.12.00
31.12.99
Post-retirement benefit obligation at beginning of the year
(115
)
(117
)
(96
)
Service cost
(7
)
(6
)
(2
)
Interest cost
(9
)
(8
)
(6
)
Plan amendments
(10
)
(7
)
0
Actuarial gain/(loss)
(6
)
27
0
Benefits paid
4
5
4
Acquisition of PaineWebber
(9
)
0
Currency adjustment
(2
)
0
(16
)
Other
0
(1
)
Post-retirement benefit obligation at end of the year
(145
)
(115
)
(117
)
CHF million
31.12.01
31.12.00
31.12.99
Fair value of plan assets at beginning of the year
4
4
3
Actual return on plan assets
0
0
1
Company contributions
3
4
4
Benefits paid
(4
)
(4
)
(4
)
Fair value of plan assets at end of the year
3
4
4
The assumed health care cost trend used in determining the benefit expense for
2001 is 5.32%. Assumed health care cost trend rates have a significant effect
on the amounts reported for the health care plan. A one-percentage-point change
in the assumed health care cost trend rates would change the US post-retirement
benefit obligation and the service and interest cost components of the net
periodic post-retirement benefit costs as follows:
CHF million
1% increase
1% decrease
Effect on total service and interest cost
3.0
(2.0
)
Effect on the post-retirement benefit obligation
17.0
(14.0
)
Note 33 Equity Participation Plans
a)  Equity Participation Plans Offered
UBS has established several equity participation plans to further align the
long-term interests of executives, managers, staff and shareholders. The plans
are offered to eligible employees in approximately 50 countries and are
designed to meet the complex legal, tax and regulatory requirements of each
country in which they are offered. The explanations below describe the most
significant plans in general, but specific plan rules and investment offerings
may vary by country.
Equity Plus Program (EPP):
This plan replaces the Equity Investment Plan
(EIP) (see below) and will be the main plan for all UBS employees going
forward. It was previously only available to UBS PaineWebber employees. Equity
Plus gives eligible UBS employees the opportunity to purchase UBS shares at
fair market value on the purchase date and receive two options on UBS shares
for each share purchased, up to a maximum limit. The options have a strike
price equal to the fair market value of the stock on the date the option is
granted. Share purchases can be made annually from bonus compensation or
quarterly, based on regular deductions from salary. Shares purchased under EPP
are restricted from resale for two years from the time of purchase, and the
options granted have either a
141
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 33 Equity Participation Plans (continued)
a) Equity Participation Plans Offered (continued)
two or three year vesting requirement and expire either seven or ten years
after the date
of grant.
Discounted Purchase Plans:
All employees in Switzerland are entitled to
purchase a specified number of UBS shares at a predetermined discounted price
each year (the discount is recorded as compensation expense). The number of
shares that can be purchased depends primarily on years of service and rank.
Any such shares purchased must be held for a specified period of time.
Equity Ownership Plan (EOP):
Selected personnel receive a mandatory
portion of their performance related compensation in UBS shares and are also
awarded a matching contribution in the form of additional UBS shares or
options. Participants in certain countries are eligible to receive a portion of
their award in Alternative Investment Vehicles (AIVs). These are generally
money market funds, UBS and non-UBS mutual funds and other UBS sponsored funds.
The awards vest either at the end of the restriction period
("cliff" vesting)
which is normally three years or ratably over the vesting period. Under certain
conditions, these awards are fully forfeitable by the employee.
Long Term Incentive Plans:
Under these plans, key employees are granted
options to purchase UBS shares at a price not less than the fair market value
of the shares on the date the option is granted. Long-term stock options are
blocked for either three or five years during which they cannot be exercised.
Expiration of the options is generally six years. One option gives the right to
purchase one registered UBS share at the option's strike price. In some grants,
accelerated vesting or non-forfeitability may occur if certain share
appreciation targets are met.
Other deferred compensation plans:
UBS sponsors other deferred
compensation plans for selected eligible employees. Generally, contributions
are made on a tax deferred basis. Participants are allowed to invest in UBS
shares or AIVs. No additional company match is granted, and the plan is
generally not forfeitable. In addition, UBS also grants deferred compensation
awards to new recruits, senior management and other key employees in the form
of UBS shares, options or other leveraged interests in non-UBS instruments.
Equity Investment Plan (EIP) (now discontinued):
Prior to the
discontinuance of new awards under this plan in 2001, employees had the choice
to invest part of their annual bonus in UBS shares, warrants or other
derivatives on UBS shares. A holding period, generally three years, applied
during which the instruments could not be sold or exercised. In addition,
participants in the plan received a matching contribution of additional UBS
shares or derivatives. Only the UBS matching contribution was forfeitable. The
last EIP vesting will take place in 2004. Staff who used to have the
possibility to take part in EIP are now offered the opportunity to take part in
EPP.
142
Table of Contents
Note 33 Equity Participation Plans (continued)
b) UBS Share Awards
i) Stock bonus plans
Shares granted under the various equity participation plans mentioned above are
as follows:
Stock bonus
      plans
31.12.01
31.12.00
31.12.99
Shares awarded
15,644,000
38,340,000
10,407,000
Weighted-average fair market value per share (in CHF)
90
76
73
The stock bonus awards for 2000 include approximately 19.8 million shares
granted under the retention agreements with key employees of UBS PaineWebber.
The bonus awards for 1999 include 4.2 million shares issued in exchange for
previously issued non-share awards and for special bonuses.
9.5 million, 4.0 million and 3.1 million shares vested in 2001, 2000 and
1999, respectively. Of these shares, the majority vested on 15 March of each
year and the remaining shares vested on various dates throughout the year. On
31 December 2001, 2000 and 1999, there were 52.3 million, 47.5 million and 14.4
million unvested shares outstanding in various equity participation plans with
a corresponding market value of CHF
4.4 billion in 2001, CHF 4.2 billion in 2000
and CHF 1.0 billion in 1999.
ii) Stock purchase plans
The following table shows the shares awarded and the weighted-average fair
value per share for the Group's stock purchase plans.
Stock purchase plans
31.12.01
31.12.00
31.12.99
Share quantity for discounted purchase plans
1,701,099
966,000
5,406,000
Weighted-average purchase price (in CHF)
47
35
49
Share quantity for UBS PaineWebber plans
1,221,416
298,725
Weighted-average fair value purchase price (in USD)
51
46
143
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 33 Equity Participation Plans (continued)
c) UBS Option Awards
Movements in options granted under various equity participation plans are as
follows:
Weighted
Weighted
Weighted
average
average
average
exercise
exercise
exercise
Number
of
price
Number of
price
Number of
price
options
(in CHF)
options
(in CHF)
options
(in CHF)
31.12.01
31.12.01
31.12.00
31.12.00
31.12.99
31.12.99
Outstanding, at the
      beginning of the year
63,308,502
58
30,415,386
66
21,608,358
59
Options due to the
      acquisition of
PaineWebber
0
18,975,810
1
34
0
0
Granted during the
      year
11,070,992
94
21,248,046
2
72
10,317,426
79
Exercised during
      the year
(10,083,075
)
49
(5,390,307
)
50
(215,298
)
60
Forfeited during
      the year
(1,009,750
)
74
(1,940,433
)
64
(1,295,100
)
63
Outstanding, at the
      end of the year
63,286,669
66
63,308,502
58
30,415,386
66
Exercisable, at the
      end of the year
25,550,932
50
18,310,839
34
1,951,920
62
1
UBS
      AG issued options in exchange for options of PaineWebber which have been
      included in the purchase price for PaineWebber at a fair value of CHF 992
      million.
2
Includes options granted to key employees of UBS
      PaineWebber, vesting over a 3-year period, subject to
employee's continued
      employment and other restrictions.
Some of the options in
the table above have exercise prices denominated in US dollars which have been
converted into CHF at the year-end spot exchange rate for purposes of this
table. The exercise dates can occur on any business day during the year.
The following table
summarizes additional information about stock options outstanding at 31 December
2001:
Options outstanding
Options exercisable
Range of exercise
Number of options
Weighted-average
Weighted-average
Number of
Weighted-average
prices per share
outstanding
exercise price
remaining contractual life
options exercisable
exercise price
CHF
CHF
Years
CHF
56.67–70.00
19,966,200
63.08
3.3
4,374,462
57.85
70.01–85.00
11,017,595
78.41
3.3
0
0
85.01–106.00
6,024,480
98.60
6.8
31,800
90.00
56.67–106.00
37,008,275
73.42
3.8
4,406,262
58.08
USD
USD
Years
USD
6.34–15.00
5,269,657
8.79
2.7
5,269,657
8.79
15.01–25.00
2,879,652
22.61
3.2
2,879,652
22.61
25.01–35.00
5,983,999
28.62
4.3
5,983,999
28.62
35.01–45.00
0
0
0.0
0
0
45.01–55.00
10,067,766
48.05
6.1
7,011,362
47.05
55.01–58.76
2,077,320
57.81
6.1
0
0
6.34–58.76
26,278,394
33.74
4.7
21,144,670
28.97
Options are normally
granted with a strike price either equal to fair market value or approximately
10% greater than the fair value of the underlying share on the grant date.
144
Table of Contents
Note 33 Equity Participation Plans (continued)
d) Compensation Expense
Generally, the Group's
policy is to recognize expense at the date of grant for equity participation
instruments (shares, warrants, options and other derivatives for which the
underlying is the Group's own shares). The amount of expense recognized is equal
to the intrinsic value of the instrument at such date and is calculated as
follows: 1) For stock options, it is the difference between the strike price and
fair value of shares at the date of grant, if any. 2) For UBS shares and other
derivative instruments, it is the fair market value. 3) For discounted share
plans, the expense is equal to the difference between the fair market value and
discounted value.
The accrued expense for share based
compensation for the years ended 31 December 2001, 2000 and 1999 was CHF
974 million, CHF 1,749 million and CHF 1,684 million,
respectively. The accruals include awards earned currently but issued in the
following year.
e) Pro-Forma Net Income
The following table
presents Net income and Earnings per share for 2001, 2000 and 1999 as if the
Group had adopted the fair value method of accounting for its equity
compensation plans, rather than the intrinsic value method described in
paragraph d) above.
CHF million, except per
share data
31.12.01
31.12.00
31.12.99
Net income
As reported
4,973
7,792
6,153
Pro-forma
4,626
7,634
1
6,028
1
Basic EPS
As reported
3.93
6.44
5.07
Pro-forma
3.65
6.31
4.96
Diluted EPS
As reported
3.78
6.35
5.02
Pro-forma
3.51
6.22
4.92
1.
Pro-forma net income at 31 December 2000 and 31
      December 1999 has been adjusted for expense reversals related to
      forfeitures.
The effects of
recognizing compensation expense and providing pro-forma disclosures are not
likely to be representative of the effects on reported Net profit for future
years.
The fair value of
options granted was determined using a proprietary option pricing model,
substantially similar to the Black-Scholes model, with the following
assumptions:
31.12.01
31.12.00
31.12.99
Expected
      volatility
30
%
30
%
33
%
Risk free interest rate (CHF)
3.51
%
3.27
%
2.07
%
Risk free interest
      rate (USD)
5.81
%
5.66
%
–
Expected dividend rate
2.67
%
2.44
%
1.44
%
Expected life
      (years)
4.5
4.4
6
The weighted-average
fair value of options granted in 2001, 2000 and 1999 was CHF 23, CHF 16 and CHF
20 per share, respectively.
145
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 34 Related Parties
Related parties
include Associated companies, the Board of Directors, the Group Executive Board,
the Group Managing Board, close family members and enterprises which are
controlled by these individuals as well as certain persons performing similar
functions.
Total remuneration to related
parties recognized in the income statement amounted to CHF 321.4 million in
2001, CHF 272.3 million in 2000 and CHF 193.1 million in 1999, including
accrued pension benefits of approximately CHF 35.4 million in 2001, CHF
30.0 million in 2000 and CHF 21.2 million in 1999. The remuneration
paid to related parties in 2001 includes approximately USD 70 million (CHF
118 million) paid to employees of Paine Webber Group, Inc. who joined UBS
at the merger on 3 November 2000.
The number of long-term stock options
outstanding to related parties from equity plans was 8,366,103 at 31 December
2001 and 4,693,458 at 31 December 2000. These plans are further explained in
Note 33 Equity Participation Plans.
The external members of the Board of
Directors do not have employment or service contracts with UBS, and thus are not
entitled to benefits upon termination of their service on the Board of
Directors. The full-time Chairman and Vice-Chairmen have top-management
employment contracts and receive pension benefits upon retirement.
The total
amounts of shares and warrants held by members of the Board of Directors, Group
Executive Board and Group Managing Board were 4,068,918 and 60,578,417 as of 31
December 2001 and 7,583,184 and 69,504,577 as of 31 December 2000. No member of
the Board of Directors, Group Executive Board or Group Managing Board is the
beneficial owner of more than 1% of the Group's shares.
Loans and advances receivable from related parties were as
follows:
CHF million
31.12.01
31.12.00
Mortgages at the
      beginning of the year
36
28
Additions
8
9
Reductions
(12
)
(1
)
Mortgages at the end of the year
32
36
Members of the Board
of Directors, Group Executive Board and Group Managing Board are granted
mortgages at the same terms and conditions as other employees. Terms and
conditions are based on third-party conditions adjusted for reduced credit risk.
Loans and advances to significant associated companies were
as follows:
CHF million
31.12.01
31.12.00
Loans and advances
      at the beginning of the year
0
62
Additions
65
0
Reductions
0
(62
)
Loans and advances at the end of the
      year
65
0
All loans and advances
to associated companies are transacted at arm's length. At 31 December 2001,
there are trading exposures and guarantees to significant associated companies
of CHF 306 million. The Group routinely receives services from associated
companies at an arm's length basis. For the year ended 31 December 2001, the
amount paid to significant associates was CHF 98 million. Note 36 provides
a list of significant associates.
146
Table of Contents
Note 35 Post-Balance Sheet Events
There have been no material
post-balance sheet events which would require disclosure or adjustment to the 31
December 2001 Financial Statements.
Bond issues have decreased by CHF
1,109 million from the balance sheet date to 12 February 2002. On 12
February 2002, the Board of Directors reviewed the Financial Statements and
authorized them for issue. These Financial Statements will be submitted to the
Annual General Meeting of Shareholders to be held on 18 April 2002 for approval.
Note 36 Significant Subsidiaries and Associates
The legal entity group
structure of UBS is designed to support the Group's businesses within an
efficient legal, tax, regulatory and funding framework. Neither the Business
Groups of UBS (namely UBS Warburg, UBS Switzerland and UBS Asset Management) nor
Corporate Center are replicated in their own individual legal entities but
rather they generally operate out of the parent bank, UBS AG, through its Swiss
and foreign branches.
The parent bank structure allows
UBS to capitalize on the advantages offered by the use of one legal platform by
all the Business Groups. It provides for the most cost efficient and flexible
structure and facilitates efficient allocation and use of capital, comprehensive
risk management and straightforward funding processes.
Where, usually due to
local legal, tax or regulatory rules or due to additional legal entities joining
the UBS Group via acquisition, it is either not possible or not efficient to
operate out of the parent bank then local subsidiary companies host the
appropriate businesses. The significant operating subsidiary companies in the
Group are listed below:
Significant subsidiaries
Equity
Share
interest
Jurisdiction
Business
capital
accumul-
Company
of
      incorporation
Group
1
in millions
ated in %
Armand von Ernst & Cie AG
Bern,
      Switzerland
CH
CHF
5.0
100.0
Aventic
      AG
Zurich, Switzerland
CH
CHF
30.0
100.0
Banco UBS Warburg
      SA
Rio
      de Janeiro, Brazil
WA
BRL
52.9
100.0
Bank Ehinger &
      Cie AG
Basel, Switzerland
CH
CHF
6.0
100.0
BDL Banco di Lugano
Lugano, Switzerland
CH
CHF
50.0
100.0
Brinson Advisors
      Inc
Delaware, USA
AM
USD
35.2
2
100.0
Brinson Canada
      Co
Halifax, Canada
AM
CAD
117.0
100.0
Brinson Partners
      (New York) Inc
New
      York, USA
AM
USD
0.5
100.0
Brinson Partners
      Inc
Delaware, USA
AM
USD
–
100.0
Brunswick UBS
      Warburg Limited
George Town, Cayman Islands
WA
USD
25.0
2
50.0
Cantrade Privatbank
      AG
Zurich, Switzerland
CH
CHF
10.0
100.0
Cantrade Private
      Bank Switzerland (CI) Limited
St. Helier, Jersey
CH
GBP
0.7
100.0
Crédit Industriel
      SA
Zurich, Switzerland
CH
CHF
10.0
100.0
EIBA
      «Eidgenössische Bank» Beteiligungs- und Finanzgesellschaft
Zurich, Switzerland
WA
CHF
14.0
100.0
Factors
      AG
Zurich, Switzerland
CH
CHF
5.0
100.0
Ferrier Lullin
    & Cie SA
Geneva, Switzerland
CH
CHF
30.0
100.0
Fondvest
      AG
Zurich, Switzerland
AM
CHF
4.3
100.0
Global Asset
      Management Limited
Hamilton, Bermuda
AM
USD
2.0
100.0
Hirslanden Holding
      AG
Zurich, Switzerland
CC
CHF
22.5
91.2
HYPOSWISS,
      Schweizerische Hypotheken- und Handelsbank
Zurich, Switzerland
CH
CHF
26.0
100.0
3
Footnotes
1
CH:
      UBS Switzerland, AM: UBS Asset Management, WA: UBS Warburg, CC: Corporate
      Center.
2
Share Capital and Share Premium.
3
Sold subsequently to 31 December
  2001.
147
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 36 Significant Subsidiaries and Associates
(continued)
Significant subsidiaries (continued)
Equity
Share
interest
Jurisdiction
Business
capital
accumul-
Company
of incorporation
Group
1
in millions
ated in %
IL Immobilien-Leasing AG
Opfikon, Switzerland
CH
CHF
5.0
100.0
PaineWebber Capital Inc
Delaware, USA
WA
USD
25.7
2
100.0
PT UBS Warburg
      Indonesia
Jakarta, Indonesia
WA
IDR
11,000.0
85.0
PW Trust Company
New Jersey, USA
WA
USD
4.4
2
99.6
SG Warburg & Co
      International BV
Amsterdam, the Netherlands
WA
GBP
40.5
100.0
SG Warburg Securities SA
Geneva, Switzerland
WA
CHF
14.5
100.0
Thesaurus
      Continentale Effekten-Gesellschaft Zürich
Zurich, Switzerland
CH
CHF
30.0
100.0
UBS (Bahamas)
      Ltd
Nassau, Bahamas
CH
USD
4.0
100.0
UBS (Cayman Islands) Ltd
George Town, Cayman Islands
CH
USD
5.6
100.0
UBS (France)SA
Paris, France
CH
EUR
10.0
100.0
UBS (Italia) SpA
Milan, Italy
CH
EUR
22.2
100.0
UBS (Luxembourg) SA
Luxembourg, Luxembourg
CH
CHF
150.0
100.0
UBS (Monaco) SA
Monte Carlo, Monaco
CH
EUR
9.2
100.0
UBS (Sydney) Limited
Sydney, Australia
WA
AUD
12.7
100.0
UBS (Trust and Banking) Ltd
Tokyo, Japan
AM
JPY
10,900.0
100.0
UBS (USA) Inc
Delaware, USA
WA
USD
315.0
100.0
UBS Americas Inc
Delaware, USA
WA
USD
3,562.9
2
100.0
UBS Asset
    Management (Australia) Ltd
Sydney, Australia
AM
AUD
8.0
100.0
UBS Asset
      Management (France) SA
Paris, France
AM
EUR
0.8
100.0
UBS Asset
      Management (Italia) SIM SpA
Milan, Italy
AM
EUR
0.5
100.0
UBS Asset
      Management (Japan) Ltd
Tokyo, Japan
AM
JPY
2,200.0
100.0
UBS Asset
      Management (Singapore) Ltd
Singapore, Singapore
AM
SGD
4.0
100.0
UBS Asset
      Management (Taiwan) Ltd
Taipei, Taiwan
AM
TWD
340.0
84.1
UBS Asset
    Management Holding Limited
London, Great Britain
AM
GBP
8.0
2
100.0
UBS Australia
      Limited
Sydney, Australia
WA
AUD
50.0
100.0
UBS Bank
      (Canada)
Toronto, Canada
CH
CAD
20.7
100.0
UBS
      Beteiligungs-GmbH & Co KG
Frankfurt, Germany
WA
EUR
398.8
100.0
UBS Bunting Warburg
      Inc
Toronto, Canada
WA
CAD
33.3
50.0
UBS Capital
      (Jersey) Ltd
St. Helier, Jersey
WA
GBP
36.0
2
100.0
UBS Capital AG
Zurich, Switzerland
WA
CHF
5.0
100.0
UBS Capital
      Americas Investments II LLC
Delaware, USA
WA
USD
90.0
2
100.0
UBS Capital Asia
      Pacific Limited
George Town, Cayman Islands
WA
USD
5.0
92.9
UBS Capital
      BV
The Hague, the Netherlands
WA
EUR
3.2
100.0
UBS Capital II
      LLC
Delaware, USA
WA
USD
2.6
2
100.0
UBS Capital Latin
      America LDC
George Town, Cayman Islands
WA
USD
–
100.0
UBS Capital
      LLC
Delaware, USA
WA
USD
18.5
2
100.0
UBS Capital
      Partners Limited
London, Great Britain
WA
GBP
6.7
100.0
UBS Capital
      SpA
Milan, Italy
WA
EUR
25.8
100.0
UBS Card Center
      AG
Glattbrugg, Switzerland
CH
CHF
40.0
100.0
UBS
España
      SA
Madrid, Spain
CH
EUR
65.3
100.0
UBS Finance (Cayman
      Islands) Limited
George Town, Cayman Islands
CC
USD
0.5
100.0
UBS Finance
      (Curação) NV
Willemstad, Netherlands Antilles
CC
USD
0.1
100.0
UBS Finance
      (Delaware) LLC
Delaware, USA
WA
USD
37.3
2
100.0
UBS Finanzholding
      AG
Zurich, Switzerland
CC
CHF
10.0
100.0
UBS Fund Holding
      (Luxembourg) SA
Luxembourg, Luxembourg
AM
CHF
42.0
100.0
UBS Fund Holding
      (Switzerland) AG
Basel, Switzerland
AM
CHF
8.0
100.0
UBS Fund Management
      (Switzerland) AG
Basel, Switzerland
AM
CHF
1.0
100.0
UBS Fund Services
      (Luxembourg) SA
Luxembourg, Luxembourg
AM
CHF
2.5
100.0
UBS Global Trust
      Corporation
St. John, Canada
CH
CAD
0.1
100.0
UBS Immoleasing
      AG
Zurich, Switzerland
CH
CHF
3.0
100.0
UBS International
      Holdings BV
Amsterdam, the Netherlands
CC
CHF
5.5
100.0
UBS Invest
      Kapitalanlagegesellschaft mbH
Frankfurt, Germany
AM
EUR
6.4
100.0
UBS Leasing
      AG
Brugg, Switzerland
CH
CHF
10.0
100.0
Footnotes
1
CH:
      UBS Switzerland, AM: UBS Asset Management, WA: UBS Warburg, CC: Corporate
      Center.
2
Share Capital and Share Premium.
148
Table of Contents
Note 36 Significant Subsidiaries and Associates
(continued)
Significant subsidiaries (continued)
Equity
Share
interest
Jurisdiction
Business
capital
accumul-
Company
of incorporation
Group
1
in millions
ated in %
UBS Life AG
Zurich, Switzerland
CH
CHF
25.0
100.0
UBS
      Limited
London, Great Britain
WA
GBP
10.0
100.0
UBS
O'Connor
      LLC
Delaware, USA
AM
USD
1.0
100.0
UBS PaineWebber
      Inc
Delaware, USA
WA
USD
1,672.3
2
100.0
UBS PaineWebber
      Incorporated of Puerto Rico
Hato
      Rey, Puerto Rico
WA
USD
31.0
2
100.0
UBS PaineWebber
      Life Insurance Company
California, USA
WA
USD
29.3
2
100.0
UBS Portfolio
      LLC
Delaware, USA
WA
USD
0.1
100.0
UBS Principal
      Finance LLC
Delaware, USA
WA
USD
0.1
100.0
UBS Private Banking
      Deutschland AG
Hamburg, Germany
CH
EUR
51.0
100.0
UBS Realty
      Investors LLC
Connecticut, USA
AM
USD
–
100.0
UBS Securities
      Limited
London, Great Britain
WA
GBP
10.0
100.0
UBS Trust
      (Canada)
Toronto, Canada
CH
CAD
12.5
100.0
UBS Trustees
      (Bahamas) Ltd
Nassau, Bahamas
CH
USD
2.0
100.0
UBS Trustees
      (Cayman) Ltd
George Town, Cayman Islands
CH
USD
0.5
100.0
UBS Trustees
      (Jersey) Ltd
St. Helier, Jersey
CH
GBP
0.7
100.0
UBS Trustees
      (Singapore) Ltd
Singapore, Singapore
CH
SGD
3.3
100.0
UBS UK Holding
      Limited
London, Great Britain
WA
GBP
5.0
100.0
UBS UK
      Limited
London, Great Britain
WA
GBP
609.0
100.0
UBS Warburg Asia
      Limited
Hong Kong, China
WA
HKD
20.0
100.0
UBS Warburg
      (France) SA
Paris, France
WA
EUR
22.9
100.0
UBS Warburg
      (Italia) SpA
Milan, Italy
WA
EUR
1.9
100.0
UBS Warburg (Japan)
      Limited
George Town, Cayman Islands
WA
JPY
50,000.0
100.0
UBS Warburg
      (Malaysia) Sdn Bhd
Kuala
      Lumpur, Malaysia
WA
MYR
0.5
70.0
UBS Warburg
      (Nederland) BV
Amsterdam, the Netherlands
WA
EUR
10.9
100.0
UBS Warburg
      AG
Frankfurt, Germany
WA
EUR
155.7
100.0
UBS Warburg
      Australia Corporate Finance Ltd
Sydney, Australia
WA
AUD
–
100.0
UBS Warburg
      Australia Corporation Pty Limited
Sydney, Australia
WA
AUD
50.4
2
100.0
UBS Warburg
      Australia Equities Ltd
Sydney, Australia
WA
AUD
190.0
2
100.0
UBS Warburg
      Australia Limited
Sydney, Australia
WA
AUD
571.5
2
100.0
UBS Warburg
      Derivatives Limited
Hong Kong, China
WA
HKD
20.0
100.0
UBS Warburg Hong
      Kong Limited
Hong Kong, China
WA
HKD
30.0
100.0
UBS Warburg
      International Ltd
London, Great Britain
WA
GBP
18.0
100.0
UBS Warburg
      LLC
Delaware, USA
WA
USD
948.1
100.0
UBS Warburg Ltd
London, Great Britain
WA
GBP
17.5
100.0
UBS Warburg New
      Zealand Equities Ltd
Auckland, New Zealand
WA
NZD
7.5
100.0
UBS Warburg Private
      Clients Ltd
Melbourne, Australia
WA
AUD
53.9
100.0
UBS Warburg Pte
      Limited
Singapore, Singapore
WA
SGD
55.0
100.0
UBS Warburg Real
      Estate Securities Inc
Delaware, USA
WA
USD
0.4
2
100.0
UBS Warburg
      Securities (España) SV SA
Madrid, Spain
WA
EUR
15.0
100.0
UBS Warburg
      Securities (South Africa) (Pty) Limited
Sandton, South Africa
WA
ZAR
22.1
100.0
UBS Warburg
      Securities Co Ltd
Bangkok, Thailand
WA
THB
400.0
100.0
UBS Warburg
      Securities India Private Limited
Mumbai, India
WA
INR
237.8
75.0
UBS Warburg
      Securities Ltd
London, Great Britain
WA
GBP
140.0
100.0
UBS Warburg
      Securities Philippines Inc
Makati City, Philippines
WA
PHP
150.0
100.0
Footnotes
1
CH:
      UBS Switzerland, AM: UBS Asset Management, WA: UBS Warburg, CC: Corporate
      Center.
2
Share Capital and Share Premium.
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UBS Group Financial Statements
Notes to the Financial Statements
Note 36 Significant Subsidiaries and Associates (continued)
Consolidated companies: changes in 2001
Significant new companies
Brinson Canada Co — Halifax, Canada
Deconsolidated companies
Significant deconsolidated companies
Reason for deconsolidation
UBS (Panama) SA — Panama City, Panama
Liquidated
Significant associates
Equity interest
Share capital
Company
Industry
in %
in millions
FSG Swiss Financial Services Group AG — Zurich, Switzerland
Financial
33.0
CHF
26
Giubergia UBS Warburg SIM SpA — Milan, Italy
Financial
49.9
EUR
15
Motor Columbus AG — Baden, Switzerland
Electricity
35.6
CHF
253
Telekurs Holding AG — Zurich, Switzerland
Financial
33.3
CHF
45
Volbroker.com Limited — London, Great Britain
Financial
20.6
GBP
19
None of the above investments carry voting rights that are significantly
different from the proportion of shares held.
150
Table of Contents
Note 37 Acquisition of Paine Webber Group, Inc.
On 3 November 2000, UBS completed its acquisition of 100% of the outstanding
common stock of the Paine Webber Group, Inc. ("PaineWebber"), a full-service
broker-dealer and one of the largest securities and commodities firms in the
United States servicing both individual and institutional clients. The
transaction was accounted for using the purchase method of accounting, making
PaineWebber a wholly owned subsidiary of UBS. Results of operations of
PaineWebber have been included in the consolidated results beginning on the
date of acquisition. Under IAS, the valuation of shares and options issued was
measured on the date the acquisition was completed, 3 November 2000.
Purchase consideration amounted to CHF 22.0 billion (USD 12.5 billion)
consisting of shares, options and cash. Total goodwill recorded in connection
with the acquisition amounted to CHF 12.8 billion (USD 7.3 billion) at 3
November 2000 and is being amortized using the straight line method over an
estimated useful life of 20 years.
In 2001, the goodwill amount increased by CHF 54.3 million, net of tax
benefits, including realized tax benefits on options granted to employees
before the merger and subsequently exercised, and other adjustments to the
identifiable assets and liabilities acquired. At 31 December 2001 and 2000, the
balance of goodwill related to the PaineWebber acquisition amounted to CHF 11.6
billion and CHF 11.8 billion respectively.
Note 38 Currency Translation Rates
The following table shows the principal rates used to translate the financial
statements of foreign entities into Swiss francs:
Spot rate
Average rate
As at
Year-to-date
31.12.01
31.12.00
31.12.01
31.12.00
31.12.99
1 USD
1.67
1.64
1.69
1.69
1.50
1 EUR
1.48
1.52
1.50
1.56
1.60
1 GBP
2.43
2.44
2.44
2.57
2.43
100 JPY
1.27
1.43
1.40
1.57
1.33
Note 39 Swiss Banking Law Requirements
The consolidated financial statements of UBS are prepared in accordance with
International Accounting Standards. Set out below are the deviations which
would result if the provisions of the Banking Ordinance and the Guidelines of
the Swiss Banking Commission governing financial statement reporting pursuant
to Article 23 through Article 27 of the Banking Ordinance were applied in the
preparation of the consolidated financial statements of UBS.
1. Treasury shares
Under IAS, treasury shares are presented in the balance sheet as a deduction
from Shareholders' equity and accounted for at weighted average cost. Contracts
that require physical settlement or net share settlement in UBS AG shares are
classified in the Shareholders' equity as Share premium and accounted for at
weighted average cost. The difference between the proceeds from sales of
treasury shares or contracts that require physical settlement or contracts that
require net share settlement and their cost (net of tax) is reported as Share
premium. The par value of shares repurchased and cancelled is debited to the
issued and paid up share capital for the par value, with the remainder of the
cost of the repurchased shares debited to Share premium. No dividends are paid
on treasury shares.
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UBS Group Financial Statements
Notes to the Financial Statements
Under Swiss law, own shares held for market making purposes are presented in
the balance sheet as Trading portfolio assets. Own shares held for other
purposes are classified as Financial investments and a corresponding reserve
for own shares is established within Shareholders' equity. All derivative
contracts on own shares are reported as Positive or Negative replacement
values. Traded own shares and derivatives on own shares are carried at fair
value. Gains and losses realized on disposal and unrealized gains and losses
from changes in the fair value are recorded as Net trading income. Own shares
reported within Financial investments are reported at the lower of cost or
market value. Reductions to market value and reversals of such reductions, as
well as gains and losses on disposal, are included in Other income. Own shares
repurchased for cancellation are reported as financial investments and
accounted for at cost. Upon cancellation, the par value of shares repurchased
and cancelled is debited against Share capital for the par value, with the
remainder of the purchase cost debited against General statutory reserve.
2. Financial investments
Under IAS, available-for-sale financial investments are carried at fair value.
Changes in the fair value of available-for-sale financial investments are
recorded as increases or decreases to Shareholders' equity until an investment
is sold, collected or otherwise disposed of, or until an investment is
determined to be impaired. At the time an available-for-sale investment is
determined to be impaired, the cumulative unrealized gain or loss previously
recognized in Shareholders' equity is included in net profit or loss for the
period. On disposal of an available-for-sale investment, the difference between
the net disposal proceeds and the carrying amount, including any previously
recognized unrealized gain or loss arising from a change in fair value reported
within Shareholders' equity, is included in net profit or loss for the period.
Under Swiss law financial investments are carried at the lower of cost or
market value. Reductions to market value and reversals of such reductions as
well as gains and losses on disposal are included in Other income.
3. Cash flow hedges
The Group also uses derivative instruments to hedge against the exposure from
varying cash flows receivable and payable. Under IAS, when hedge accounting is
applied for these instruments, the unrealized gain or loss on the effective
portion of the derivatives is recorded in shareholders' equity until the hedged
cash flows occur, at which time the accumulated gain or loss is realized and
released to income.
Under Swiss law, the gains or losses on the effective portion of the
derivative instruments used to hedge cash flow exposures are deferred on the
balance sheet. The deferred amounts are released to income when the hedged cash
flows occur.
4. Gains/losses not recognized in the income statement
Gains/losses not recognized in the income statement is a separate line within
Shareholders' equity where under IAS unrealized gains and losses from currency
translation, changes in fair value of financial investments available-for-sale
and of derivative instruments designated as cash flow hedges are reported.
Under Swiss law, only foreign currency translation differences are
reported in shareholders' equity. The other two components are reported
according to the methods described in captions 2. and 3. above.
5. Extraordinary income and expense
Under IAS, items of income and expense can only be classified as extraordinary
if they are clearly distinct from the ordinary activities and their occurrence
is expected to be rare.
Under Swiss law, income and expense items related to other accounting
periods and/or not directly related with the core business activities of the
enterprise (e.g. realized gains or losses on sale of Investments in associated
companies or Property and equipment) are recorded as extraordinary income or
expense.
The significant differences between IAS and Swiss banking law are as
follows:
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Note 39 Swiss Banking Law Requirements (continued)
CHF million
31.12.01
31.12.00
Differences in the Balance Sheet
Treasury shares
Trading portfolio
128
Financial investments
3,253
4,007
Due to banks
24
2,516
Shareholders' equity
3,357
1,491
Financial investments
Due to banks
(1,856
)
Other liabilities
(215
)
Shareholders' equity
(1,641
)
Cash flow hedges
Other liabilities
(459
)
Shareholders' equity
459
Differences in the Income Statement
Treasury shares
Net trading income
(70
)
133
Other income
(231
)
68
Financial investments
Other income
(607
)
Reclassification of extraordinary income and expense
Other income
(95
)
(211
)
Extraordinary income
109
233
Extraordinary expense
14
22
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UBS Group Financial Statements
Notes to the Financial Statements
Note 40 Reconciliation of International Accounting Standards (IAS) to United States Generally Accepted Accounting Principles (US GAAP)
Note 40.1 Valuation and income recognition differences between IAS and US GAAP
The consolidated financial statements of the Group have been prepared in
accordance with IAS. The principles of IAS differ in certain respects from
United States Generally Accepted Accounting Principles ("US GAAP"). The
following is a summary of the relevant significant accounting and valuation
differences between IAS and US GAAP.
a. Purchase accounting (merger of Union Bank of Switzerland and Swiss Bank Corporation)
Under IAS, the Group accounted for the 1998 merger of Union Bank of Switzerland
and Swiss Bank Corporation under the uniting of interests method. The balance
sheets and income statements of the banks were combined, and no adjustments
were made to the carrying values of the assets and liabilities. Under US GAAP,
the business combination creating UBS AG is accounted for under the purchase
method with Union Bank of Switzerland being considered the acquirer. Under the
purchase method, the cost of acquisition is measured at fair value and the
acquirer's interests in identifiable tangible assets and liabilities of the
acquiree are restated to fair values at the date of acquisition. Any excess
consideration paid over the fair value of net tangible assets acquired is
allocated, first to identifiable intangible assets based on their fair values,
if determinable, with the remainder allocated to goodwill.
Goodwill
Under US GAAP until 31 December 2001, goodwill acquired before 30 June 2001 is
capitalized and amortized over its estimated useful life with adjustments for
any impairment.
For US GAAP purposes, the excess of the consideration paid for Swiss Bank
Corporation over the fair value of the net tangible assets received has been
recorded as goodwill and is being amortized on a straight line basis over a
weighted average life of 13 years from 29 June 1998.
Upon the adoption of Statement of Financial Accounting Standard (SFAS)
142, "Goodwill and Other Intangible Assets", on 1 January 2002, the
amortization of goodwill will no longer be recorded under US GAAP. Instead,
goodwill will be subject to an annual impairment test, with any decrease in
value recorded in the Income statement. Refer to section l of this note,
"Recently issued accounting standards" for a more detailed discussion of SFAS
142.
In 2001 and 2000, goodwill recorded under US GAAP was reduced by CHF 53
million and CHF 211 million respectively, due to recognition of deferred tax
assets of Swiss Bank Corporation which had previously been subject to valuation
reserves.
Other purchase accounting adjustments
The restatement of Swiss Bank Corporation's net assets to fair value in 1998
resulted in decreasing net tangible assets by CHF 1,077 million for US GAAP.
This amount is being amortized over periods ranging from two years to 20 years.
b. Harmonization of accounting policies
The business combination of Union Bank of Switzerland and Swiss Bank
Corporation was accounted for under the uniting of interests method under IAS.
Under the uniting of interests method of accounting, a single uniform set of
accounting policies was adopted and applied to all periods presented. This
resulted in a restatement of 1997 Shareholders' equity and Net loss.
US GAAP requires that accounting changes be recorded in the Income
statement in the period the change is made. For US GAAP, the accounting policy
harmonization recorded under IAS for 1997 was reversed, and the impact of the
accounting changes was recorded in 1998.
c. Restructuring provision
Under IAS, restructuring provisions are recognized when a legal or constructive
obligation has been incurred. In 1997, the Group recognized a CHF 7,000 million
restructuring provision to cover personnel, IT, premises and other costs
associated with combining and restructuring the
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merged Group. A further CHF 300 million provision was recognized in 1999,
reflecting the impact of increased precision in the estimation of certain
leased and owned property costs.
Under US GAAP, the criteria for establishing restructuring provisions were
more stringent than under IAS prior to 2000. For US GAAP, the aggregate CHF
7,300 million restructuring provision was reversed. As a result of the business
combination with Swiss Bank Corporation and the decision to combine and
streamline certain activities of the banks for the purpose of reducing costs
and improving efficiencies, Union Bank of Switzerland recognized a
restructuring provision of CHF 1,575 million during 1998 for US GAAP. CHF 759
million of this provision related to estimated costs for restructuring the
operations and activities of Swiss Bank Corporation, and that amount was
recorded as a liability of the acquired business. The remaining CHF 816 million
of estimated costs were charged to restructuring expense during 1998. The US
GAAP restructuring provision was increased by CHF 600 million and CHF 130
million in 1999 and 2000, respectively.
During 2001, CHF 112 million restructuring costs were expensed as incurred
under US GAAP. These costs were already part of the restructuring provision
under IAS, but were not eligible for recognition under US GAAP until 2001. The
restructuring plan was completed and the remaining balance of the US GAAP
restructuring provision was used substantially in accordance with previously
disclosed plans. At 31 December 2001, the restructuring provision for both IAS
and US GAAP has been fully utilized.
d. Derivative instruments held or issued for hedging activities
Prior to 1 January 2001, the Group applied no hedge accounting for US GAAP. As
a result, all derivative instruments were carried on the balance sheet at fair
value, with changes in fair value recorded in the Income statement. Under IAS,
the Group accounted for derivative instruments hedging non-trading positions in
the Income statement using the accrual or deferral method, which was the same
as the accounting methodology applied to the underlying item hedged.
On 1 January 2001, the Group adopted IAS 39 for its IAS financial
statements (see Note 1: Summary of Significant Accounting Policies) and SFAS
133, "Accounting for Derivative Instruments and Hedging Activities" for its US
GAAP financial statements. These standards introduce new rules for the
accounting and reporting of derivative instruments, including certain
derivative instruments embedded in other contracts, and of hedging activities.
The adoption of SFAS 133 did not result in any transition items for the Group
on 1 January 2001 as the Group previously did not apply hedge accounting under
US GAAP.
Under IAS 39, the Group is permitted to hedge interest rate risk based on
forecasted cash inflows and outflows on a group basis. For this purpose, the
Group accumulates information about financial assets, financial liabilities,
and forward commitments which is then used to estimate and aggregate cash flows
and to schedule the future periods in which these cash flows are expected to
occur. Appropriate derivative instruments are then used to hedge the estimated
future cash flows. SFAS 133 does not permit hedge accounting for hedges of
future cash flows determined by this methodology. Accordingly, for US GAAP such
items continue to be carried at fair value with changes in fair value
recognized in Net trading income.
Since 1 January 2001, the Group's hedging relationships have been treated
the same under both IAS and US GAAP, except for hedges of interest rate risk of
forecasted cash flows on a group basis as mentioned in the previous paragraph.
In addition, amounts deferred under previous hedging relationships that
now do not qualify as hedges under IAS 39 are being amortized against IAS net
profit over the remaining life of the hedging relationship. Such amounts have
been reversed for US GAAP as they have never been treated as hedges.
e. Financial investments (prior to the adoption of IAS 39)
Prior to the adoption of IAS 39 on 1 January 2001, financial investments were
classified as either current investments or long-term investments under IAS.
The Group considered current financial investments to be held for sale and
carried at lower of cost or market value ("LOCOM"). The Group accounted for
long-term financial investments at cost, less any permanent impairments. Under
US GAAP, the Group's financial investments are classified as available for sale
(debt and marketable equity
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UBS Group Financial Statements
Notes to the Financial Statements
securities), and are carried at fair value with changes in fair value recorded
in Other comprehensive income. Gains and losses are recognized in Net profit in
the period sold, and losses are recognized in the period of permanent
impairment. For the IAS to US GAAP reconciliation, debt and marketable equity
securities were adjusted from LOCOM to fair value and classified as available
for sale investments. Unrealized gains or unrealized losses relating to these
investments were recorded in Other comprehensive income.
f. Financial investments and private equity (after the adoption of IAS 39)
With the adoption of IAS 39 on 1 January 2001, the accounting for financial
investments classified as available for sale is now generally the same under
IAS and US GAAP. Two exceptions exist, however: 1) private equity investments
and non-marketable equity financial investments, which are classified as
available for sale and carried at fair value under IAS, continue to be valued
at cost less other than temporary impairments under US GAAP; and 2) write-downs
on impaired assets can be fully or partially reversed under IAS if the value of
the impaired assets increases. Such reversals of impairment write-downs are not
allowed under US GAAP. There were no significant reversals under IAS in 2001.
The opening adjustment and subsequent changes in fair value recorded in
Unrealized gains/losses on available for sale investments related to private
equity investments and non-marketable equity financial investments due to the
implementation of IAS 39 on 1 January 2001 have been reversed under US GAAP to
reflect the difference between the two standards in measuring such investments.
g. Retirement benefit plans
Under IAS, the Group recognizes pension expense based on a specific method of
actuarial valuation used to determine the projected plan liabilities for
accrued service, including future expected salary increases, and expected
return on plan assets. Plan assets are recorded at fair value and are held in a
separate trust to satisfy plan liabilities. Under IAS the recognition of a
prepaid asset is subject to certain limitations, and any unrecognized prepaid
asset is recorded as pension expense.
Under US GAAP, pension expense is based on the same actuarial method of
valuation of liabilities and assets as under IAS. Differences in the amounts of
expense and liabilities (or prepaid assets) exist due to different transition
date rules, stricter provisions for recognition of a prepaid asset, and the
treatment of the 1998 merger of Union Bank of Switzerland and Swiss Bank
Corporation.
In addition, under US GAAP, if the fair value of plan assets falls below
the accumulated benefit obligation (current value of accrued benefits without
allowance for future salary increases), an additional minimum liability must be
shown in the balance sheet. If an additional minimum liability is recognized,
an equal amount will be recognized as an intangible asset up to the amount of
any unrecognized past service cost. Any amount not recognized as an intangible
asset is reported in Other comprehensive income. In order to record the net
additional minimum liability required under US GAAP in 2001, UBS booked a
pre-tax adjustment to the liability of CHF 306 million, of which CHF 3 million
was recognized in intangible assets and CHF 303 million in Other comprehensive
income. In 2000, no adjustment was required.
h. Other employee benefits
Under IAS, the Group has recorded expenses and liabilities for post-retirement
medical and life insurance benefits, determined under a methodology similar to
that described above under retirement benefit plans.
Under US GAAP, expenses and liabilities for post-retirement medical and
life insurance benefits are determined under the same methodology as under IAS.
Differences in the levels of expenses and liabilities have occurred due to
different transition date rules and the treatment of the merger of Union Bank
of Switzerland and Swiss Bank Corporation under the purchase method.
i. Equity participation plans
IAS does not specifically address the recognition and measurement requirements
for equity participation plans.
US GAAP permits the recognition of compensation cost on the grant date for
the estimated fair value of equity instruments issued (SFAS 123) or based on
the intrinsic value of equity instruments issued (Accounting Principles Board
156
Table of Contents
"APB" No. 25), with the disclosure of the pro forma effects of equity
participation plans on net profit and earnings per share, as if the fair value
had been recorded on the grant date. Under IAS, the Group recognizes only
intrinsic values at the grant date with subsequent changes in value not
recognized. Under US GAAP, the Group applies the APB No. 25 intrinsic value
method, which requires adjustments to intrinsic values subsequent to the grant
date in certain circumstances.
The shares and other diversified instruments of the Group's equity
participation plans are held in trusts on behalf of the participants. Certain
of these trusts are recorded on the Group's balance sheet for US GAAP
presentation, the effect of which is to increase assets by CHF 1,485 million
and CHF 1,419 million, liabilities by CHF 1,607 million and CHF 1,559 million,
and decrease shareholders' equity by CHF 122 million and CHF 140 million (for
UBS AG shares held by the trusts which are treated as treasury shares) at 31
December 2001 and 2000 respectively.
For US GAAP, certain of the Group's option awards have been determined to
be variable pursuant to APB No. 25, primarily because they may be settled in
cash or because the Group has offered to hedge the value of the award. The
effect of applying variable accounting to these option awards in the US GAAP
reconciliation for the years ended 31 December 2001, 2000 and 1999, is a CHF 30
million decrease in compensation expense, CHF 85 million increase in
compensation expense and CHF 41 million increase in compensation expense,
respectively. In addition, certain of the Group's equity participation plans
required a new expense measurement date due to diversification or cash
settlement of awards. Additional expense was also recorded related to the
consolidation of the trusts in the US GAAP Balance sheet and for social tax
payments on exercised options recorded directly in Shareholders' equity for
IAS. For US GAAP, the net effect of these transactions is an increase to
expense of CHF 41 million, CHF 82 million and CHF 8 million for the years ended
31 December 2001, 2000 and 1999, respectively.
j. Software capitalization
Under IAS, effective 1 January 2000, certain costs associated with the
acquisitions or development of internal use software must be capitalized. Once
the software is ready for its intended use, the costs capitalized are amortized
to the Income statement over the estimated life of the software. Under US GAAP,
the same principle applies, however this standard was effective 1 January 1999.
For US GAAP, the costs associated with the acquisition or development of
internal use software that met the US GAAP software capitalization criteria in
1999 have been reversed from Operating expenses and amortized over a life of
two years from the time that the software is ready for its intended use. From 1
January 2000, the only remaining reconciliation item is the amortization of
software capitalized in 1999 for US GAAP purposes. This amount will be fully
amortized by 31 December 2002, and there will no longer be a difference between
IAS and US GAAP.
k. IAS 39 opening retained earnings adjustment
With the adoption of IAS 39 on 1 January 2001, an opening adjustment was made
to reduce Retained earnings by CHF 61 million, consisting of CHF 19 million
reflecting the impact of the new hedge accounting rules and CHF 42 million
reflecting the impact of remeasuring assets to either amortized cost or fair
value as required under the standard. For US GAAP purposes, the first
adjustment was not required (because all derivatives were previously recorded
in the Income statement) and was reversed, and the second adjustment was
recorded in the Income statement.
l. Recently issued US accounting standards
In June 2001, the Financial Accounting Standards Board ("FASB") issued SFAS
141, "Business Combinations" and SFAS 142, "Goodwill and Intangible Assets".
SFAS 141 requires, among other things, that all business combinations
initiated after 30 June 2001 be accounted for using the purchase method. The
pooling of interests method has been eliminated. This new standard has no
impact on these financial statements.
UBS is required to adopt SFAS 142 from 1 January 2002, except for goodwill
and intangible assets acquired in a business combination initiated after 30
June 2001. Any such acquisition will be subject to the rules of SFAS 142 at the
acquisition date. The standard requires that goodwill and intangible assets
with indefi-
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UBS Group Financial Statements
Notes to the Financial Statements
nite lives no longer be amortized, but be tested annually for impairment.
Identifiable intangible assets with finite lives will continue to be amortized.
The adoption of SFAS 142 is expected to have a material impact on the
Group's Income statement and Shareholders' equity in accordance with US GAAP.
Upon adoption, the US GAAP amortization charge related to the 1998 business
combination of Union Bank of Switzerland and Swiss Bank Corporation (CHF 1.7
billion for 2001) will cease to be recorded. Under IAS, this charge was never
recorded because of a different method of accounting for the business
combination.
In addition, the introduction of SFAS 142 may result in two new
reconciling items: 1) Intangible assets on the IAS Balance sheet with a book
value of CHF 1.8 billion at 31 December 2001 may be reclassified to goodwill
for US GAAP. 2) The amortization of IAS goodwill and the intangible assets
reclassified to goodwill for US GAAP (CHF 1.1 billion in 2001) will be
reversed. From 1 January 2002, the goodwill balance in the US GAAP Balance
sheet will be maintained at historical amortized cost and will be reviewed
annually for impairment.
In August 2001, the FASB issued SFAS 143, "Accounting for Asset Retirement
Obligations". The standard requires companies to record the fair value of a
liability for an asset retirement obligation in the period in which it is
incurred. The standard is effective for fiscal years beginning after 15 June
2002. The Group does not expect the adoption of this standard to have a
material effect on its financial statements.
In August 2001, the FASB issued SFAS No. 144, "Accounting for the
Impairment or Disposal of Long-Lived Assets", which supersedes both SFAS 121,
"Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets
to Be Disposed Of", and the accounting and reporting provisions of APB No. 30,
"Reporting the Results of Operations — Reporting the Effects of Disposal of a
Segment
of a Business, and Extraordinary, Unusual and Infrequently Occurring
Events and Transactions". The statement primarily addresses financial
accounting and reporting for the impairment or disposal of long-lived assets
and is effective for fiscal years beginning after 15 December 2001. In
addition, SFAS 144 eliminated the exception to consolidate subsidiaries for
which control is likely to be temporary, as previously contained in Accounting
Research Bulletin No. 51 "Consolidated Financial Statements" as amended by SFAS
94, "Consolidation of All Majority-Owned Subsidiaries". The impact of the
adoption of SFAS 144 on the Group's US GAAP reconciliation may be that the
unrealized gains and losses on private equity investments disclosed in
Gains/losses not recognized in the income statement under IAS would be recorded
in Net profit for US GAAP, should the "AICPAAudit and Accounting Guide, Audits
of Investment Companies" be adopted. The estimated effect of such adoption
would be a cumulative catch-up adjustment which would increase US GAAP Net
profit before tax by approximately CHF 660 million at 1 January 2002. Had the
Group applied such guidance in the US GAAP reconciliation in 2001, the
estimated effect on Net profit before tax would have been a charge of
approximately CHF 470 million. See section f of this note and table 40.2 for
current treatment of private equity investments under US GAAP. The impact on
the Group's US GAAP reconciliation of SFAS 144 and Investment Company Guide
treatment of private equity investments is under further detailed review.
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40.2 Reconciliation of IAS Shareholders' equity and Net profit to US GAAP
Shareholders' equity
Net profit
Note 40.1
CHF million
Reference
31.12.01
31.12.00
31.12.01
31.12.00
31.12.99
Amounts determined in accordance
with IAS
43,530
44,833
4,973
7,792
6,153
Adjustments in respect of
SBC purchase accounting:
Goodwill
a
16,142
17,835
(1,693
)
(1,719
)
(1,729
)
Other purchase accounting adjustments
a
(729
)
(808
)
79
50
37
Harmonization of accounting policies
b
0
0
0
0
(20
)
Restructuring provision
c
0
112
(112
)
(238
)
(1,598
)
Derivative instruments held
or issued for hedging activities
d
(188
)
(857
)
67
(1,353
)
(545
)
Financial investments (prior to the
adoption of IAS 39)
e
0
379
0
28
36
Financial investments and
private equity (after the adoption of IAS 39)
f
(709
)
0
0
0
0
Retirement benefit plans
g
1,714
1,898
119
59
(19
)
Other employee benefits
h
(8
)
(16
)
8
8
2
Equity participation plans
i
(186
)
(311
)
(12
)
(167
)
(47
)
Software capitalization
j
60
229
(169
)
(160
)
389
IAS 39 opening retained earnings
adjustments
k
19
0
(42
)
0
0
Tax adjustments
(363
)
(334
)
16
137
178
Total adjustments
15,752
18,127
(1,739
)
(3,355
)
(3,316
)
Amounts determined in accordance
with US GAAP
59,282
62,960
3,234
4,437
2,837
40.3 Earnings per share
Under IAS and US GAAP, basic earnings per share (EPS) is computed by dividing
income available to common shareholders by the weighted-average common shares
outstanding. Diluted EPS includes the determinants of basic EPS and, in
addition, gives effect to dilutive potential common shares that were
outstanding during the period.
The computations of basic and diluted EPS for the years ended 31 December
2001, 31 December 2000 and 31 December 1999 are presented in the following
table.
31.12.01
31.12.00
31.12.99
For the year ended
US GAAP
IAS
US GAAP
IAS
US GAAP
IAS
Net profit available for ordinary shares (CHF million)
3,234
4,973
4,437
7,792
2,837
6,153
Net profit for diluted EPS (CHF million)
3,135
4,874
4,423
7,778
2,837
6,153
Weighted average shares outstanding
1,251,180,815
1
1,266,038,193
1,198,680,193
1
1,209,087,927
1,208,614,215
1
1,214,227,446
Diluted weighted average shares outstanding
1,273,720,560
1
1,288,577,938
1,215,169,966
1
1,225,577,700
1,219,512,225
1
1,225,125,456
Basic earnings per share (CHF)
2.58
3.93
3.70
6.44
2.35
5.07
Diluted earnings per share (CHF)
2.46
3.78
3.64
6.35
2.33
5.02
1
The difference between the IAS and US GAAP weighted average shares
outstanding and diluted weighted average shares outstanding is related to the
shares for employee equity participation plans. These shares are held in trusts
which are consolidated for US GAAP only and are recorded as treasury shares.
Amounts in prior years have been restated for these treasury shares.
159
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UBS Group Financial Statements
Notes to the Financial Statements
Note 40.4 Presentation differences between IAS and US GAAP
In addition to the differences in valuation and income recognition, other
differences, essentially related to presentation, exist between IAS and US
GAAP. Although there is no impact on IAS and US GAAP reported shareholders'
equity and net profit due to these differences, it may be useful to understand
them to interpret the financial statements presented in accordance with US
GAAP. The following is a summary of presentation differences that relate to the
basic IAS financial statements.
1. Settlement date vs. trade date accounting
The Group's transactions from securities activities are recorded under IAS on
the settlement date for balance sheet and on the trade date for income
statement purposes. This results in recording a forward transaction during the
period between the trade date and the settlement date. Forward positions
relating to trading activities are revalued to fair value and any unrealized
profits and losses are recognized in Net profit.
Under US GAAP, trade date accounting is required for spot purchases and
sales of securities. Therefore, all such transactions with a trade date on or
before the balance sheet date with a settlement date after the balance sheet
date have been recorded at trade date for US GAAP. This has resulted in
receivables and payables to broker-dealers and clearing organizations recorded
in Other assets and Other liabilities in the US GAAP Balance sheet.
2. Financial investments
Under IAS, the Group's private equity investments and non-marketable equity
financial investments are included in Financial investments. For US GAAP
presentation, non-marketable equity financial investments are reclassified to
Other assets, and private equity investments are shown separately on the
Balance sheet.
3. Securities received as proceeds in a securities for securities lending transaction
In September 2000, the Financial Accounting Standards Board released SFAS No.
140, "Accounting for Transfers and Servicing of Financial Assets and
Extinguishment of Liabilities", a replacement of SFAS No. 125, which revises
the standards for accounting for securitizations and other transfers of
financial assets and collateral. The Group adopted the standard in accordance
with its transition requirements, resulting in certain of its provisions
becoming effective in 2000. Additional provisions became effective on 1 April
2001. Under the new provisions, when the Group acts as the lender in a
securities lending agreement and receives securities as collateral that can be
pledged or sold, it recognizes the securities received and a corresponding
obligation to return them. These securities are separately reflected on the US
GAAP balance sheet in the line "Securities received as collateral" on the asset
side of the balance sheet. The offsetting liability is included separately in
the line "Obligation to return securities received as collateral".
4. Secured financing without margining
The Group enters into certain specific secured financing transactions that
result in a reclassification difference between IAS and US GAAP. Under IAS,
they are considered secured financing transactions. Under US GAAP, however,
they are considered sale/buyback transactions due to the fact that the
contracts do not require margining which is one of the criteria to meet US GAAP
secured financing treatment. Due to the different treatment of these
transactions under IAS and US GAAP, interest income and expense recorded under
IAS must be reclassified to Other income for US GAAP. An additional
reclassification on the US GAAP balance sheet is also required which reflects a
spot purchase (Trading portfolio assets) and a forward sale transaction
(Replacement values), instead of a claim from customers (Cash collateral on
securities borrowed) under IAS.
160
Table of Contents
40.5 Consolidated Income Statement
The following is a Consolidated Income Statement of the Group, for the years
ended 31 December 2001, 31 December 2000 and 31 December 1999, restated to
reflect the impact of valuation and income recognition differences and
presentation differences between IAS and US GAAP.
31.12.01
31.12.00
31.12.99
CHF million
For the year ended
Reference
US GAAP
IAS
US GAAP
IAS
US GAAP
IAS
Operating income
Interest income
a, d, 4
51,975
52,277
51,565
51,745
35,404
35,604
Interest expense
a, 4
(44,178
)
(44,236
)
(43,584
)
(43,615
)
(29,660
)
(29,695
)
Net interest income
7,797
8,041
7,981
8,130
5,744
5,909
Credit loss expense / (recovery)
(498
)
(498
)
130
130
(956
)
(956
)
Net interest income after credit loss
expense / (recovery)
7,299
7,543
8,111
8,260
4,788
4,953
Net fee and commission income
20,211
20,211
16,703
16,703
12,607
12,607
Net trading income
d, k, 4
8,973
8,802
8,597
9,953
7,174
7,719
Other income
e, 4
534
558
1,514
1,486
3,182
3,146
Total operating income
37,017
37,114
34,925
36,402
27,751
28,425
Operating expenses
Personnel
c, g, h, i, j
19,713
19,828
17,262
17,163
12,483
12,577
General and administrative
c, j
7,631
7,631
6,813
6,765
6,664
6,098
Depreciation of property
and equipment
a, b, j
1,815
1,614
1,800
1,608
1,619
1,517
Amortization of goodwill
and other intangible assets
a
2,782
1,323
2,152
667
1,835
340
Restructuring costs
c
112
0
191
0
750
0
Total
32,053
30,396
28,218
26,203
23,351
20,532
Operating profit / (loss)
before tax and minority interests
4,964
6,718
6,707
10,199
4,400
7,893
Tax expense / (benefit)
1,386
1,401
2,183
2,320
1,509
1,686
Net profit / (loss)
before minority interests
3,578
5,317
4,524
7,879
2,891
6,207
Minority interests
(344
)
(344
)
(87
)
(87
)
(54
)
(54
)
Net profit
3,234
4,973
4,437
7,792
2,837
6,153
Note: References above coincide with the discussions in Note 40.1 and Note
40.4. These references indicate which IAS to US GAAP adjustments affect an
individual financial statement caption.
161
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UBS Group Financial Statements
Notes to the Financial Statements
40.6 Condensed Consolidated Balance Sheet
The following is a Condensed Consolidated Balance Sheet of the Group, as of 31
December 2001 and 31 December 2000, restated to reflect the impact of valuation
and income recognition principles and presentation differences between IAS and
US GAAP
31.12.01
31.12.00
CHF million
Reference
US GAAP
IAS
US GAAP
IAS
Assets
Cash and balances with central banks
20,990
20,990
2,979
2,979
Due from banks
a
27,550
27,526
29,182
29,147
Cash collateral on securities borrowed
4
162,566
162,938
177,857
177,857
Reverse repurchase agreements
269,256
269,256
193,801
193,801
Trading portfolio assets
1, 4
399,577
397,886
318,788
315,588
Positive replacement values
1, 4
73,051
73,447
57,775
57,875
Loans, net of allowance for credit losses
a, d
226,747
226,545
245,214
244,842
Financial investments
e, f, 2
20,676
28,803
10,985
19,583
Securities received as collateral
3
20,119
Accrued income and prepaid expenses
4
7,545
7,554
7,062
7,062
Investments in associates
697
697
880
880
Property and equipment
a, j
9,276
8,695
9,692
8,910
Intangible assets and goodwill
a, g
33,765
19,085
35,726
19,537
Private equity investments
2
6,069
6,658
Other assets
d, g, h, i, 1, 2
36,972
9,875
27,955
9,491
Total assets
1,314,856
1,253,297
1,124,554
1,087,552
Liabilities
Due to banks
106,531
106,531
82,240
82,240
Cash collateral on securities lent
30,317
30,317
23,418
23,418
Repurchase agreements
368,620
368,620
295,513
295,513
Trading portfolio liabilities
1
108,924
105,798
87,832
82,632
Obligation to return securities
received as collateral
3
20,119
Negative replacement values
1,4
71,018
71,443
75,423
75,923
Due to customers
a, d
333,766
333,781
310,686
310,679
Accrued expenses and deferred income
17,289
17,289
21,038
21,038
Debt issued
a, d, k
156,462
156,218
129,750
129,635
Other liabilities
a, c, d, e, g, h, i, 1
38,416
15,658
32,809
18,756
Total liabilities
1,251,462
1,205,655
1,058,709
1,039,834
Minority interests
4,112
4,112
2,885
2,885
Total shareholders' equity
59,282
43,530
62,960
44,833
Total liabilities, minority interests
and shareholders' equity
1,314,856
1,253,297
1,124,554
1,087,552
Note: References above coincide with the discussions in Note 40.1 and Note
40.4. These references indicate which IAS to US GAAP adjustments affect an
individual financial statement caption.
162
Table of Contents
40.7 Comprehensive Income
Comprehensive income is defined as the change in Shareholders' equity excluding
transaction with shareholders. Comprehensive income has two major components:
Net profit, as reported in the income statement, and Other comprehensive
income. Other comprehensive income includes such items as foreign currency
translation, unrealized gains/losses on available for sale securities,
unrealized gains/losses on changes in fair value of derivative instruments
designated as cash flow hedges and additional minimum pension liability. The
components and accumulated other comprehensive income amounts for the years
ended 31 December 2001, 31 December 2000 and 31 December 1999 are as follows:
Unrealized
Unrealized
Additional
Accumulated
Foreign
gains /(losses)
gains /(losses)
minimum
other
currency
on available for
on cash flow
pension
comprehensive
Comprehensive
CHF million
translation
sale securities
hedges
liability
income
income
Balance, 1 January 1999
(456
)
85
(371
)
Net Profit
2,837
Other comprehensive income:
Foreign currency translation
14
14
Unrealized gains on available for sale investments
arising during the year, net of CHF 18 million tax
74
74
Reclassification adjustment for gains on available for sale
investments realized in net profit, net of CHF 40 million tax
(143
)
(143
)
(55
)
Comprehensive income
2,782
Balance, 31 December 1999
(442
)
16
(426
)
Net profit
4,437
Other comprehensive income:
Foreign currency translation
(245
)
(245
)
Unrealized gains on available for sale investments
arising during the year, net of CHF 152 million tax
456
456
Reclassification adjustment for gains on available for sale
investments realized in net profit, net of CHF 40 million tax
(121
)
(121
)
90
Comprehensive income
4,527
Balance, 31 December 2000
(687
)
351
(336
)
Net profit
3,234
Other comprehensive income:
Foreign currency translation
(82
)
(82
)
Unrealized gains on available for sale investments
arising during the year, net of CHF 27 million tax
109
109
Reclassification adjustment for gains on available for sale
investments realized in net profit, net of CHF 26 million tax
(104
)
(104
)
Unrealized gains on cash flow hedges
arising during the year, net of CHF 1 million tax
4
4
Reclassification adjustment for losses on cash flow
hedges realized in net profit, net of CHF 1 million tax
3
3
Additional minimum pension liability
(303
)
(303
)
(373
)
Comprehensive income
2,861
Balance, 31 December 2001
(769
)
356
7
(303
)
(709
)
163
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 41 Additional Disclosures Required under US GAAP and
SEC Rules
41.1 Financial investments
See Note 13 for additional information on financial investments. The following
table summarizes the Group's financial investments at 31 December 2000:
Gross
Gross
Amortized
unrealized
unrealized
Fair
cost
gains
losses
value
31 December 2000
Money market paper
4,162
0
0
4,162
Equity securities
1
1,147
447
6
1,588
Debt securities issued by the Swiss
national government and agencies
34
2
0
36
Debt securities issued by Swiss
local governments
46
1
1
46
Debt securities issued by foreign
governments and official institutions
4,852
7
3
4,856
Corporate debt securities
1,139
5
1
1,143
Mortgage-backed securities
47
0
0
47
Other debt securities
88
4
0
92
Total
11,515
466
11
11,970
1
The LOCOM value of the equity securities as reported in Note 13 is adjusted
to cost basis for the purpose of the fair value calculation.
Proceeds from sales and maturities of investment securities available for sale
during the year ended 31 December 2000 were CHF 325 million. On those sales
gross gains of CHF 162 million and gross losses of CHF 1 million were realized
in 2000 in the income statement.
Note 41.2 Sales of Financial Assets in Securitizations
During the year ended 31 December 2001, the Group securitized (i.e.,
transformed owned financial assets into securities through sales transactions)
residential mortgage loans and securities, commercial mortgage loans and other
financial assets, acting as lead or co-manager. The Group's continuing
involvement in these transactions was primarily limited to the temporary
retention of various security interests. Proceeds received at the time of
securitization from residential mortgage, commercial mortgage and other
financial asset securitizations were CHF 67.6 billion, CHF 4.1 billion and CHF
2.8 billion, respectively. Related pre-tax gains recognized, including
unrealized gains on retained interests, at the time of securitization were CHF
112.9 million, CHF 129.7 million and CHF 20.6 million, respectively. During
2000, the Group did not engage in significant securitization transactions
involving the transfer of its financial assets. A significant portion of the
securitization activities conducted in 2001 were derived from businesses
acquired in the purchase of Paine Webber Group Inc. in November 2000.
At 31 December 2001, the Group retained CHF 6.8 billion in residential
mortgage securities, backed by the Government National Mortgage Association
(GNMA), the Federal National Mortgage Association (FNMA) and the Federal Home
Loan Mortgage Corporation (FHLMC), and CHF 1.6 billion in other residential
mortgage securities. These retained interests are generally valued using
observable market prices. Retained interests in commercial mortgage and other
securities were not material at
31 December 2001.
164
Table of Contents
Note 41.3 Supplemental Guarantor Information
Guarantee of PaineWebber Securities
Following the acquisition of Paine Webber Group, Inc., UBS AG made a full and
unconditional guarantee of the publicly traded debt and trust preferred
securities of PaineWebber. Prior to the acquisition, PaineWebber was an SEC
registrant. Upon the acquisition, PaineWebber was merged into UBS Americas
Inc., a wholly owned subsidiary of UBS AG. The following
is summarized consolidating financial information segregating UBS AG Parent
Bank, UBS Americas Inc. and UBS AG's other non-guarantor subsidiaries as
required by SEC regulation
S-X Rule 3 - 10 "Financial statement requirements for guarantors".
The information presented in this note is prepared in accordance with IAS
and should be read in conjunction with the consolidated financial statements of
the Group of which this information is a part. At the bottom of each column,
Net profit and Shareholders' equity has been reconciled to US GAAP. See Note 40
for a detailed reconciliation of the IAS financial statements to US GAAP for
the Group on a consolidated basis.
Supplemental Guarantor Consolidating Income Statement
CHF million
UBS AG
UBS
Consolidating
For the year ended 31 December 2001
Parent Bank
1
Americas Inc.
Subsidiaries
Entries
UBS Group
Operating income
Interest income
33,997
5,303
23,667
(10,690
)
52,277
Interest expense
(26,979
)
(5,724
)
(22,223
)
10,690
(44,236
)
Net interest income
7,018
(421
)
1,444
0
8,041
Credit loss expense
(471
)
(15
)
(12
)
0
(498
)
Net interest income after credit loss expense
6,547
(436
)
1,432
0
7,543
Net fee and commission income
7,689
5,587
6,935
0
20,211
Net trading income
5,643
870
2,289
0
8,802
Income from subsidiaries
(21
)
0
0
21
0
Other income
1,182
39
(663
)
0
558
Total operating income
21,040
6,060
9,993
21
37,114
Operating expenses
Personnel expenses
9,388
5,178
5,262
0
19,828
General and administrative expenses
3,891
1,853
1,887
0
7,631
Depreciation of property and equipment
1,147
181
286
0
1,614
Amortization of goodwill and other intangible assets
155
808
360
0
1,323
Total operating expenses
14,581
8,020
7,795
0
30,396
Operating profit/(loss) before tax
and minority interests
6,459
(1,960
)
2,198
21
6,718
Tax expense/(benefit)
1,486
(477
)
392
0
1,401
Net profit before minority interests
4,973
(1,483
)
1,806
21
5,317
Minority interests
0
0
(344
)
0
(344
)
Net profit/(loss)
4,973
(1,483
)
1,462
21
4,973
Net profit/(loss) US GAAP
2
2,869
(1,519
)
1,884
0
3,234
1
UBS AG Parent Bank prepares its financial statements in accordance with Swiss
Banking Law requirements. For the purpose of this disclosure, the accounts have
been adjusted to IAS.
2
Refer to Note 40 for a description of the differences
between IAS and US GAAP.
165
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Supplemental Guarantor Consolidating Balance Sheet
CHF million
UBS AG
UBS
Consolidating
UBS
At 31 December 2001
Parent Bank
1
Americas Inc.
Subsidiaries
Entries
Group
Assets
Cash and balances with central banks
20,215
0
775
0
20,990
Due from banks
70,265
17,819
85,139
(145,697
)
27,526
Cash collateral on securities borrowed
29,134
35,723
140,668
(42,587
)
162,938
Reverse repurchase agreements
180,103
40,857
168,685
(120,389
)
269,256
Trading portfolio assets
206,899
7,604
183,383
0
397,886
Positive replacement values
75,218
457
11,030
(13,258
)
73,447
Loans, net of allowance for credit losses
263,128
20,870
20,226
(77,679
)
226,545
Financial investments
18,807
2,523
7,473
0
28,803
Accrued income and prepaid expenses
3,231
1,834
3,973
(1,484
)
7,554
Investments in associates
14,537
837
61
(14,738
)
697
Property and equipment
6,310
838
1,547
0
8,695
Goodwill and other intangible assets
114
14,971
4,000
0
19,085
Other assets
4,353
3,885
3,963
(2,326
)
9,875
Total assets
892,314
148,218
630,923
(418,158
)
1,253,297
Liabilities
Due to banks
111,963
43,875
96,390
(145,697
)
106,531
Cash collateral on securities lent
22,461
22,491
27,952
(42,587
)
30,317
Repurchase agreements
113,288
39,112
336,609
(120,389
)
368,620
Trading portfolio liabilities
56,082
1,550
48,166
0
105,798
Negative replacement values
75,417
405
8,879
(13,258
)
71,443
Due to customers
354,580
21,893
34,987
(77,679
)
333,781
Accrued expenses and deferred income
9,129
4,347
5,297
(1,484
)
17,289
Debt issued
96,045
8,234
51,939
0
156,218
Other liabilities
10,549
2,217
5,218
(2,326
)
15,658
Total liabilities
849,514
144,124
615,437
(403,420
)
1,205,655
Minority interests
0
0
4,112
0
4,112
Total shareholders' equity
42,800
4,094
11,374
(14,738
)
43,530
Total liabilities, minority interests
and shareholders' equity
892,314
148,218
630,923
(418,158
)
1,253,297
Total shareholders' equity – US GAAP
2
59,178
3,620
11,222
(14,738
)
59,282
1
UBS AG Parent Bank prepares its financial statements in accordance with Swiss
Banking Law requirements. For the purpose of this disclosure, the accounts have
been adjusted to IAS.
2
Refer to Note 40 for a description of the differences between IAS and US
GAAP.
166
Table of Contents
Supplemental Guarantor Consolidating Cash Flow Statement
CHF million
UBS AG
UBS
For the year ended 31 December 2001
Parent Bank
1
Americas Inc.
Subsidiaries
UBS Group
Net cash flow from/(used in) operating activities
10,243
85
2,545
12,873
Cash flow (used in)/from investing activities
Investments in subsidiaries and associates
(44
)
(54
)
(369
)
(467
)
Disposal of subsidiaries and associates
95
0
0
95
Purchase of property and equipment
(1,316
)
(295
)
(410
)
(2,021
)
Disposal of property and equipment
191
137
52
380
Net (investment)/divestment in financial investments
(5,514
)
(269
)
13
(5,770
)
Net cash flow (used in)/from investing activities
(6,588
)
(481
)
(714
)
(7,783
)
Cash flow (used in) / from financing activities
Net money market paper issued
16,263
(6
)
7,969
24,226
Net movements in treasury shares and
treasury share contract activity
(6,038
)
0
0
(6,038
)
Capital issuance
12
0
0
12
Capital repayment by par value reduction
(683
)
0
0
(683
)
Issuance of long-term debt
15,044
208
2,981
18,233
Repayment of long-term debt
(15,861
)
(1,260
)
(1,356
)
(18,477
)
Issuance of trust preferred securities
0
0
1,291
1,291
Dividend payments to / and purchase from minority interests
0
0
(461
)
(461
)
Net activity in investments in subsidiaries
(620
)
60
560
0
Net cash flow from/(used in) financing activities
8,117
(998
)
10,984
18,103
Effects of exchange rate differences
(164
)
(207
)
67
(304
)
Net increase / (decrease) in cash equivalents
11,608
(1,601
)
12,882
22,889
Cash and cash equivalents, beginning of the year
78,248
5,405
9,717
93,370
Cash and cash equivalents, end of the year
89,856
3,804
22,599
116,259
Cash and cash equivalents comprise:
Cash and balances with central banks
20,215
0
775
20,990
Money market paper
54,387
1,521
14,030
69,938
Due from banks maturing in less than three months
15,254
2,283
7,794
25,331
Total
89,856
3,804
22,599
116,259
1
UBS AG Parent Bank prepares its financial statements in accordance with Swiss
Banking Law requirements. For the purpose of this disclosure, the accounts have
been adjusted to IAS.
Guarantee of other securities
In October 2000, UBS AG, acting through a wholly-owned subsidiary, issued USD
1.5 billion (CHF 2.6 billion at issuance) 8.622% UBS Trust Preferred
securities. In June 2001, UBS issued an additional USD 800 million (CHF 1.3
billion at issuance) of such securities (USD 300 million at 7.25% and USD 500
million at 7.247%). UBS AG has fully and unconditionally guaranteed these
securities.
167
Table of Contents
UBS Group Financial Statements
Notes to the Financial Statements
Note 41.4 Derivative instruments indexed to UBS shares
US GAAP, like IAS, requires that derivatives indexed to a company's own stock
be recorded as an equity instrument if settlement is required in actual shares
or the company has the choice to settle the contract by delivery or receipt of
its own shares. If, however, the counterparty may require cash settlement, then
the derivative must be classified as an asset or liability, with changes in
fair value being recorded in income. Because the Group has no contracts for
which the accounting treatment under US GAAP differs from IAS, there is no
reconciling item for these derivative instruments. However, US GAAP also
requires disclosure of the amount of income recognized from such derivative
instruments.
UBS Warburg acts as a liquidity provider to the equity futures markets and
as a market maker in UBS shares and derivatives. Trading income of
CHF 261 million in 2001 and CHF 42 million in 2000 was recorded in both its IAS and US GAAP financial
statements from trading in cash settled derivative instruments indexed to UBS
shares.
168
Table of Contents
UBS Group Financial Statements
Report of the Group Auditors
Report of the Group Auditors
to the General Meeting of
UBS AG, ZURICH AND BASEL
Mr. Chairman,
Ladies and Gentlemen,
We have audited the accompanying Group balance
sheets of UBS AG as of 31 December 2001 and 2000, and the
related Group statements of income, cash flows and changes in equity
for each of the three years in the period ended 31 December
2001, and notes thereto. These financial statements are the
responsibility of the Company's management and the Board of
Directors. Our responsibility is to express an opinion on these
financial statements based on our audits. We confirm that we meet the
legal requirements in Switzerland concerning professional
qualification and independence.
We conducted our audits in accordance with auditing
standards generally accepted in the United States of America, as well
as those promulgated by the profession in Switzerland. These
standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, based on our audits, the Group
financial statements referred to above present fairly, in all
material respects, the consolidated financial position of UBS AG as
of 31 December 2001 and 2000, and the consolidated results of
operations and cash flows for each of the three years in the period
ended 31 December 2001, in conformity with International
Accounting Standards ("IAS"), and they comply with Swiss Law.
In accordance with Swiss Law, we recommend that the
Group financial statements submitted to you be approved.
IAS vary in certain significant respects from
accounting principles generally accepted in the United States of
America. Application of accounting principles generally accepted in
the United States of America would have affected shareholders' equity
as of 31 December 2001 and 2000 and the results of operations
for each of the three years in the period ended 31 December 2001
to the extent summarized in Note 40 of the notes to the
financial statements.
Basel, 12 February 2002
Ernst & Young Ltd
Roger K. Perkin
Peter Heckendorn
Chartered Accountant
lic. oec.
in charge of the audit
in charge of the audit
Enclosures
169
Table of Contents
170
Table of Contents
171
Table of Contents
UBS AG (Parent Bank)
Table of Contents
UBS AG (Parent Bank)
Table of Contents
Parent Bank Review
173
Financial Statements
174
Income Statement
174
Balance Sheet
175
Statement of Appropriation of Retained Earnings
175
Notes to the Financial Statements
176
Additional Income Statement Information
177
Net Trading Income
177
Extraordinary Income and Expenses
177
Additional Balance Sheet Information
178
Value Adjustments and Provisions
178
Statement of Shareholders' Equity
179
Share Capital
179
Off-Balance Sheet and Other Information
180
Assets Pledged or Assigned as Security for Own Obligations,
Assets Subject to Reservation of Title
180
Fiduciary Transactions
180
Due to UBS Pension Plans, Loans to
Corporate Bodies/Related Parties
180
Report of the Statutory Auditors
181
172
Table of Contents
UBS AG (Parent Bank)
Parent Bank Review
Parent Bank Review
Income Statement
The Parent Bank UBS AG net profit decreased CHF 3,251 million from CHF 7,906
million to CHF 4,655 million.
Income from investments in associates increased to CHF 1,532 million from
CHF 896 million in 2000 mainly due to higher distribution received.
Sundry expense from ordinary activities was CHF 139 million, down from CHF
614 million in 2000. This was mainly due to lower net write-down of financial
investments.
Allowances, provisions and losses were CHF 1,140 million up from CHF 345
million in 2000 mainly caused by higher credit loss expenses. This variance is
discussed in more detail in the Group Financial Statements.
Extraordinary income contains CHF 87 million (2000: CHF 496 million) from
the sale of former subsidiaries.
Balance Sheet
Total assets increased by CHF 81 billion to CHF 1,016 billion by 31 December
2001. This movement is impacted by increased trading related assets where
mainly trading balances in securities and precious metals and positive
replacement values have increased. Liquid assets have significantly increased
due to deposits with the Bank of Japan.
173
Table of Contents
UBS AG (Parent Bank)
Financial Statements
Financial Statements
Income Statement
CHF million
% change from
For the year ended
31.12.01
31.12.00
31.12.00
Interest and discount income
38,056
40,375
(6
)
Interest and dividend income from financial investments
185
93
99
Interest expense
(31,444
)
(32,161
)
(2
)
Net interest income
6,797
8,307
(18
)
Credit-related fees and commissions
291
292
0
Fee and commission income from securities and investment business
8,232
9,574
(14
)
Other fee and commission income
524
492
7
Fee and commission expense
(1,176
)
(1,229
)
(4
)
Net fee and commission income
7,871
9,129
(14
)
Net trading income
5,015
7,378
(32
)
Net income from disposal of financial investments
15
785
(98
)
Income from investments in associated companies
1,532
896
71
Income from real estate holdings
54
41
32
Sundry income from ordinary activities
1,183
380
211
Sundry ordinary expenses
(139
)
(614
)
(77
)
Other income from ordinary activities
2,645
1,488
78
Operating income
22,328
26,302
(15
)
Personnel expenses
9,443
10,292
(8
)
General and administrative expenses
4,869
5,405
(10
)
Operating expenses
14,312
15,697
(9
)
Operating profit
8,016
10,605
(24
)
Depreciation and write-offs on investments in
associated companies and fixed assets
1,650
1,623
2
Allowances, provisions and losses
1,140
345
230
Profit before extraordinary items and taxes
5,226
8,637
(39
)
Extraordinary income
95
650
(85
)
Extraordinary expenses
7
20
(65
)
Tax expense / (benefit)
659
1,361
(52
)
Profit for the period
4,655
7,906
(41
)
174
Table of Contents
Balance Sheet
% change from
CHF million
31.12.01
31.12.00
31.12.00
Assets
Liquid assets
20,215
2,242
802
Money market paper
54,384
61,152
(11
)
Due from banks
252,226
243,911
3
Due from customers
173,690
175,255
(1
)
Mortgage loans
117,706
117,830
0
Trading balances in securities and precious metals
185,306
155,342
19
Financial investments
17,253
12,133
42
Investments in associated companies
11,331
10,587
7
Tangible fixed assets
5,624
5,949
(5
)
Accrued income and prepaid expenses
3,231
3,239
0
Positive replacement values
171,798
141,516
21
Other assets
3,725
6,242
(40
)
Total assets
1,016,489
935,398
9
Total subordinated assets
1,894
805
135
Total amounts receivable from Group companies
213,954
187,724
14
Liabilities
Money market paper issued
52,604
36,340
45
Due to banks
303,036
294,440
1
3
Due to customers on savings and deposit accounts
67,664
68,069
(1
)
Other amounts due to customers
288,684
263,459
10
Medium-term note issues
5,213
5,408
(4
)
Bond issues and loans from central mortgage institutions
65,471
42,731
53
Accruals and deferred income
8,707
11,230
(22
)
Negative replacement values
172,469
155,059
11
Other liabilities
5,795
8,073
1
(28
)
Value adjustments and provisions
3,959
7,817
(49
)
Share capital
3,589
4,444
(19
)
General statutory reserve
14,507
18,047
(20
)
Reserve for own shares
3,253
4,007
(19
)
Other reserves
16,883
8,361
102
Profit brought forward
7
(100
)
Profit for the period
4,655
7,906
(41
)
Total liabilities
1,016,489
935,398
9
Total subordinated liabilities
16,444
15,302
7
Total liabilities to Group companies
126,182
142,263
(11
)
1
Reclassification of CHF 65,512 million trading liabilities from Other
liabilities to Due to banks.
Statement of Appropriation of Retained Earnings
CHF million
The Board of Directors proposes to the Annual General Meeting the following appropriation:
Profit for the financial year 2001 as per the Parent Bank's Income Statement
4,655
Appropriation to other reserves
4,655
Par Value Repayment
The Board of Directors proposes to repay CHF 2.00 of the par value of each CHF
2.80 share, instead of distributing a dividend. This repayment would reduce the
share capital by CHF 2,517 million,
as at 31 December 2001, and reduce the par amount per share to CHF 0.80. The
repayment of
CHF 2.00 of the par value would be made on 10 July 2002 to those shareholders
who hold UBS shares on 5 July 2002.
175
Table of Contents
UBS AG (Parent Bank)
Notes to the Financial Statements
Notes to the Financial Statements
Accounting and Valuation
Principles
The Parent Bank's accounting and valuation policies are in compliance with
Swiss banking law. The accounting and valuation policies are prinicipally the
same as for the Group Financial Statements outlined in Note 1: Summary of
Significant Accounting Policies. Major differences between the Swiss banking
law requirements
and International Accounting Standards are described in Note 39 to the Group
Financial Statements.
In addition, the following principles are applied for the Parent Bank:
Treasury shares
Treasury shares is the term used to describe when an enterprise holds its own
equity instruments. Under IAS, treasury shares are presented in the balance
sheet as a deduction from equity. No gain or loss is recognized in the income
statement on the sale, issuance, acquisition, or cancellation of those shares.
Consideration received or paid is presented in the financial statement as a
change in equity.
Under Swiss law, treasury shares are classified in the balance sheet as
trading balances or as financial assets, short positions are included in Due to
banks. Realized gains and losses on the sale, issuance or acquisition of
treasury shares, and unrealized gains or losses from remeasurement of treasury
shares in the trading portfolio to market value are included in the income
statement. Treasury shares included in Financial investments are carried at the
lower of cost or market value.
Investments in associated companies
Investments in associated companies are equity interests which are held for the
purpose of the Parent Bank's business activities or for strategic reasons. They
are carried at cost less valuation reserves, if needed.
Property and equipment
Bank buildings and other real estate are carried at cost less accumulated
depreciation. Depreciation of computer and telecommunication equipment, other
office equipment, fixtures and fittings is recognized on a straight-line basis
over the estimated useful lives of the related assets. The useful lives of
Property and equipment are summarized in Note 1, Significant Accounting
Policies, of the Group Financial Statements.
Extraordinary income and expenses
Certain items of income and expense appear as extraordinary within the Parent
Bank Financial Statements, whereas in the Group Financial Statements they are
considered to be operating income or expenses and appear within the appropriate
income or expense category. These items are separately identified below.
Taxation
Deferred Tax Assets and Deferred Tax Liabilities, except for a few immaterial
exceptions, are not recognized in the Parent Bank financial statements. Swiss
banking law does not require to recognize deferred taxes.
176
Table of Contents
Additional Income Statement Information
Net Trading Income
CHF million
% change from
For the year ended
31.12.01
31.12.00
31.12.00
Foreign exchange and bank notes
1,629
1,151
42
Bonds and other interest rate instruments
805
88
815
Equities
2,435
6,117
(60
)
Precious metals and commodities
146
22
564
Total
5,015
7,378
(32
)
Extraordinary Income and Expenses
Extraordinary income contains CHF 87 million (2000: CHF 496 million) from the
sale of subsidiaries and CHF 8 million (2000: CHF 15 million) from other
disposals. Extraordinary expenses consist mainly of losses of CHF 4 million
from the liquidation of investments in subsidiaries. In 2000 losses of CHF 20
million resulted from the sale of tangible fixed assets.
177
Table of Contents
UBS AG (Parent Bank)
Notes to the Financial Statements
Additional Balance Sheet Information
Value Adjustments and Provisions
Provisions
Recoveries,
applied in
doubtful
accordance
interest,
New
with their
currency
provisions
Balance at
specified
translation
charged
Balance at
CHF million
31.12.00
purpose
differences
to income
31.12.01
Default risks (credit and country risk)
10,389
(2,976
)
252
367
8,032
Other business risks
2,933
(163
)
(165
)
289
2,894
Capital and income taxes
2,054
(1,634
)
(68
)
549
901
Other provisions
1,573
(799
)
(212
)
469
1,031
Total allowance for general credit
losses and other provisions
16,949
(5,572
)
(193
)
1,674
12,858
Allowances deducted from assets
9,132
8,899
Total provisions as per balance sheet
7,817
3,959
178
Table of Contents
Statement of Shareholders' Equity
% change from
CHF million
31.12.01
31.12.00
31.12.00
Shareholders' equity
Share capital at beginning of the period
4,444
4,309
3
General statutory reserves
18,047
14,528
24
Reserves for own shares
4,007
3,462
16
Other reserves
8,361
6,356
32
Retained earnings
7,913
6,791
17
Total shareholders' equity at beginning of the period
(before distribution of profit)
42,772
35,446
21
Reduction of share capital
(867
)
Capital increase
12
135
(91
)
Increase in General statutory reserves
275
215
28
Share premium
(3,815
)
3,304
Other allocations
1
(145
)
(1,979
)
(93
)
Prior-year dividend
2
(2,255
)
(100
)
Profit for the period
4,655
7,906
(41
)
Total shareholders' equity at the end of the period
(before distribution of profit)
42,887
42,772
0
of which:
Share capital
3,589
4,444
(19
)
General statutory reserves
14,507
18,047
(20
)
Reserves for own shares
3,253
4,007
(19
)
Other reserves
16,883
8,361
102
Retained earnings
4,655
7,913
(41
)
1
The 31 December 2000 figure includes a partial dividend for the period from 1
January 2000 until 30 September 2000 distributed in the year 2000.
2
For the fourth quarter 2000 a par value repayment has been done instead of distributing
a final dividend.
Share Capital
Par value
Ranking for dividends
No. of shares
Capital in CHF
No. of shares
Capital in CHF
Issued and paid up
1,281,717,499
3,588,808,997
1,258,653,143
3,524,228,800
Conditional share capital
13,017,716
36,449,605
179
Table of Contents
UBS AG (Parent Bank)
Notes to the Financial Statements
Off-Balance Sheet and Other Information
Assets Pledged or Assigned as Security for Own Obligations,
Assets Subject to Reservation of Title
31.12.01
31.12.00
Change in %
Book
Effective
Book
Effective
Book
Effective
CHF million
value
liability
value
liability
value
liability
Money market paper
29,893
28,355
5
Mortgage loans
1,239
813
1,565
1,066
(21
)
(24
)
Securities
5,224
40,649
24,721
(87
)
(100
)
Total
36,356
813
70,569
25,787
(48
)
(97
)
Assets are pledged as collateral for securities borrowing and repo
transactions, for collateralized credit lines with central banks, loans from
mortgage institutions and security deposits relating to stock exchange
membership.
Fiduciary Transactions
% change from
CHF million
31.12.01
31.12.00
31.12.00
Deposits
with other banks
38,978
50,274
(22
)
with Group banks
532
682
(22
)
Loans and other financial transactions
1,042
403
159
Total
40,552
51,359
(21
)
Due to UBS Pension Plans, Loans to Corporate Bodies/Related Parties
% change from
CHF million
31.12.01
31.12.00
31.12.00
Due to UBS pension plans (including securities
borrowed) and UBS securities held by pension plans
1,605
4,644
(65
)
Loans to directors, senior executives and auditors
1
32
36
(11
)
1
Loans to directors, senior executives and auditors are loans to members of
the Board of Directors, the Group Executive Board, the Group Managing Board and
the Group's official auditors under Swiss company law. This also includes loans
to companies which are controlled by these natural or legal persons. There are
no loans to the auditors.
180
Table of Contents
UBS AG (Parent Bank)
Report of the Statutory Auditors
Report of the statutory auditors
to the General Meeting of
UBS AG, ZURICH AND BASEL
Mr. Chairman,
Ladies and Gentlemen,
As statutory auditors, we have audited the
accounting records and the financial statements (income statement,
balance sheet and notes) of UBS AG for the year ended
31 December 2001.
These financial statements are the responsibility
of the Board of Directors. Our responsibility is to express an
opinion on these financial statements based on our audit. We confirm
that we meet the legal requirements concerning professional
qualification and independence.
Our audit was conducted in accordance with auditing
standards promulgated by the Swiss profession, which require that an
audit be planned and performed to obtain reasonable assurance about
whether the financial statements are free from material misstatement.
We have examined on a test basis evidence supporting the amounts and
disclosures in the financial statements. We have also assessed the
accounting principles used, significant estimates made and the
overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the accounting records and
financial statements and the proposed appropriation of available
earnings comply with the Swiss Law and the company's articles of
association.
We recommend that the financial statements
submitted to you be approved.
Basel, 12 February 2002
Ernst & Young Ltd
Roger K. Perkin
Peter Heckendorn
Chartered Accountant
lic. oec.
in charge of the audit
in charge of the audit
Enclosures
181
Table of Contents
182
Table of Contents
183
Table of Contents
Additional Disclosure Required
under SEC Regulations
Table of Contents
Additional Disclosure Required under SEC Regulations
Table of Contents
A
Introduction
185
B
Selected Financial Data
185
Balance Sheet Data
187
US GAAP Income Statement Data
188
US GAAP Balance Sheet Data
189
Ratio of Earnings to Fixed Charges
189
C
Information on the Company
189
Property, plant and equipment
189
D
Information Required by Industry Guide 3
190
Selected statistical information
190
Average Balances and Interest Rates
190
Analysis of Changes in Interest Income and Expense
192
Deposits
194
Short-term Borrowings
195
Loans
196
Loan Maturities
197
Impaired, Non-performing and Restructured Loans
198
Cross-Boarder Outstandings
199
Summary of Movements in Allowances and Provisions for Credit Losses
201
Allocation of the Allowances and Provisions for Credit Losses
203
Loss History Statistics
205
184
Table of Contents
A – Introduction
The following pages contain additional disclosure about UBS Group which is
required under
SEC regulations.
B – Selected Financial Data
UBS's Financial Statements have been prepared in accordance with International
Accounting Standards (IAS) and are denominated in Swiss francs, or CHF, the
reporting currency of the Group. Certain financial information has also been
presented in accordance with United States Generally Accepted Accounting
Principles (US GAAP).
The tables below set forth, for the periods and dates indicated,
information concerning the noon buying rate for the Swiss franc, expressed in
United States dollars, or USD, per one Swiss franc. The noon buying rate is the
rate in New York City for cable transfers in foreign currencies as certified
for customs purposes by the Federal Reserve Bank of New York.
On 28 February 2002 the noon buying rate was 0.5864 USD per 1 CHF.
Average rate
1
Year ended 31 December
High
Low
(USD per 1 CHF)
At period end
1997
0.7446
0.6510
0.6890
0.6845
1998
0.7731
0.6485
0.6894
0.7281
1999
0.7361
0.6244
0.6605
0.6277
2000
0.6441
0.5479
0.5912
0.6172
2001
0.6331
0.5495
0.5910
0.5857
Month
High
Low
September 2001
0.6331
0.5859
October 2001
0.6217
0.6021
November 2001
0.6132
0.5985
December 2001
0.6136
0.5907
January 2002
0.6081
0.5814
February 2002
0.5932
0.5833
1
The average of the noon buying rates on the last business day of each full
month during the relevant period.
185
Table of Contents
Additional Disclosure Required
under SEC Regulations
B – Selected Financial Data (continued)
CHF million, except where indicated
For the year ended
31.12.01
31.12.00
31.12.99
31.12.98
31.12.97
Income statement data
Interest income
52,277
51,745
35,604
37,442
23,669
Interest expense
44,236
43,615
29,695
32,424
16,733
Net interest income
8,041
8,130
5,909
5,018
6,936
Credit loss (expense) / recovery
(498
)
130
(956
)
(951
)
(1,278
)
Net interest income after
credit loss (expense) / recovery
7,543
8,260
4,953
4,067
5,658
Net fee and commission income
20,211
16,703
12,607
12,626
12,234
Net trading income
8,802
9,953
7,719
3,313
5,491
Other income
558
1,486
3,146
2,241
1,497
Operating income
37,114
36,402
28,425
22,247
24,880
Operating expenses
30,396
26,203
20,532
18,376
18,636
Operating profit before tax
6,718
10,199
7,893
3,871
6,244
Restructuring costs
0
0
0
0
7,000
Tax expense/(benefit)
1,401
2,320
1,686
904
(105
)
Minority interests
(344
)
(87
)
(54
)
5
(16
)
Net profit
4,973
7,792
6,153
2,972
(667
)
Cost / income ratio (%)
1
80.8
72.2
69.9
79.2
71.2
Cost / income ratio before
goodwill (%)
1, 2
77.3
70.4
68.7
77.7
70.7
Per share data (CHF)
Basic earnings per share
3, 4
3.93
6.44
5.07
2.44
(0.53
)
Basic earnings per share
before goodwill
2, 3, 4
4.97
7.00
5.35
2.72
Diluted earnings per share
3, 4
3.78
6.35
5.02
2.40
(0.53
)
Diluted earnings per share
before goodwill
2, 3, 4
4.81
6.89
5.30
2.68
Cash dividends declared per share (CHF)
5
1.50
1.83
1.67
Cash dividends declared per share (USD)
5
0.86
1.10
1.10
Dividend payout ratio (%)
5
23.28
36.18
68.21
Rates of return (%)
Return on shareholders' equity
6
11.7
21.5
22.4
10.7
Return on shareholders' equity
before goodwill
2, 6
14.8
23.4
23.6
12.0
Return on average equity
10.4
22.0
18.6
9.0
(2.0
)
Return on average assets
0.36
0.7
0.65
0.28
(0.07
)
1
Operating expenses / operating income before credit loss expense.
2
The amortization of goodwill and other intangible assets is excluded
from
the calculation.
3
For EPS calculation, see Note 9 to the Financial Statements.
4
The 2000, 1999, 1998 and 1997 share and earnings per share
figures have been adjusted for the 3 for 1 share split which took place on 16
July 2001.
5
Dividends are normally declared and paid in the year
subsequent to the reporting period. In 2000, as part of the arrangements of the
acquisition of PaineWebber, a dividend of CHF 1.50 was paid
on 5 October 2000 in respect of the nine months ended 30 September 2000. Prior
to the merger between Union Bank of Switzerland and Swiss
Bank Corporation, each paid dividends in accordance with its own dividend
policies. In 2001 a further amount of CHF 1.60 per share was distributed to
shareholders in the form of a par value reduction, in respect of 2000. No
dividend will be paid out for the year 2001. A par value
reduction of CHF 2.00 per share will be paid on 10 July 2002, in respect of
2001, subject to approval by shareholders at the Annual General
Meeting.
6
Net profit / average shareholders' equity excluding dividends.
186
Table of Contents
B – Selected Financial Data (continued)
CHF million, except where indicated
As at
31.12.01
31.12.00
31.12.99
31.12.98
31.12.97
Balance sheet data
Total assets
1,253,297
1,087,552
896,556
861,282
1,086,414
Shareholders' equity
43,530
44,833
30,608
28,794
30,927
Average equity to average assets (%)
3.49
3.17
3.52
3.06
3.40
Market capitalization
105,475
112,666
92,642
90,720
Shares
1
Registered ordinary shares
1,281,717,499
1,333,139,187
1,292,679,486
1,289,857,836
1,286,174,100
Own shares to be delivered
0
28,447,788
0
0
0
Treasury shares
41,254,951
55,265,349
110,621,142
73,370,094
38,236,224
BIS capital ratios
Tier 1 (%)
11.6
11.7
10.6
9.3
8.3
Total BIS (%)
14.8
15.7
14.5
13.2
12.6
Risk-weighted assets
253,735
273,290
273,107
303,719
345,904
Invested assets (CHF billion)
2,457
2,452
4
1,744
1,573
Headcount (full time equivalents)
2
69,985
71,076
49,058
48,011
Long-term ratings
3
Fitch, London
AAA
AAA
AAA
AAA
Moody's, New York
AA2
Aa1
Aa1
Aa1
Standard & Poor's, New York
AA+
AA+
AA+
AA+
1
The 2000, 1999, 1998 and 1997 share figures have been adjusted for the 3 for 1 split which took place on 16 July 2001.
2
The Group headcount does not include the Klinik Hirslanden AG headcount.
3
See the UBS Handbook 2001/2002, page 10 to 11 for information about the
nature of these ratings.
4
Restated to reflect the new definition.
Balance Sheet Data
CHF million
As at
31.12.01
31.12.00
1
31.12.99
1
31.12.98
1
31.12.97
1
Assets
Total assets
1,253,297
1,087,552
896,556
861,282
1,086,414
Due from banks
27,526
29,147
29,907
68,495
66,582
Cash collateral on securities borrowed
162,938
177,857
113,162
91,695
82,656
Reverse repurchase agreements
269,256
193,801
132,391
141,285
216,355
Trading portfolio assets
397,886
315,588
211,932
159,179
210,738
Positive replacement values
73,447
57,875
62,957
90,511
149,538
Loans, net of allowances
for credit losses
226,545
244,842
234,858
247,926
270,917
Liabilities
Due to banks
106,531
82,240
76,365
85,716
159,634
Cash collateral on securities lent
30,317
23,418
12,832
19,171
14,140
Repurchase agreements
368,620
295,513
196,914
137,617
191,793
Trading portfolio liabilities
105,798
82,632
54,638
47,033
68,215
Negative replacement values
71,443
75,923
95,786
125,847
170,162
Due to customers
333,781
310,679
279,960
274,850
302,516
Debt issued
156,218
129,635
120,987
102,310
109,864
Shareholders' equity
43,530
44,833
30,608
28,794
30,927
1
Changes have been made to prior year to conform to the current presentation (see Note 1: Summary of Significant Accounting Policies in the
Financial Statements).
187
Table of Contents
Additional Disclosure Required
under SEC Regulations
B – Selected Financial Data (continued)
US GAAP Income Statement Data
CHF million
For the year ended
31.12.01
31.12.00
31.12.99
31.12.98
Operating income
Interest income
51,975
51,565
35,404
29,136
Interest expense
(44,178
)
(43,584
)
(29,660
)
(25,773
)
Net interest income
7,797
7,981
5,744
3,363
Credit loss (expense) / recovery
(498
)
130
(956
)
(787
)
Net interest income after credit loss (expense) / recovery
7,299
8,111
4,788
2,576
Net fee and commission income
20,211
16,703
12,607
8,925
Net trading income
8,973
8,597
7,174
455
Other income
534
1,514
3,182
725
Total operating income
37,017
34,925
27,751
12,681
Operating expenses
Personnel expenses
19,713
17,262
12,483
7,938
General and administrative expenses
7,631
6,813
6,664
6,259
Depreciation and amortization
4,597
3,952
3,454
2,403
Restructuring costs
112
191
750
1,089
Total operating expenses
32,053
28,218
23,351
17,689
Operating profit / (loss)
before tax and minority interests
4,964
6,707
4,400
(5,008
)
Tax expense / (benefit)
1,386
2,183
1,509
(1,339
)
Net profit / (loss) before minority interests
3,578
4,524
2,891
(3,669
)
Minority interests
(344
)
(87
)
(54
)
4
Net profit / (loss)
3,234
4,437
2,837
(3,665
)
188
Table of Contents
B – Selected Financial Data (continued)
US GAAP Balance Sheet Data
CHF million
As at
31.12.01
31.12.00
1
31.12.99
1
31.12.98
1
Assets
Total assets
1,314,856
1,124,554
893,525
899,589
Due from banks
27,550
29,182
29,954
68,554
Cash collateral on securities borrowed
162,566
177,857
113,162
91,695
Reverse repurchase agreements
269,256
193,801
132,391
141,285
Trading portfolio assets
399,577
318,788
228,230
178,130
Positive replacement values
2
73,051
57,775
62,294
90,520
Loans, net of allowances for credit losses
226,747
245,214
235,401
248,657
Intangible assets and goodwill
33,765
35,726
21,428
21,707
Other assets
36,972
27,955
18,717
29,398
Liabilities
Due to banks
106,531
82,240
76,363
85,716
Cash collateral on securities lent
30,317
23,418
12,832
19,127
Repurchase agreements
368,620
295,513
173,840
136,824
Trading portfolio liabilities
108,924
87,832
52,658
47,772
Negative replacement values
2
71,018
75,423
95,004
125,857
Due to customers
333,766
310,686
279,971
274,861
Accrued expenses and deferred income
17,289
21,038
12,040
11,232
Debt issued
156,462
129,750
120,704
101,973
Shareholders' equity
59,282
62,960
51,833
54,761
1
Changes have been made to prior year to conform to the current presentation
(see Note 1: Summary of significant Accounting Policies in the
Financial Statements).
2
Positive and negative replacement values represent the fair value of
derivative instruments.
Ratio of Earnings to Fixed Charges
The following table sets forth UBS AG's ratio of earnings to fixed charges, for
the periods indicated.
Ratios of earnings to combined fixed charges and preferred stock dividends
requirements are not presented as there were no preferred share dividends in any of the periods
indicated.
For the year ended
31.12.01
31.12.00
31.12.99
31.12.98
31.12.97
IAS
1.14
1
1.23
1
1.25
1
1.11
1
0.95
1,3
US GAAP
1.10
1,2
1.15
1,2
1.14
1,2
0.80
1,2
1
The ratio is provided using both IAS and US GAAP values, since the ratio is
materially different under the two accounting standards. No US
GAAP information is provided for 31 December 1997 as a US GAAP reconciliation
was not required for that period.
2
The deficiency in the
coverage of fixed charges by earnings before fixed charges at 31 December 1998
was CHF 5,319 million.
3
The deficiency in the coverage of
fixed charges by earnings before fixed charges at 31 December 1997 was CHF 851
million.
C – Information on the Company
Property, plant and equipment
At 31 December 2001, UBS operated about
2000 offices and branches worldwide, of which
about 51% were in Switzerland, 10% in the rest
of Europe, 37% in the Americas and 2% in Asia.
28% of the offices and branches in
Switzerland were owned directly by UBS with
the remainder, along with most of UBS's offices
outside Switzerland, being held under commercial leases.
These premises are subject to continuous
maintenance and upgrading and are considering
suitable and adequate for our current and anticipated operations.
189
Table of Contents
Additional Disclosure Required
under SEC Regulations
D – Information Required by Industry Guide 3
Selected statistical information
The tables below set forth selected statistical
information regarding the Group's banking
operations extracted from the Financial
Statements. Unless otherwise indicated, average
balances for the year ended 31 December 2001,
31 December 2000 and 31 December 1999 are
calculated from monthly data. Certain prior year
balances and figures have been reclassified to
conform to current year presentation. The distinction between domestic and foreign is generally based on the booking location. For loans,
this method is not significantly different from an
analysis based on the domicile of the borrower.
Average Balances and Interest Rates
The following table sets forth average interest-earning assets and average
interest-bearing liabilities, along with the average rates, for
the years ended 31 December 2001, 2000 and 1999.
31.12.01
31.12.00
31.12.99
Average
Average
Average
Average
Average
Average
CHF million, except where indicated
balance
Interest
rate (%)
balance
Interest
rate (%)
balance
Interest
rate (%)
Assets
Due from banks
Domestic
11,753
1,055
9.0
13,366
1,273
9.5
19,451
1,757
9.0
Foreign
15,528
1,823
11.7
16,994
2,280
13.4
28,999
2,739
9.4
Cash collateral on securities borrowed and
on reverse repurchase agreements
Domestic
7,868
563
7.2
8,383
558
6.7
3,265
117
3.6
Foreign
474,295
17,774
3.7
348,395
18,530
5.3
223,962
11,305
5.0
Trading
portfolio assets
Domestic
12,940
307
2.4
20,800
244
1.2
38,372
72
0.2
Foreign
333,576
16,225
4.9
256,605
11,598
4.5
159,327
5,526
3.5
Loans
Domestic
177,404
8,017
4.5
181,646
10,985
6.0
200,111
8,750
4.4
Foreign
72,176
3,090
4.3
67,528
3,813
5.6
58,634
3,485
5.9
Financial investments
Domestic
4,598
90
2.0
3,440
105
3.1
2,761
101
3.7
Foreign
39,252
363
0.9
22,529
297
1.3
17,153
143
0.8
Net interest on swaps
2,970
2,062
1,609
Total interest-earning assets
1,149,390
52,277
4.5
939,686
51,745
5.5
752,035
35,604
4.7
Non-interest-earning assets
Positive replacement values
153,687
135,762
146,036
Fixed assets
13,376
9,660
8,824
Other
46,954
32,925
34,957
Total average assets
1,363,407
1,118,033
941,852
190
Table of Contents
D – Information Required by Industry Guide 3 (continued)
Average Balances and Interest Rates (continued)
31.12.01
31.12.00
31.12.99
Average
Average
Average
Average
Average
Average
CHF million, except where indicated
balance
Interest
rate (%)
balance
Interest
rate (%)
balance
Interest
rate (%)
Liabilities and Equity
Due
to banks
Domestic
36,260
1,424
3.9
31,133
2,397
7.7
37,581
3,254
8.7
Foreign
61,642
3,506
5.7
57,258
3,758
6.6
41,583
2,261
5.4
Cash collateral on securities lent and
repurchase agreements
Domestic
13,147
600
4.6
12,700
478
3.8
12,830
106
0.8
Foreign
415,121
13,917
3.4
284,220
14,437
5.1
144,837
8,340
5.8
Trading portfolio liabilities
Domestic
2,526
1
0.0
1,078
4
0.4
0
0
0.0
Foreign
94,597
7,814
8.3
66,597
5,305
8.0
48,560
2,070
4.3
Due to customers
Domestic
139,014
2,420
1.7
143,809
2,202
1.5
155,887
1,931
1.2
Foreign
187,783
6,738
3.6
143,432
7,303
5.1
122,411
6,399
5.2
Debt issued
Domestic
12,823
587
4.6
15,569
778
5.0
16,387
952
5.8
Foreign
139,982
7,229
5.2
116,095
6,953
6.0
95,919
4,382
4.6
Total interest-bearing liabilities
1,102,895
44,236
4.0
871,891
43,615
5.0
675,995
29,695
4.4
Non-interest-bearing liabilities
Negative replacement values
165,220
157,668
171,800
Other
47,676
53,049
60,946
Total liabilities
1,315,791
1,082,608
908,741
Shareholders' equity
47,616
35,425
33,111
Total average liabilities and shareholders' equity
1,363,407
1,118,033
941,852
Net interest income
8,041
8,130
5,909
Net yield on interest-earning assets
0.7
0.9
0.8
The percentage of total average interest-earning assets attributable to
foreign activities was 81% for 2001 (76% for 2000 and 65%
for 1999). The percentage of total average interest-bearing liabilities
attributable to foreign activities was 82% for 2001 (77% for 2000
and 67% for 1999).
All assets and liabilities are translated into CHF at uniform month-end
rates. Interest income and expense are translated at monthly average rates.
Average rates earned and paid on assets and liabilities can change from
period to period based on the changes in interest rates in
general, but are also affected by changes in the currency mix included in the
assets and liabilities. This is especially true for foreign
assets and liabilities. Tax exempt income is not recorded on a tax-equivalent
basis. For all three years presented, tax exempt income is
considered to be insignificant and therefore the impact from such income is
negligible.
191
Table of Contents
Additional Disclosure Required
under SEC Regulations
D – Information Required by Industry Guide 3 (continued)
Analysis of Changes in Interest Income and Expense
The following tables allocate, by categories of interest-earning assets and
interest-bearing liabilities,
the changes in interest income and expense due to changes in volume and
interest rates for the year
ended 31 December 2001 compared to the year ended 31 December 2000, and for the
year ended 31
December 2000 compared to the year ended 31 December 1999. Volume and rate
variances have
been calculated on movements in average balances and changes in interest rates.
Changes due to a
combination of volume and rates have been allocated proportionally.
2001 compared to 2000
2000 compared to 1999
Increase (decrease)
Increase (decrease)
due to changes in
due to changes in
Average
Average
Net
Average
Average
Net
CHF million
volume
rate
change
volume
rate
change
Interest income from interest-earning assets
Due from banks
Domestic
(153
)
(65
)
(218
)
(550
)
66
(484
)
Foreign
(196
)
(261
)
(457
)
(1,134
)
675
(459
)
Cash collateral on securities borrowed
and reverse repurchase agreements
Domestic
(35
)
40
5
183
258
441
Foreign
6,673
(7,429
)
(756
)
6,281
944
7,225
Trading portfolio assets
Domestic
(94
)
157
63
(33
)
205
172
Foreign
3,464
1,163
4,627
3,374
2,698
6,072
Loans
Domestic
(255
)
(2,713
)
(2,968
)
(807
)
3,042
2,235
Foreign
260
(983
)
(723
)
529
(201
)
328
Financial investments
Domestic
36
(51
)
(15
)
25
(21
)
4
Foreign
217
(151
)
66
45
109
154
Interest income
Domestic
(501
)
(2,632
)
(3,133
)
(1,182
)
3,550
2,368
Foreign
10,418
(7,661
)
2,757
9,095
4,225
13,320
Total interest income from
interest-earning assets
9,917
(10,293
)
(376
)
7,913
7,775
15,688
Net interest on swaps
908
453
Total interest income
532
16,141
192
Table of Contents
D – Information Required by Industry Guide 3 (continued)
Analysis of Changes in Interest Income and Expense (continued)
2001 compared to 2000
2000 compared to 1999
Increase (decrease)
Increase (decrease)
due to changes in
due to changes in
Average
Average
Net
Average
Average
Net
CHF million
volume
rate
change
volume
rate
change
Interest expense on interest-bearing liabilities
Due to banks
Domestic
395
(1,368
)
(973
)
(558
)
(299
)
(857
)
Foreign
289
(541
)
(252
)
852
645
1,497
Cash collateral on securities lent
and repurchase agreements
Domestic
17
105
122
(1
)
373
372
Foreign
6,676
(7,196
)
(520
)
8,026
(1,929
)
6,097
Trading portfolio liabilities
Domestic
6
(9
)
(3
)
4
0
4
Foreign
2,240
269
2,509
769
2,466
3,235
Due to customers
Domestic
(72
)
290
218
(150
)
421
271
Foreign
2,262
(2,827
)
(565
)
1,099
(195
)
904
Debt issued
Domestic
(137
)
(54
)
(191
)
(48
)
(126
)
(174
)
Foreign
1,433
(1,157
)
276
922
1,649
2,571
Interest expense
Domestic
209
(1,036
)
(827
)
(753
)
369
(384
)
Foreign
12,900
(11,452
)
1,448
11,668
2,636
14,304
Total interest expense
13,109
(12,488
)
621
10,915
3,005
13,920
193
Table of Contents
Additional Disclosure Required
under SEC Regulations
D – Information Required by Industry Guide 3 (continued)
Deposits
The following table analyzes average deposits and the average rates on each
deposit category listed
below for the years ended 31 December 2001, 2000 and 1999. The geographic
allocation is based on
the location of the office or branch where the deposit is made. Deposits by
foreign depositors in
domestic offices were CHF 54,095 million, CHF 45,815 million and CHF 45,285
million at 31 December 2001, 31 December 2000 and 31 December 1999, respectively.
31.12.01
31.12.00
31.12.99
Average
Average
Average
Average
Average
Average
CHF million, except where indicated
deposit
rate (%)
deposit
rate (%)
deposit
rate (%)
Banks
Domestic offices
Demand deposits
3,741
1.2
4,649
1.9
12,736
0.9
Time deposits
8,012
4.2
8,717
8.7
6,715
12.6
Total domestic offices
11,753
3.3
13,366
6.3
19,451
5.0
Foreign offices
Interest-bearing deposits
1
15,528
5.7
16,994
6.6
28,999
5.4
Total due to banks
27,281
4.6
30,360
6.5
48,450
5.2
Customer accounts
Domestic offices
Demand deposits
41,664
1.7
44,403
1.3
49,261
0.6
Savings deposits
66,089
1.1
72,207
1.1
80,543
1.1
Time deposits
31,261
3.2
27,199
3.0
26,083
2.8
Total domestic offices
139,014
1.7
143,809
1.5
155,887
1.2
Foreign offices
Demand deposits
187,783
3.6
143,432
5.1
122,411
5.2
Total due to customers
326,797
2.8
287,241
3.3
278,298
3.0
1
Mainly time deposits.
At 31 December 2001, the maturity of time deposits exceeding CHF 150,000, or an
equivalent amount in other currencies, was as follows:
CHF million
Domestic
Foreign
Within 3 months
34,240
156,183
3 to 12 months
4,103
7,783
1 to 5 years
981
705
Over 5 years
56
896
Total time deposits
39,380
165,567
194
Table of Contents
D – Information Required by Industry Guide 3 (continued)
Short-term Borrowings
The following table presents our period-end, average and maximum month-end
outstanding amounts for short-term borrowings, along
with the average rates and period-end rates at and for the years ended 31
December 2001, 2000 and 1999.
Money market paper issued
Due to banks
Repurchase agreements
1
CHF million,
except where indicated
31.12.01
31.12.00
31.12.99
31.12.01
31.12.00
31.12.99
31.12.01
31.12.00
31.12.99
Period-end balance
99,006
74,780
64,655
77,312
51,245
40,580
462,316
330,857
217,736
Average balance
96,253
78,154
58,102
70,621
58,031
30,714
400,648
278,601
149,071
Maximum month-end balance
117,022
89,821
76,368
85,808
73,355
64,562
502,578
342,427
217,736
Average interest rate during the period (%)
4.4
5.6
3.9
7.0
7.0
9.7
3.2
4.8
4.8
Average interest rate at period-end (%)
2.6
6.0
4.6
2.2
4.1
4.8
2.9
4.8
3.9
1
For the purpose of this disclosure, balances are presented on a gross basis.
195
Table of Contents
Additional Disclosure Required
under SEC Regulations
D – Information Required by Industry Guide 3 (continued)
Loans
Loans are widely dispersed over customer categories both within and outside of
Switzerland. With
the exceptions of private households (foreign and domestic) and banks and
financial institutions outside Switzerland, there is no material concentration of loans. For further
discussion of the loan portfolio, see the UBS Handbook 2001/2002. The following table illustrates the
diversification of the
loan portfolio among customer categories at 31 December 2001, 2000, 1999, 1998
and 1997. The
industry categories presented are consistent with the classification of loans
for reporting to the Swiss
Federal Banking Commission and Swiss National Bank.
CHF million
31.12.01
31.12.00
31.12.99
31.12.98
31.12.97
Domestic
Banks
1,533
2,896
5,802
4,543
17,751
Construction
3,499
4,870
6,577
7,897
9,627
Financial institutions
5,673
5,725
9,387
10,240
11,371
Hotels and restaurants
2,950
3,526
4,259
4,129
4,668
Manufacturing
1
8,686
9,577
11,377
13,505
16,440
Private households
93,746
91,667
93,846
97,664
109,044
Public authorities
5,222
5,658
5,277
5,858
6,354
Real estate and rentals
14,992
16,673
19,835
21,231
22,915
Retail and wholesale
8,674
9,635
10,904
8,912
10,512
Services
2
12,161
11,767
14,862
11,582
13,083
Other
3
1,860
2,651
1,818
1,662
1,862
Total domestic
158,996
164,645
183,944
187,223
223,627
Foreign
Banks
26,728
27,168
24,983
65,000
49,559
Chemicals
1,080
1,423
Construction
266
773
Electricity, gas and water supply
977
1,584
Financial institutions
14,458
20,348
Manufacturing
6
4,258
4,596
Mining
1,313
2,070
Private households
25,619
29,470
Public authorities
6,454
11,754
Real estate and rentals
10,227
5,077
Retail and wholesale
1,732
1,862
Services
4,786
1,585
Transport, storage and communication
2,117
993
Other
4, 5
2,973
11,168
69,087
78,741
80,054
Total foreign
102,988
119,871
94,070
143,741
129,613
Total gross
261,984
284,516
278,014
330,964
353,240
1
Includes chemicals, food and beverages.
2
Includes transportation, communication, health and social work,
education and other social and
personal service activities.
3
Includes mining and electricity, gas and water supply.
4
For the years prior to the year 2000, no detailed industry
classifications are available.
5
Includes hotels and restaurants.
6
Includes food and beverages.
196
Table of Contents
D – Information Required by Industry Guide 3 (continued)
Loans (continued)
The following table analyzes the Group's mortgage portfolio by geographic
origin of the customer
and type of mortgage at 31 December 2001, 2000, 1999, 1998 and 1997. Mortgages
are included in
the industry categories mentioned above.
CHF million
31.12.01
31.12.00
31.12.99
31.12.98
31.12.97
Mortgages
Domestic
116,628
116,348
126,677
138,306
142,919
Foreign
9,583
4,206
1,310
2,479
3,883
Total gross mortgages
126,211
120,554
127,987
140,785
146,802
Mortgages
Residential
101,969
96,181
91,408
106,093
105,926
Commercial
24,242
24,373
36,579
34,692
40,876
Total gross mortgages
126,211
120,554
127,987
140,785
146,802
Loan Maturities
The following table discloses loans by maturity at 31 December 2001. The
determination of maturities is based on contract terms. Information on interest rate sensitivities can
be found in Note 30 to
the UBS Group Financial Statements.
CHF million
Within 1 year
1 to 5 years
Over 5 years
Total
Domestic
Banks
1,384
149
0
1,533
Mortgages
63,952
45,246
7,430
116,628
Other loans
31,578
7,671
1,586
40,835
Total domestic
96,914
53,066
9,016
158,996
Foreign
Banks
26,153
305
270
26,728
Mortgages
8,746
664
173
9,583
Other loans
63,927
2,110
640
66,677
Total foreign
98,826
3,079
1,083
102,988
Total gross loans
195,740
56,145
10,099
261,984
197
Table of Contents
Additional Disclosure Required
under SEC Regulations
D – Information Required by Industry Guide 3 (continued)
Impaired, Non-performing and Restructured Loans
A loan is classified as impaired if the book value of the claim exceeds the
present value of the cash
flows actually expected in future periods – interest payments, scheduled
principal repayments and
liquidation of collateral. Impaired obligations are thus obligations where
losses are probable and
estimable. A provision is then made with respect to the loan in question.
Impaired loans include non-performing loans, for which the contractual payments of principal, interest or
commission are overdue by 90 days. When loans are classified as non-performing, the recognition of
interest or commission income ceases to be recorded according to the original terms of the loan
agreement. Allowances
are provided for non-performing loans to reflect their net estimated
recoverable amount. The gross
interest income that would have been recorded on non-performing loans was CHF
336 million for
the year ended 31 December 2001, CHF 182 million for the year ended 31 December
2000 and CHF
409 million for the year ended 31 December 1999. The amount of interest income
that was included in net income for those loans was CHF 201 million for the year ended 31
December 2001. There
was no interest income recorded in net income for non performing loans in 2000
and 1999. The table
below provides an analysis of the Group's non-performing and restructured
loans. For further discussion of impaired and non-performing loans, see the UBS Handbook 2001/2002.
CHF million
31.12.01
31.12.00
31.12.99
31.12.98
31.12.97
Non-performing loans:
Domestic
6,531
7,588
11,435
14,023
15,238
Foreign
2,108
2,864
1,638
2,091
1,426
Total non-performing loans
8,639
10,452
13,073
16,114
16,664
Foreign restructured loans
1
179
287
449
638
1
Amounts presented for 2001, 2000, 1999 and 1998 include only performing
foreign restructured loans. Amounts presented for 1997 include
both performing and non-performing foreign restructured loans. UBS does not, as
a matter of policy, typically restructure loans to accrue interest at rates different from the original contractual terms or reduce the
principal amount of loans. Instead, specific loan allowances are established
as necessary. Unrecognized interest related to foreign restructured loans was
not material to the results of operations during these periods.
In addition to the non-performing loans shown above, the Group had CHF
5,990 million, CHF
8,042 million, CHF 9,383 million and CHF 10,333 million in "other impaired
loans" for the years
ended 31 December 2001, 2000, 1999 and 1998, respectively. These are loans that
are current, or less
than 90 days in arrears, with respect to payment of principal or interest
however, the Group's credit
officers have expressed doubts as to the ability of the
borrowers to repay the loans.
As at 31 December 2001 specific allowances of CHF 1,920 million had been
established against these
loans, which are primarily domestic.
198
Table of Contents
D – Information Required by Industry Guide 3 (continued)
Cross-Border Outstandings
Cross-border outstandings consist of general banking products such as loans and
deposits with third
parties, credit equivalents of over-the-counter (OTC) derivatives and
repurchase agreements, and the
market value of the inventory of securities. Outstandings are monitored and
reported on an ongoing
basis by the credit risk management and control organization with a dedicated
country risk information system. With the exception of the 27 most developed economies, these
exposures are rigorously limited.
Claims that are secured by third-party guarantees are recorded against the
guarantor's country of
domicile. Outstandings that are secured by collateral are recorded against the
country where the
asset could be liquidated. This follows the "Guidelines for the Management of
Country Risk", which
are applicable to all banks that are supervised by the Swiss Federal Banking
Commission.
The following tables list those countries for which cross-border
outstandings exceeded 0.75% of
total assets at 31 December 2001, 2000 and 1999. At 31 December 2001, there
were no outstandings
that exceeded 0.75% of total assets in any country currently facing liquidity
problems that the Group
expects would materially affect the country's ability to service its
obligations.
For more information on cross-border outstandings, see the UBS Handbook
2001/2002.
199
Table of Contents
Additional Disclosure Required
under SEC Regulations
D – Information Required by Industry Guide 3 (continued)
31.12.01
Banking products
Traded
Tradable
% of total
CHF million
Banks
Non-banks
products
1
assets
2
Total
assets
United States
2,360
1,284
31,129
114,615
149,388
11.9
United Kingdom
2,483
543
9,128
27,754
39,908
3.2
Germany
3,605
6,395
11,962
11,755
33,717
2.7
Japan
640
770
4,442
22,995
28,847
2.3
Italy
1,086
498
11,628
11,180
24,392
1.9
France
159
2,043
4,114
8,052
14,368
1.1
Canada
114
950
5,220
8,038
14,322
1.1
Netherlands
1,834
2,414
6,126
3,110
13,484
1.1
31.12.00
Banking products
Traded
Tradable
% of total
CHF million
Banks
Non-banks
products
1
assets
2
Total
assets
United States
1,826
958
21,796
64,077
88,657
8.2
Japan
123
895
6,378
58,779
66,175
6.1
United Kingdom
1,795
1,224
9,037
22,440
34,496
3.2
Germany
2,686
3,720
13,198
5,085
24,689
2.3
Italy
1,293
931
3,629
9,700
15,553
1.4
France
1,085
1,900
3,956
5,987
12,928
1.2
Netherlands
910
1,480
6,092
3,803
12,285
1.1
Australia
27
370
3,113
7,508
11,018
1.0
31.12.99
Banking products
Traded
Tradable
% of total
CHF million
Banks
Non-banks
products
1
assets
2
Total
assets
United States
3,202
2,508
41,970
48,012
95,692
10.7
Japan
1,117
965
7,153
69,194
78,429
8.8
United Kingdom
3,417
3,193
11,273
58,300
76,183
8.5
Germany
4,455
3,174
41,422
8,181
57,232
6.4
Italy
2,462
762
6,803
8,708
18,735
2.1
Netherlands
1,932
1,149
6,648
4,993
14,722
1.6
France
1,200
1,395
7,324
4,379
14,298
1.6
Australia
2,688
409
6,342
3,735
13,174
1.5
Canada
866
492
5,233
807
7,398
0.8
1
Traded products consist of derivative instruments and repurchase agreements.
In 2001 and 2000 unsecured OTC derivatives exposure is
reported based on the Potential Credit Exposure measurement methodology and is
therefore not directly comparable to the exposure in the prior
years, which were measured based on Gross Replacement Values plus Add-on.
2
Tradeable assets consist of equity and fixed income financial
instruments held for trading purposes, which are marked to market on a daily
basis.
200
Table of Contents
D – Information Required by Industry Guide 3 (continued)
Summary of Movements in Allowances and Provisions for Credit Losses
The following table provides an analysis of movements in allowances and
provisions for credit losses.
As a result of Swiss bankruptcy laws, banks write-off loans against
allowances only upon final
settlement of bankruptcy proceedings, the sale of the underlying assets and/or
in case of the forgiveness of debt. Under Swiss law, a creditor can continue to collect from a debtor
who has emerged from
bankruptcy, unless the debt has been forgiven through a formal agreement.
CHF million
31.12.01
31.12.00
31.12.99
31.12.98
31.12.97
Balance at beginning of year
10,581
13,398
14,978
16,213
18,135
Write-offs
Domestic
Banks
0
0
(4
)
(2
)
(5
)
Construction
(248
)
(261
)
(296
)
(228
)
(408
)
Financial institutions
(51
)
(178
)
(92
)
(66
)
(226
)
Hotels and restaurants
(52
)
(193
)
(137
)
(98
)
(138
)
Manufacturing
1
(109
)
(264
)
(242
)
(214
)
(514
)
Private households
(1,297
)
(640
)
(598
)
(534
)
(1,214
)
Public authorities
0
0
0
(2
)
(19
)
Real estate and rentals
(317
)
(729
)
(823
)
(610
)
(871
)
Retail and wholesale
(115
)
(160
)
(210
)
(178
)
(227
)
Services
2
(93
)
(227
)
(315
)
(116
)
(229
)
Other
3
(46
)
(30
)
(41
)
(15
)
(29
)
Total domestic domestic write-offs
(2,328
)
(2,682
)
(2,758
)
(2,063
)
(3,880
)
Foreign
4
Banks
(24
)
(15
)
Chemicals
(2
)
Construction
(10
)
(13
)
Electricity, gas and water supply
(63
)
(3
)
Financial institutions
(74
)
(33
)
Manufacturing
6
(119
)
(11
)
Mining
(304
)
Private households
(5
)
Public authorities
0
(4
)
Real estate and rentals
(1
)
Retail and wholesale
0
(160
)
Services
(30
)
(8
)
Transport, storage and communication
0
(11
)
Other
(48
)
(55
)
Total foreign write-offs
(680
)
(313
)
(517
)
(261
)
(240
)
Total write-offs
(3,008
)
(2,995
)
(3,275
)
(2,324
)
(4,120
)
Recoveries
Domestic
58
124
54
59
406
Foreign
23
39
11
36
Total recoveries
81
163
65
59
442
Net write-offs
(2,927
)
(2,832
)
(3,210
)
(2,265
)
(3,678
)
Credit loss expense / (recovery)
498
(130
)
956
951
1,432
Other adjustments
5
66
145
674
79
324
Balance at end of year
8,218
10,581
13,398
14,978
16,213
1
Includes chemicals, food and beverages.
2
Includes transportation, communication, health and social work,
education and other social and
personal service activities.
3
Includes mining and electricity, gas and water supply.
4
For years prior to 2000, no detailed industry classifications
are available.
5
See the following table for details.
6
Includes food and beverages.
201
Table of Contents
Additional Disclosure Required
under SEC Regulations
D – Information Required by Industry Guide 3 (continued)
Summary of Movements in Allowances and Provisions for Credit Losses (continued)
CHF million
31.12.01
31.12.00
31.12.99
31.12.98
31.12.97
Doubtful interest
0
182
409
423
450
Net foreign exchange
44
23
351
(98
)
91
Subsidiaries sold and other
22
(60
)
(86
)
(246
)
(217
)
Total adjustments
66
145
674
79
324
202
Table of Contents
D – Information Required by Industry Guide 3 (continued)
Allocation of the Allowances and Provisions for Credit Losses
The following table provide an analysis of the allocation of the allowances and
provisions for credit losses by industry categories and geographic location at 31 December 2001,
2000, 1999, 1998 and
1997. For a description of procedures with respect to allowances and provisions
for credit losses, see
the UBS Handbook 2001/2002.
CHF million
31.12.01
31.12.00
31.12.99
31.12.98
31.12.97
Domestic
Banks
34
41
49
34
Construction
467
843
1,247
1,671
1,449
Financial institutions
262
328
342
668
510
Hotels and restaurants
346
454
690
657
512
Manufacturing
1
722
863
1,223
1,331
1,036
Private households
1,082
1,570
2,350
2,741
2,264
Public authorities
37
40
107
59
Real estate and rentals
1,067
1,635
2,696
3,333
2,591
Retail and wholesale
395
629
779
825
723
Services
2
448
419
934
766
661
Other
3
165
413
141
71
52
Total domestic
5,025
7,154
10,483
12,219
9,891
Foreign
8
Banks
4
39
32
Chemicals
5
0
Construction
0
11
Electricity, gas and water supply
88
107
Financial institutions
420
262
Manufacturing
9
653
547
Mining
169
586
Private households
103
72
Public authorities
0
0
Real estate and rentals
9
82
Retail and wholesale
0
41
Services
414
126
Transport, storage and communication
45
2
Other
5
242
267
Total foreign,
net of country provisions
2,187
2,135
1,539
1,309
1,399
Country provisions
1,006
1,292
1,376
1,450
1,175
Total foreign
6
3,193
3,427
2,915
2,759
2,574
Unallocated allowances
7
3,748
Total allowances and
provisions for credit losses
8,218
10,581
13,398
14,978
16,213
1
Includes chemicals, food and beverages.
2
Includes transportation, communication, health and social work,
education and other social and
personal service activities.
3
Includes mining and electricity, gas and water supply.
4
Counterparty allowances and provisions only. Country
provisions with banking counterparties amounting to CHF 662 million are
disclosed under country provisions.
5
Includes hotels and restaurants.
6
The 2001, 2000, 1999 and 1998 amounts include CHF 305 million, CHF 54
million, CHF 149 million and CHF 435 million respectively of
provisions and commitments for contingent liabilities.
7
The 1997 amount includes a provision for commitments and contingent
liabilities of
CHF 472 million.
8
For years prior to 2000, no detailed industry classifications are
available.
9
Includes food and beverages.
203
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Additional Disclosure Required
under SEC Regulations
D – Information Required by Industry Guide 3 (continued)
Allocation of the Allowances and Provisions for Credit Losses (continued)
The following table presents the percentage of loans in each category to total
loans. This table can
be read in conjunction with the preceding table showing the breakdown of the
allowances and provisions for credit losses by industry categories to evaluate the credit risks
in each of the categories.
in %
31.12.01
31.12.00
31.12.99
31.12.98
31.12.97
Domestic
Banks
0.6
1.0
2.1
1.4
5.0
Construction
1.3
1.7
2.4
2.4
2.7
Financial institutions
2.2
2.0
3.4
3.1
3.2
Hotels and restaurants
1.1
1.2
1.5
1.2
1.3
Manufacturing
3.3
3.4
4.1
4.1
4.7
Private households
35.8
32.2
33.8
29.5
30.9
Public authorities
2.0
2.0
1.9
1.8
1.8
Real estate and rentals
5.7
5.9
7.1
6.4
6.5
Retail and wholesale
3.3
3.4
3.9
2.7
3.0
Services
4.6
4.1
5.3
3.5
3.7
Other
0.8
1.0
0.7
0.5
0.5
Total domestic
60.7
57.9
66.2
56.6
63.3
Foreign
Banks
10.2
9.5
9.0
19.6
14.0
Chemicals
0.4
0.5
Construction
0.1
0.3
Electricity, gas and water supply
0.4
0.6
Financial institutions
5.5
7.2
Manufacturing
1.6
1.6
Mining
0.5
0.7
Private households
9.8
10.4
Public authorities
2.5
4.1
Real estate and rentals
3.9
1.8
Retail and wholesale
0.7
0.7
Services
1.8
0.6
Transport, storage and communication
0.8
0.3
Other
1.1
3.8
24.8
23.8
22.7
Total foreign
39.3
42.1
33.8
43.4
36.7
Total gross loans
100.0
100.0
100.0
100.0
100.0
204
Table of Contents
D – Information Required by Industry Guide 3 (continued)
Loss History Statistics
The following is a summary of the Group's loan loss history.
CHF million, except where indicated
31.12.01
31.12.00
31.12.99
31.12.98
31.12.97
Gross loans
261,984
284,516
278,014
330,964
353,240
Impaired loans
14,629
18,494
22,456
26,447
Non-performing loans
8,639
10,452
13,073
16,114
16,664
Allowances and
provisions for credit losses
8,218
10,581
13,398
14,978
16,213
Net write-offs
2,927
2,832
3,210
2,265
3,678
Credit loss expense / (recovery)
498
(130
)
956
951
1,432
Ratios
Impaired loans as a percentage
of gross loans
5.6
6.5
8.1
8.0
Non-performing loans as a percentage
of gross loans
3.3
3.7
4.7
4.9
4.7
Allowance and provisions
for credit losses as a percentage of:
Gross loans
3.1
3.7
4.8
4.5
4.6
Impaired loans
56.2
57.2
59.7
56.6
Non-performing loans
95.1
101.2
102.5
93.0
97.3
Allocated allowances as a percentage
of impaired loans
1
49.9
52.4
55.5
51.4
Allocated allowances as a percentage
of non-performing loans
2
62.2
60.6
3
66.3
62.1
Net write-offs as a percentage of:
Gross loans
1.1
1.0
1.2
0.7
1.0
Allowance and provisions for credit losses
35.6
26.8
24.0
15.1
22.7
Allowance and provisions for credit losses
as multiple of net write-offs
2.81
3.74
4.17
6.61
4.41
1 Allowances relating to impaired loans only.
2 Allowances relating to non-performing loans only.
3 31 December 2000 figure has been restated to account for an
overallocation of allowances to non-performing loans.
205
Table of Contents
Cautionary statement regarding forward-looking statements
This communication contains statements that constitute "forward-looking
statements", including, without limitation, statements relating to the
implementation of strategic initiatives, including the implementation
of the new
European wealth management strategy, expansion of our corporate finance
presence in the US and worldwide, the
development of UBS Warburg's new energy trading operations, and other
statements relating to our future business
development and economic performance.
While these forward-looking statements represent our judgments and future
expectations concerning the development of our business, a number of risks,
uncertainties and other important factors could cause actual developments and
results to differ materially from our expectations.
These factors include, but are not limited to, (1) general market,
macro-economic, governmental and regulatory
trends, (2) movements in local and international securities markets, currency
exchange rates and interest rates, (3)
competitive pressures, (4) technological developments, (5) changes in the
financial position or credit-worthiness of our
customers, obligors and counterparties, (6) legislative developments,
(7) the impact of the terrorist attacks on the
World Trade Center and other sites in the United States on 11 September 2001
and subsequent related developments,
(8) the impact of the management changes and changes to our Business Group
structure which took place in December 2001 and (9) other key factors that we have indicated could adversely
affect our business and financial performance which are contained in our past and future filings and reports, including
those 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 2001. UBS is not under any obligation to (and expressly disclaims any
such obligations to) update or alter its forward-looking statements whether as
a result of new information, future events, or otherwise.
Imprint
Publisher/ Copyright: UBS AG, Switzerland;
Photos: Thierry Martinez, Philippe Schiller (Alinghi);
Daniel Forster, Carlo Borlenghi (Nautor Challenge);
Marcel Grubenmann (Portraits).
Languages: English, German; SAP-R/3 80531E-0201
Table of Contents
Table of Contents
Index to Exhibits
Exhibit
Number
Description
1.1.
Articles of Association of UBS AG
1.2.
Organization Regulations of UBS AG
2(b)
Instruments defining the rights of the holders of
long-term debt issued by UBS AG and its subsidiaries.
We agree to furnish to the SEC upon request, copies of the
instruments, including indentures, defining the rights of the
holders of our long-term debt and of our subsidiaries'
long-term debt.
7.
Statement regarding ratio of earnings to fixed charges.
8.
Significant Subsidiaries of UBS AG
Please see Note 36 on pages 147 to 150 of the attached
Financial Report 2001.
10.
Consent of Ernst & Young Ltd.